Latest News
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…
Self-discipline and retirement savings go hand in hand
Remember a successful retirement starts with you. Many Americans will start to panic thinking perhaps they are not on tract to retire comfortably, but don’t let greed and fear take control. If you have your plan and know yourself, it…
What to do when your company stops their 401(k) match
What should you do when you company stops their 401(k) match: Double down. Why? The point of a company-sponsored retirement plan match is to help the employee save for retirement. Remember it’s your responsibility to save for retirement not theirs.…
Social Security scams are spiking during the pandemic
As of May 14, the Federal Trade Commission received 45,623 coronavirus-related consumer and small business complaints representing reported fraud loss of more than $33.84 million, with a median individual loss of nearly $500. Scammers often target seniors because they may…
Raising the retirement age
Though Christy Bieber explains raising the retirement age as a stealth move to cut benefits, both parties may soon realize there is little other option to shore up a program headed for insolvency. If the full retirement age were moved…
No Social Security cost-of-living increase likely
USA Today’s Paul Davidson cites a preliminary estimate by the Senior Citizens League that projects no cost of living adjustment (COLA) for the 68 million Social Security recipients for 2021. That would be the first zero COLA since 2015. The actual amount…
$1 Million Needed to Comfortably Retire?
As Maurie Backman notes, there’s just no way to know exactly what your golden years will look like financially. Much of what you spend will depend on the evolving state of your health, the extent to which your home needs repairs, and…
Americans Say COVID-19 Has Affected Their Ability to Save for Retirement
Katie Brockman summarizes a survey from Country Financial that notes 61% of U.S. adults say the COVID-19 pandemic has negatively affected their ability to save and invest for the future. Millions have lost their jobs, making just staying afloat a priority over…
Some Social Security recipients to get stimulus checks starting today
While most Social Security recipients received stimulus payments by direct deposit a month ago, some are due to get them this week. The Social Security Administration says many Americans that receive extra Social Security benefits for low-income aged, blind or…
Social Security recipients may be in for a rude awakening
Alessandra Malito of MarketWatch explains how the cost of living adjustment (COLA) is calculated and notes retirees may be in for a rude awakening for 2021. The Coronavirus pandemic has led to a collapse in consumer prices, which coupled with…