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Bipartisan Support in Congress to Make Retirement More Secure

by LFG Tax Director, Mark Sipos

On May 23rd, 2019, the U.S. House of Representatives voted overwhelmingly in
favor of the SECURE Act, which stands for "Setting Every Community Up for
Retirement Enhancement." Most of the provisions in the act are designed to make
it easier for more people to save for retirement, and for more employers to offer
retirement plans for their employees.

One notable provision in the bill would essentially end what's known as the "stretch
IRA." Under the current law, when a beneficiary inherits an IRA, the beneficiary
can choose to have the IRA balance distributed in two ways: either in required
minimum distributions based on his or her life expectancy, or during the five years
after the original account holder passes. Making maximum use of the IRA's taxdeferred compounding like this is known as a "stretch IRA." Under SECURE, in
most instances an inherited IRA would have to be fully distributed within 10 years of
the original owner's death, although there are some exceptions.
Some additional areas the bill covers are as follows:

• The repeal of the maximum age for traditional IRA contributions, which is
currently 70½
• An increase of the required minimum distribution age for retirement accounts to
72 (up from 70½)
• Allowing long-term part-time workers to participate in 401(k) plans
• Increase of the auto-enrollment safe harbor cap to 15% from 10%
• Allowing more annuities to be offered in 401(k) plans
• Parents can withdraw up to $5,000 from retirement accounts penalty-free within
a year of birth or adoption for qualified expenses
• Parents can withdraw up to $10,000 from 529 plans to repay student loans

A similar bill, titled the "Retirement Enhancement and Savings Act" (RESA) is in
the Senate Finance Committee. This also would do away with the 'stretch IRA,"
provision above. While the Senate (RESA) bill generally overlaps and shares a great
deal with the House Bill (SECURE), the main difference between the two is that the
Senate bill does not change the maximum age for Traditional IRAs from 70 ½.
While there is broad, bipartisan support, the Senate has yet to vote on RESA. If
it does pass, and it's materially different from the version in the House, the revised
bill would come before the House again, and then move on to the President. While
the timeline is uncertain, it certainly bears watching, as it will affect most of our
retirement plans in some way. We will monitor the legislation and keep you informed
of any changes.

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What the Social Security Fairness Act mean for Your Benefits in 2025

Posted By Lineweaver Financial Group
July 07, 2025 Category: Tax, Social Security, Tax Planning, Financial Planning

By Mark Sipos, LFG Tax Director If you’ve worked in a public service job, chances are you’ve heard of the Windfall Elimination Provision (WEP) or Government Pension Offset (GPO). WEP reduced Social Security benefits for individuals with pensions from jobs that didn’t pay into Social Security, and GPO reduced Social Security spousal and survivor benefits for individuals who also received a pension from a job that wasn’t covered by Social Security. But at the beginning of the year, as one of their last acts in office, the Biden Administration passed the Social Security Fairness Act (SSFA), meaning many retirees may see higher monthly payments and possibly retroactive benefits. Let’s break down what SSFA entails, how the repeals affect you, and what you need to know about the taxation of your Social Security benefits moving forward. What Changed in 2025? On January 5, 2025, the Social Security Fairness Act officially repealed WEP and GPO. This change applies to Social Security benefits payable for any months after December 2023. That means if you were previously impacted by WEP, your benefit could increase, possibly significantly. The repeal also opens the door for retroactive payments dating back to January 1, 2024. In total, more than 3.2 million Americans are expected to benefit from the elimination of WEP and GPO, according to the Social Security Administration. How WEP, GPO Repeal Impacts Public Employees and Retirees The repeal

Municipal Bond Market Spotlight

Posted By Lineweaver Financial Group
July 07, 2025 Category: Market Commentary, Bonds, Financial Strategy, Financial Planning

By Chad Roope, CFA ®, Chief Investment Officer U.S. municipal bonds (munis) are prized for their tax advantages, but their historic tendency to provide a stable source of return also makes them valuable amid market volatility and uncertainty. Munis are generally less vulnerable to inflation shocks or the crossfire of global trade policies because they are often linked to public authorities that provide fee-based essential services, such as waste collection and public transportation, or secured by taxes on sales, property, and income. Munis have also shown historically low default rates and high credit ratings (Aa3 versus Ba1 for global corporate debt, on average) thanks to the disciplined finances and stable revenues of most state and local governments. Tax equivalent yields of munis have reset to levels not seen in over a decade, with some investment grade yields north of 6%. Against this backdrop, we see an opportunity to increase allocations, particularly as the outlook for limited supply relative to demand in July and August could bolster performance. Additionally, munis offer a possible antidote to tariffs and recession concerns. Amid Wall Street’s growing concern over a potential tariff-induced recession, investors are seeking refuge in areas least affected by global supply chains. This is fueling interest in state and local government bonds for the following reasons: Limited exposure to trade risks: A broad-based economic slowdown would reduce state r

Are You Ready for the Great Wealth Transfer?

Posted By Lineweaver Financial Group
June 26, 2025 Category: Legacy Planning, Estate Planning, Financial Plan

Over the next two decades, Baby Boomers are expected to pass down more than $84 trillion, making it the largest wealth transfer in U.S. history. For many families, this inheritance represents a life-changing opportunity, but it also comes with important financial challenges. Navigating an Inheritance: What to Do First Before making any decisions, take time to process your loss. Once you’re ready, gather all key legal and financial documents such as wills, trusts, account statements, and property titles. Not all assets are taxed or distributed the same, so understanding what you’ve inherited is essential. For example, an inherited IRA from a non-spouse falls under the SECURE Act and must be emptied within 10 years of the original owner’s death. If a trust is named a beneficiary, the tax bill can hit faster, so it’s important to establish that quickly. A taxable brokerage account is simpler because you get a step-up in basis to the date-of-death value, meaning little or no capital-gains tax if you sell soon. Non-qualified annuities are trickier. Earnings come out first and are taxed as ordinary income, and most contracts force you to cash out within five years or start lifetime payouts. Common Inheritance Mistakes to Avoid Without careful estate planning, it’s easy to make costly mistakes. One example is naming a trust as a contingent IRA beneficiary without understanding the tax implications. Another is leaving an IRA to one person and expe

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Case studies are intended to illustrate the types of financial issues faced by actual clients. They should not be construed as a testimonial for or endorsement of Lineweaver Wealth Advisors. They do not represent the experience of any advisory client. Each client’s situation is different, and their goals may not always be achieved. Lineweaver Wealth Advisors, LLC, is not engaged in the practice of law or accounting. Tax information provided is general in nature and should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Tax rules and regulations are subject to change at any time.
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