She also has a 401-k that she wishes to bequeath to her progeny along with the house. When she turned 70 1/2, she lamented that the government made her withdraw some money from her retirement plan when she really did not need the money.
President Trump will end that.
Fox News reported, "President Trump is expected to sign an executive order on Friday that could affect how you save for retirement.
"The White House said the measure – which directs the Treasury and Labor Department to consider issuing regulations or guidelines – will look at updating the rules on required minimum distributions for retirement plans, in an effort to allow retirees to stash away more money in their accounts for a longer period of time.
"Under current law, retirees are required to begin withdrawing funds from their retirement accounts when they turn 70.5.
"Trump is also asking the administration to look into ways to make work-based retirement programs more affordable for small businesses, in order to increase the number of those businesses that offer options."
This is welcome news. People who scrimped and saved and invested wisely should not be penalized for acting responsibly. If the government cannot stop a young woman from aborting her baby, why is it telling people in the 70s how to spend their money?
President Trump has made retirement great again.
The news from the Financial Markets is even better than anticipated. For all of you that have made a fortune in the markets, or seen your 401k’s rise beyond your wildest expectations, more good news is coming!
I am all-in on an S and P 500 stock index fund even in retirement. Dance with the one who brung you. While I am far from being the millionaire, many others are.
Fox News reported, "A significant number of people are seeing a meaningful increase in the sizes of their retirement accounts. According to Fidelity, the number of '401(k) millionaires Opens a New Window' or people with at least $1 million in their 401(k) accounts, rose to 168,000 at the end of June, up more than 40 percent over the year prior. The number of IRA millionaires hit 156,000 during the same period."
Thus you have 314,000 individuals who scrimped and saved and invested in the American economy, and the government wants to make them spend their money?