Automatic IRA Act of 2024
1. The "Automatic IRA Act of 2024" requires employers with ten or more employees to set up automatic retirement contribution plans for all full-time and "long-term part-time" employees, with auto-enrollment.
2. Employers will receive a $500 tax credit for up to three years when they establish these new plans.
3. The legislation aims to create $7 trillion in additional retirement savings and 62 million new retirement savers over the next decade, according to projections.
4. The bill includes a provision for employees with a vested balance of $200,000 or more in their plan to automatically purchase an annuity, reflecting the insurance industry's finding that 70% of workers aged 40-45 are likely to allocate retirement assets to an annuity.
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Mullooly Asset Management is a fee-only investment advisory firm located in Monmouth County, NJ. We work to educate our clients regarding managing the risk in their investments. We act in a fiduciary capacity with our clients at all times.
Our family of investments advisors (Tom, and his three sons - Brendan, Tim and Casey) are all CFP® Professionals.
To our knowledge, WE ARE THE ONLY FAMILY firm - in the nation - with four fiduciary, fee-only investment advisors who all have earned CERTIFIED FINANCIAL PLANNER™ certification.
Tom Mullooly is an investment industry veteran of over 35+ years. The "Mullooly Asset Show," has over 350 episodes and over 450 unique podcasts, which can be found on the site https://www.mullooly.net.
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This video is not a recommendation to buy or sell any of the investments mentioned. None of the securities mentioned in this video represent past specific recommendations of Mullooly Asset Management.
We rely on fundamental and technical analysis. Neither fundamental or technical analysis can predict the future, both methods have flaws. Past performance is no guarantee of future outcomes. Any Point & Figure charts used have been provided by our good friends at Dorsey Wright & Associates.
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