(Worthy News) – 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. [ Source: Politico (Read More…) ]
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