Latest News
Warning: Scammers are posing as contact tracers
The Federal Trade Commission is warning the public of a new text scam using coronavirus response efforts as a cover to obtain financial information. According to the Federal Trade Commission, scammers are posing as contact tracers sending, text messages to…
The value of a Health Savings Account
Health savings accounts (HSAs) have triple tax benefits and can be a powerful retirement savings vehicle. If an employer makes a contribution to an employee’s HSA, the contribution is not included in the employee’s gross income. Also, when an individual…
National Guard troops could see their deployments halted one day short
The media is reporting tens of thousands of National Guard troops responding to the COVID-19 pandemic could see their deployments halted one day short of qualifying for retirement and education benefits under the GI Bill. For a Guard member to…
Should you use the replacement ratio or withdrawal rates?
Experts say Americans need on average 70 percent of their pre-retirement income to live comfortably after exiting the workforce. Currently, for workers who retire at 62 have a median replacement ratio of about 55 percent but that figure is expected…
Lawsuit filed against SSA for requiring “wet-ink” signature
A lawsuit has been filed by the National Federation of the Blind in federal court against the Social Security Administration. They are seeking a court order requiring SSA to allow e-signature on applications rather than requiring a “wet-ink” signature when…
The New Mexico Work and Save Act
The New Mexico Work and Save Act, House Bill 44, allows privately employed and self-employed workers who don’t have employer-based retirement accounts to potentially be provided the ability to contribute to Roth Individual retirement accounts (IRAs) in a savings program overseen…
The gender income gap impacts women’s retirement
Women remain at a disadvantage with their retirement savings according to a new report from the National Institute for Retirement Security. There are several factors that contribute to the gender income gap in retirement, including wage gaps throughout a woman’s…
Retirement – starting a new chapter in your life
Are you thinking of retiring? If you want a smooth transition, having a plan is a good idea according to retirement experts. Planning for financial and the nonfinancial side of retirement is crucial to success. Some people feel like lost…
Social Security benefits have lost 30% of their buying power since 2000
The Senior Citizens League, a nonpartisan senior advocacy group, is reporting retiree costs are going up at a rapid clip, and Social Security cost-of-living adjustments are not keeping up with those growing expenses. According to their research, Social Security benefits…
IRS Relaxes Rules for Cafeteria Plans
The IRS issued two notices in response to the 2019 COVID-19 pandemic allowing certain changes to cafeteria plans. The changes involve increases the limit on unused amounts remaining at the end of the plan year (Notice 2020-33) and permits employers…