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- Title
Planning Opportunities in the Government's Response to the Economic Downturn.
- Authors
Gardner, Randy; Welch, Julie; Daff, Leslie
- Abstract
The article offers information on the moves initiated by the government to mitigate the impact of economic downturn to various sectors in the U.S. The American Recovery and Reinvestment Act of 2009 (ARRA) is beneficial to majority of workers because those who earned more than $6,652 will receive a $400 credit if their adjusted gross income (AGI) is above $75,000. Moreover, the Worker, Retiree, and Employer Recovery Act of 2008 debarred the required minimum distributions from retirement accounts of individuals in 2009, wherein those with individual retirement accounts (IRA) and defined contribution plans will skip 2009, thereby increasing its five-year payout rule by one year.
- Subjects
UNITED States; AMERICAN Recovery &; Reinvestment Act of 2009; EMPLOYEE benefit laws; RETIREMENT income; INDIVIDUAL retirement account laws; RECESSIONS; DEFINED benefit pension plans; RETIREMENT policies; ECONOMIC activity; BUSINESS cycles; GOVERNMENT policy
- Publication
Journal of Financial Planning, 2009, Vol 22, Issue 6, p34
- ISSN
1040-3981
- Publication type
Article