Retirees would have to withdraw less money each year from their tax-preferred retirement accounts under a new Trump administration proposal. That means lower taxes.
WASHINGTON—Retirees could take smaller mandatory withdrawals from their tax-advantaged accounts under a new Treasury Department proposal designed to adjust for rising life expectancy.
If finalized, the rules would take effect starting in 2021, reducing tax collections and letting more money accumulate in tax-preferred accounts. The change amounts to a tax cut for retirees who don’t need to tap their savings for living expenses.
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