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Vivian Tsai - 1 New Roth - 1 beneficiary's Roth - 1 Chris Lynch - 1 they're - 1 " Lynch - 1 Terry Vine - 1 Roth - 1
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College Savings Foundation - 1 Financial - 1 Finance - 1 CNBC - 1 Federal - 1 IRS - 1 Galli & Associates - 1 Associates - 1

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2 mentions found


☆ 529 college savings plans 'are better now than they've ever been,' expert says. Here are key changes for 2024
  + stars: | 2024-05-15 | by ( Jessica Dickler | ) www.cnbc.com   time to read: +3 min
Whether the funds are for college or vocational studies, she said, "529 plans are better now than they've ever been before and they're more flexible." "There are three pretty significant changes this year," said Vivian Tsai, senior director of education savings at TIAA and chair emeritus for the College Savings Foundation, a non-profit that provides public policy support for 529 plans. Financial experts and plan investors agree that 529 college savings plans are a smart choice for many. Tax deductions or credits for contributionsEven before recent changes, there were already many advantages to a 529 plan. A few states also offer additional benefits, such as scholarships or matching grants, to their residents if they invest in their home state's 529 plan.
Persons: Vivian Tsai, New Roth, beneficiary's Roth, Chris Lynch, they're, " Lynch Organizations: College Savings Foundation, Financial, Finance, CNBC, Federal
☆ IRS delays change for 401(k) catch-up contributions. Here's what higher earners need to know
  + stars: | 2023-08-28 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +3 min
Terry Vine | Getty ImagesHigher earners who maximize retirement savings now have more time for pretax catch-up 401(k) contributions, thanks to new IRS guidance. Currently, "catch-up contributions" allow savers 50 and older to funnel an extra $7,500 into 401(k) plans and other retirement plans beyond the $22,500 employee deferral limit for 2023. But the IRS on Friday announced a two-year delay for the change, meaning savers can still make pretax catch-up contributions through 2025, regardless of income. "The administrative transition period will help taxpayers transition smoothly to the new Roth catch-up requirement," the IRS said in a statement. Some 16% of eligible employees took advantage of catch-up contributions in 2022, according to a recent Vanguard report based on roughly 1,700 retirement plans.
Persons: Terry Vine, Roth, Dan Galli, Daniel J, Galli, Diann Howland Organizations: IRS, Galli & Associates, Associates, American, Council Locations: , Massachusetts
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