MAJOR changes may be on the horizon for individuals with high incomes and large balances in their IRAs and 401(k)s. I told you last week that Congress may be looking to crack down on the use of accounts like Roth IRAs by the wealthy, and such a proposal just hit the wire this week. There are lots of proposed changes from contribution rules to new RMDs to closing up the backdoor IRA for many investors. These are things we need to keep up with as retirement savers! Today, we will discuss:
1. What Congress is proposing
2. What these retirement plan regulations mean
3. How these regulations may impact your life and lead to more regulation in the future
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(Please keep in mind that I am not a financial advisor. I create these videos for educational purposes only. You and only you are responsible for the investment decisions that you make.)…(read more)
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All interesting stuff. Now with the creation of cryptocurrency, the wealthy (however the government wants define to it) now have an option to place money outside of the US Dollar backed systems and have less worries about the inflationary drag our current government in the US is willing burden wealth accumulators with their crazy spending programs. I agree the government needs to close loopholes that permit so many super wealthy to play little or no taxes….but once that is done, the wealthy go other directions with their wealth. I can only wonder if the congress (bill creators specifically) is taking the time to look at long term consequences of these tax changes with things like crypto, etc…
I wish you would slow down in your speech. It would have been very enjoyable. Thanks.