getty Earlier this week, the Social Security Administration’s chief actuary reported, in response to a question by Senate Democrats Chuck Schumer, Bernie Sanders, and Ron Wyden, that, if the dedicated payroll taxes to fund Social Security were removed with no replacement income source, the Disability Insurance Trust Fund would be depleted in the middle of
Retirement
There are potentially serious consequences if Social Security’s payroll taxes are permanently … [+] reduced or eliminated. getty President Trump has made statements recently about the possibility of reducing or eliminating the payroll tax that funds Social Security’s benefits. Understandably, these statements are generating a lot of concern among all quarters, due to the potentially
getty In a positive development for bar applicants and the reputation of the Florida legal community, the Florida Supreme Court announced on Wednesday, August 26, 2020 that the Florida Board of Bar Examiners (“FBBE”) rescheduled the bar examination to take place on October 13th, with October 14th being reserved as a day to continue testing
Across our country, there is no uniform message about how much we can visit and socialize with others, particularly our aging parents. We know for certain that people over 65 are at greater risk for getting sick from Covid-19 than younger people but that does not tell us what’s ok or not about visiting when
By Andrea King Collier, Next Avenue Contributor getty Today was a big day in our house. My husband is a 63-year-old, African American sixth-grade teacher headed back to the classroom in Michigan for in-person instruction. But, since it’s happening during the pandemic, I’m fearful. Many other older teachers and school staffers across America who have
Young couple sitting on sofa discussing finances getty Are you starting your career or a new job and want to know if you should opt in to the company 401(k) plan? Or are you new to saving in a 401(k) and want to learn about some of the basic features? If you just started a
getty As readers of my previous posts well know (Part 1 and Part 2), over 1,150 Florida Bar candidates have been left in a lurch because the July examination, which had been rescheduled to August 19, was cancelled on August 16 and is now going to be rescheduled to a day in October that has
What is “just enough” money to meet your needs and be happy? getty Most American pre-retirees and recent retirees haven’t saved enough money to be able to retire full time at age 65 under their pre-retirement level of income. To make up for this shortfall, they’ll either need to work longer, reduce their spending, or
With an election coming up and a second stimulus package being discussed, assuming that we’ll be … [+] seeing a change in taxes is a pretty safe bet. getty With an election coming up and a second stimulus package being discussed, assuming that we’ll be seeing a change in taxes is a pretty safe bet.
WILMINGTON, DELAWARE – AUGUST 20: Democratic presidential nominee Joe Biden delivers his acceptance … [+] speech on the fourth night of the Democratic National Convention from the Chase Center on August 20, 2020 in Wilmington, Delaware. The convention, which was once expected to draw 50,000 people to Milwaukee, Wisconsin, is now taking place virtually due
getty When the Tax Cuts and Jobs Act doubled standard deductions in 2018, it had the unintended consequence of greatly reducing the amount of people who could benefit from this famous itemized deduction. Despite this, the United States continues to give the most amount of money per person of any other country to charitable causes. The total
US President Donald Trump delivers remarks on the economy at an airport hanger on August 17, 2020 in … [+] Oshkosh, Wisconsin. (Photo by Brendan Smialowski / AFP) (Photo by BRENDAN SMIALOWSKI/AFP via Getty Images) AFP via Getty Images As the Republican Convention opens I expect President Trump will make the case he is best
As the CEO of a company whose mission is to help people secure retirement, I am obsessed with the unintended consequences of retirement planning and advice that focuses more on assets than income. It makes sense that the companies that produce this advice and manage the assets, from brokerages like Fidelity and Schwab to robo-advisors
Trump’s DOL is pushing 401k sponsors to include the highest cost, highest risk, most secretive … [+] “private equity” investments ever devised by Wall Street in retirement plans offered to America’s workers, without warning of the massive dangers. getty Trump’s U. S. Department of Labor is pushing 401k sponsors to include the highest cost, highest
Saving money concept getty Stock market feeling a bit too risky for you? Here’s a list of ways you can fight back. Some market watchers look at stock market valuations. Some look at the economy. Others focus on geopolitical events. And all are trying to account for the risks that the impact of Covid-19 is
getty On January 1, 2021, the 401(k) world as you know it will be reborn. It may start out slowly at first, but ultimately the popular retirement savings vehicle will change. And you should be happy. It’s very possible, if not likely, the new and improved “401(k) 2.0” will allow you to benefit from broader
getty Historically low interest rates can generate historic tax benefits. At least one of these tax benefits can be reaped without giving up immediately any cash or property: a charitable contribution of a remainder interest in a home, vacation home, or farm. Ownership of property can be divided into two portions. A lifetime interest, or
By Juana Poareo, Next Avenue Contributor getty Kaci Smith, 36, recalls the gradual emergence of her PTSD symptoms about three years ago when she’d been caring for her mother at home following her mom’s 2012 stroke. “It would be things like almost feeling like a panic attack,” says Smith, a Rochester, N.Y. teacher. “If she
HARTFORD, WISCONSIN – AUGUST 17: Mailboxes from across the country are stored outside of Hartford … [+] Finishing Inc. where they will be refurbished or repaired on August 17, 2020 in Hartford, Wisconsin. A viral photo of the mailboxes has been misused on social media as evidence of the Trump administration tampering with the United
By Grace Birnstengel, Next Avenue Editor “I’m sometimes a bit lonely, but I’m adjusting,” says Louise Jackson, 83, of the pandemic. Courtesy of Louise Jackson Nearly six months into the pandemic, the biggest change to Carmen and Bernie Rollins’ lives is a lack of spontaneity. The retired couple in San Bernadino County’s Upland, Calif., ages