re: Congress is considering big changes to the way you retire

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It irks me that my required minimum distribution will trigger that part of my and my wife’s social security will be taxed. So this part would be good news to me.

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I don't think that's how it works. You'll be at full retirement age before that, and thus won't have to pay tax on SS. :

If you work and are full retirement age or older, you can earn as much as you want and your benefits will not be reduced. However, individuals may begin taking Social Security retirement benefits early beginning at age 62. If you are younger than full retirement age, there is a limit to how much you can earn and still receive full benefits. If you earn more than $17,640 (in 2019), Social Security will deduct $1 from your benefits for each $2 you earn over the threshold. In the year you reach full retirement age, you can earn up to $46,920 (in 2019) without having a reduction in benefits. However, if you exceed $46,920 in earnings, Social Security will deduct $1 from your benefits for each $3 you earn until the month you reach full retirement age. Once you reach full retirement age, your benefits will no longer be reduced.
LINK

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mallardhank

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Sounds like you need a union to look for you.

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The system needs to be simpler, not more complicated. Eliminate all tax incentives for retirement accounts and reduce the income tax by an equitable amount.

I should be able to save how I want and where I want without having to play all these games with pre/post tax savings, contribution or withdrawal limits and estate planning.

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I don’t really disagree with this; however, with one major caveat that was actually on the table in Congress last year but I haven’t hear anything since: a universal saving account that doesn’t tax contributions, gains, or withdrawals and no requirements regarding when, who, how, or why it’s used.

There are so many unknowns for people trying to save and invest and so many unique circumstances that change but with so many specific options for specific purposes, it almost discourages people from using a lot of them.

I know I’m struggling with the the 529 plan, trying to determine the educational costs of an almost 3-year-old and an unborn child, 15-20 years from now. What if I max it out and they don’t even need it (scholarships, don’t go to college), but that if I don’t contribute enough and they miss out on an opportunity or have to take out more loans than would be required?

Question about the change in minimum benefit. Does it say that people who are now receiving only a few hundred dollars a month would get an increase to 25% above the poverty line ?

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Under current regs, in most cases a "non-spouse beneficiary" who inherits an IRA after the original IRA owner has begun taking distributions only has FIVE years to "stretch out" the IRA's amoun

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Nah a non-spouse beneficiary can stretch out the IRA during their lifetime as long as the beneficiary isn't an unqualified receipient

From what I've heard if you wait till 70, you will be 85 before you equal what you could have been getting since 66 which was my full retirement age.

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The actuaries design it so it comes out the same based on average life expectancies. If you die before their average age, you’re better off taking it early. If you outlive their average age, you’re better off taking it later. How’s your health?

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Ha. Jokes on them. I cheated and looked at the expiration date on my birth certificate.