I never understood the logic of the mandatory withdraws
By PATRICK TEMPLE-WEST
08/30/2018 09:29 PM EDT
President Donald Trump will sign an executive order on Friday aimed at boosting retirement savings, giving Americans more time to keep their money in tax-deferred accounts and allowing small businesses to band together to offer 401(k)s.
The order, to be issued by Trump during a visit to Charlotte, N.C., will call on the Treasury Department to review its rules for mandatory withdrawals from 401(k) plans and individual retirement accounts, administration officials told reporters on a Thursday evening call.
Generally, people must start withdrawing funds from these accounts when they turn 70-and-a-half. The Treasury rules have not been updated since 2002, said Daniel Kowalski, counselor to the Treasury secretary.
“The EO asks Treasury to consider whether they need to be updated,†he said.
By PATRICK TEMPLE-WEST
08/30/2018 09:29 PM EDT
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President Donald Trump will sign an executive order on Friday aimed at boosting retirement savings, giving Americans more time to keep their money in tax-deferred accounts and allowing small businesses to band together to offer 401(k)s.
The order, to be issued by Trump during a visit to Charlotte, N.C., will call on the Treasury Department to review its rules for mandatory withdrawals from 401(k) plans and individual retirement accounts, administration officials told reporters on a Thursday evening call.
Generally, people must start withdrawing funds from these accounts when they turn 70-and-a-half. The Treasury rules have not been updated since 2002, said Daniel Kowalski, counselor to the Treasury secretary.
“The EO asks Treasury to consider whether they need to be updated,†he said.