Article published by Kiplinger.com
Written by Jackie Stewart
“It took more than four decades for Congress to raise the age for required minimum distributions in 2019 from 70½ to 72. But just three years later, it has been raised again. The SECURE 2.0 Act of 2022, which was signed by President Biden on December 29, aims to make it easier for Americans to save for retirement by, among other things, raising the RMD age to 73 on January 1, 2023, and then to 75 on January 1, 2033.”
“Having three more years of tax-deferred growth in your retirement savings accounts, however, is a mixed bag. “Everyone likes when you delay RMDs,” says Ed Slott, president of Ed Slott and Co., which provides IRA training to financial advisers. “But waiving RMDs or putting them off doesn’t help most people.”
“In fact, taking RMDs later could hurt. The amount of these required withdrawals from traditional IRAs and 401(k)s is based on both the account balance at the end of each year and the account owner’s life expectancy as determined by the IRS’s Uniform Lifetime Table. By delaying RMDs, retirees may be forced to make bigger withdrawals from an account that is likely to have a larger balance because it had more time to grow. That can have tax implications.
“Of course, raising the RMD age is appropriate given today’s longer life expectancies. In the mid-1970s, when the Employee Retirement Income Security Act, or ERISA, first authorized IRAs, U.S. life expectancy at birth was 72.6 years, according to the Centers for Disease Control and Prevention. By 2021, that age, according to the CDC, has increased to 76.4 years.”
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Megan Jones joined the ILG Financial team in 2020 as marketing director. Megan and her husband live in Fredericksburg, VA with their German Short Haired Pointer, Gus. Megan is a graduate of Longwood University and holds a degree in communications. Megan is the oldest of Dave Lopez’s three children and not only enjoys working alongside her father, but also with her cousin, Chase, who joined the ILG Financial team in 2020 as an advisor. Megan is also a fully licensed Life, Health, and Annuity agent. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.
Amy Anderson joined the ILG Financial team in 2023 as the client relations coordinator. Her responsibilities include scheduling of appointments, annual check-up notifications, and annuity and required minimum distribution assistance. She is a graduate of Harding University with a degree in Computer Information Systems. Amy and her husband have two children and she enjoys reading, crocheting, music and spending time with her family.
Terri Center joined the ILG Financial team in 2019 as client services manager. She handles client records, application processing, and gathering information to provide a professional and friendly experience with all of our clients. Terri is a graduate of Oakland University. She is married and has two children. She enjoys hiking, family time, and puzzle challenging video games. She also likes to share her creativity in her canvas paintings and sewing projects.
Jessica Carson joined the ILG Financial team in 2018 as an agent. Jessica and her husband have four children, two dogs, 3 barn cats, 5 chickens, and three parakeets. She indeed loves her children and pets! When not at work, Jessica enjoys playing the piano and cello as well as traveling and spending time outside with her family, hiking, fishing, and boating.
Chase Lopez joined the ILG Financial team in 2020 as an advisor. Chase is a 2016 James Madison University graduate with a degree in management. Chase has been trained under the tutelage of Dave Lopez, who is not only the founder and managing member of ILG Financial, but also is Chase’s uncle and godfather. He also enjoys working alongside his cousin, Megan, who is Dave’s daughter.