According to the New York Times, the I.R.S. announced one of its largest increases in decades to caps on retirement contributions, allowing workers with access to the plans to save more. Questions: How much will employees be able to contribute in 2023 to 401 (k) plans? How much are the catch-up contributions for 2023 and… Read more »
Posts Tagged: social security
The New Retirement Model
According to the Washington Post, well-off Americans retiring early while balancing the economy with health concerns and drawing on federal stimulus funds, market gains, and equity from skyrocketing home values. Questions: What unusual trend is happening along with the early retirement course? When does Social Security allows most people to enroll for retirement payments? According… Read more »
White House Blues
According to the Washington Post, there is discussion among senior White House officials to advance a temporary payroll tax cut as a way to limit the economic slowdown forecast by economists. Questions: When and how much was the last payroll tax cut and why was it made? Payroll tax cuts add dramatically to the deficit… Read more »
What is More Important? Jobs or Happiness?
A Finnish nationwide experiment with basic income has not increased employment among those participating in the two-year trial, but their general well-being seems to have increased. Questions: 1. How much did randomly selected, unemployed people aged 25-58 get in tax-free income each month? (U.S. dollars) 2. What were most people worried about related to any… Read more »
Not a good financial plan!
Even though Wall Street and the financial press have been harping for decades on the retirement savings crisis, this article provides some additional perspectives. Questions: 1. According to the Manpower Group, what percentage of millennials plan to work until they die (as their solution to retirement)? 2. Why do so many millennials have such a… Read more »
Is a new retirement savings plan part of your future?
If you make a list of the most hated words or phrases in politics today, “employer mandate” has to be in the top 10. However, in this era of retirement security crisis, mandatory retirement savings program is gaining more support in Washington. Questions: 1. Who are pushing the idea politically? 2. Why will the Congress… Read more »
Bye-bye Loopholes! You will be missed!
Keep an eye out for three retirement loopholes that the government may close shortly. They have become increasingly popular as financial advisers have learned how to exploit kinks in the law. Questions: 1. Who benefits from the Back-door Roth IRA conversions and how does this work? 2. What bothers lawmakers about “the stretch IRA?” 3…. Read more »
How many 112 year olds are taking new jobs?
A recent audit of the Social Security Administration revealed that thousands of workers over the age of 100 applied through the U.S. government to verify their employment eligibility in recent years. Questions: 1. About how many active Social Security numbers in the Administration’s master file belong to people who are at least 112 years old?… Read more »
Watch Out! They Know Where You Live!
Eric Merklein, 67, didn’t know he had outstanding student debt until he received his first Social Security check. He thought that his grandmother had paid it off. Unfortunately, Merklein is among the more than 2 million Americans age 60 and older carrying student debt, which is up from about 700,000 in 2005. Questions: 1. What… Read more »