Blog Retirement Planning
Social Security recipients are getting a 3.2% increase in their 2024 benefits. The Medicare Part B premium is increasing from $164.90 to $174.70 per month. The annual exclusion for gifts increases to $18,000 from $17,000 per year per individual. The limitation on deferrals for 401(k), 403(b), and most 457 plans is increased to $23,000 for…
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Starting January 2024, Social Security beneficiaries will receive a 3.2% cost-of-living adjustment (COLA). The adjustment is calculated based on inflation as measured by the Consumer Price Index. The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $168,600 from $160,200. Social Security beneficiaries are normally notified by mail or through…
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SECURE Act 2.0 was signed into law at the end of 2022 as a follow up bill to the original SECURE Act that was signed into law in 2019. SECURE 2.0 targets several retirement provisions that go into effect over the next 10 years. We will focus on the changes for this year and continue…
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Medicare beneficiaries can make new choices and pick plans that work best for them during the annual Medicare Open Enrollment Period. Each year, Medicare plan costs and coverage typically change. In addition, your health-care needs may have changed over the past year. The Open Enrollment Period — which begins on October 15th and runs through…
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Starting January 2023, Social Security beneficiaries will receive a 8.7% cost-of-living adjustment (COLA). The COLA is the largest since 1981, according to the Social Security Administration data. The adjustment is calculated based on inflation as measured by the Consumer Price Index. The maximum amount of earnings subject to the Social Security tax (taxable maximum) will…
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One of the biggest decisions when transitioning into adult life is when to start saving. Putting off savings till later comes with a cost of waiting. Cost of waiting describes the opportunity cost when an individual decides to wait before beginning to save money. This cost can result in a smaller portfolio at retirement, larger…
Read MoreMoratorium Extended President Biden extended the student loan moratorium to August 31, 2022. This is the seventh extension and gives the over 43 million student loan borrowers a little more time to push off repayment of their loans without accruing any interest. While this is a short extension, there has been talk of extending into…
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Unclaimed Property According to the National Association of Unclaimed Property Administrators, 1 in 10 has unclaimed property, and over $3 billion is returned each year. Unclaimed property can include uncashed paychecks, checking and savings accounts, stock, safety deposit box contents, insurance payments, etc. To search for your unclaimed property, follow these steps: Access the website:…
Read MoreMedicare beneficiaries can make new choices and pick plans that work best for them during the annual Medicare Open Enrollment Period. Each year, Medicare plan costs and coverage typically change. In addition, your health-care needs may have changed over the past year. The Open Enrollment Period — which begins on October 15 and runs through…
Read MoreEmployer-sponsored qualified retirement plans such as 401(k)s are some of the most powerful retirement savings tools available. If your employer offers such a plan and you’re not participating in it, you should be. Once you’re participating in a plan, try to take full advantage of it. Understand your employer-sponsored plan Before you can take advantage…
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