Thursday October 21, 2021
News
IRA and 401(k) Designated Beneficiary Options
Each year, IRAs and 401(k)s are subject to required minimum distributions (RMDs). Because the distributions start at just under 4% at age 72 and then slowly increase, many IRA and 401(k) plans earn more than those payouts and will continue to grow. While the distributions will become larger as the owner ages, most individuals will eventually pass away with an IRA or 401(k) balance reasonably close to the value of their plan at age 72.
For this reason, the eventual distribution options for an IRA or 401(k) are quite important. For many...MORE
Largest Social Security Increase in Four Decades
The Social Security Administration has announced a 5.9% increase in benefits for 2022. This is a dramatic change over the 1.3% increase for 2021. During the past decade, the increases have generally been less than 2%. Approximately 70 million Americans will receive the increased payment amounts in January of 2022.
The increase is the result of substantial rises in the price of gasoline and other everyday purchases. With port congestion in Los Angeles and a limited number of trucks to deliver supplies, there are shortages of many goods and limited stock on store shelves. The shortages inevitably lead to higher prices.
The large Social Security cost-of-living adjustment (COLA), is a direct result of inflation during...MORE
Financial Assistance for Aging-in-Place Improvements
Do you know of any financial assistance programs that can help seniors with home improvement projects? I would like to help my grandparents make a few modifications to their house so they can continue...MORE
© 2021 Crescendo Interactive, Inc. PRIVACY STATEMENT