Review of 2014 Retirement Planning Changes

The past year saw significant changes that affect retirement planning considerations. Here are some key changes from 2014 that will affect retirement planning in 2015:

• The ruling in Clark v. Rameker held that inherited IRAs do not receive the same creditor protection as accounts defined as retirement funds, as they do not fall within the definition.
• The addition of the availability of qualified longevity annuities for IRA and 401(k) plans through new Treasury Department rules.
• The limitation of one tax free IRA rollover per taxpayer rather than per IRA account via the decision in Babrow v. Commissioner.
• IRS Notice 2014-66 opened up the option for target date funds to be offered through 401(k) plans.
• The creation of the new myRA program by the Treasury Department.

See Jamie Hopkins, 5 Biggest Retirement Planning Changes for 2015, Forbes, Dec. 8, 2014.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.