On August 6 President Donald Trump signed a series of executive orders that expanded economic relief to taxpayers. One of those orders calls for employee payroll tax deferrals from September 1 through December 31, 2020. It includes the 6.2% of the employee’s share of Social Security taxes but not the 1.45% employee’s share of Medicare … Continue Reading
That 2% cut in Social Security taxes (from 6.2% to 4.2%) was supposed to stimulate the economy. But according to Martin Crutsinger’s and David Pitt’s recent article on Blomberg BusinessWeek, the tax cut has little impact on the economy in January. Consumers increased spending by only 0.2% in January, the smallest increase since last June. … Continue Reading
The Employee Benefit Research Institute (EBRI), an independent non-partisan research organization, in their annual Retirement Confidence Survey (RCS) has been asking workers how confident they are in having enough money for a comfortable retirement since 1993. And in today’s economy, it should be no surprise that EBRI reported The 2009 Retirement Confidence Survey: Economy Drives … Continue Reading
Most annual retirement plan limits are indexed to inflation; and because of the decline in the Cost of Living Index in 2009, many of the limits remained unchanged for 2010. Following are the key retirement plan limits for 2010 as announced by the Internal Revenue Service. 401(k) and 403(b) Deferrals: $16,500. Catch-Up Limit (Age 50 … Continue Reading
That’s Dr. Eli Peli, pictured on the right. Dr. Peli is Senior Scientist and the Moakley Scholar in Aging Eye Research at Schepens Eye Research Institute, and Professor of Ophthalmology at Harvard Medical School. And the device that Dr. Peli is wearing is an augmented-reality system he invented. In reporting on his research, the New … Continue Reading
With a new Administration and a new Congress about to take over, we’re going to start to see the think tanks and not-for-profit organizations issuing research and recommendations regarding public policy for retirement plans. One of those organizations is the National Institute on Retirement Security (NIRS), a not-for-profit organization whose stated mission is to “encourage the development of public … Continue Reading
A while back I wrote that there’s been a Social Security "early bird special" taken by most married men. Recent experience has been that approximately 50% of those eligible for taking Social Security at age 62, the earliest possible age do so. The financial implications can be huge. If you’re a married man and have been … Continue Reading
Over the last several years, the Social Security Administration (SSA) has been faced with staffing reductions and an increased demand for services challenging its field offices to manage work while continuing to deliver quality customer service. Now consider that the first wave of approximately 80 million baby boomers is reaching the age of retirement eligibility, … Continue Reading
The elderly are the fastest growing part of our population. They’re more active and living longer than every before, and as a result they have legal needs and concerns that prior generations haven’t faced. And a new field of the law is evolving to address those needs and concerns. It’s called Elder Law and it … Continue Reading
Lost in the ocean of billions of dollars from the recent financial scandals and disasters has been the illegal practice of banks garnishing Social Security and disability payments for third party creditors. Social Security beneficiaries have had the above-mentioned $171.4 million taken from their account that received direct deposits, plus $6.3 million more from accounts … Continue Reading
See full-size image Social Security, it seems, is always in the news. And with the Presidential election process starting to heat up, it is, of course, a major campaign issue. So if you’re interested in this issue (and you should be), how do you sort your way through all the clutter, the smoke, the mirrors, … Continue Reading
If you happen to be near a Texas Roadhouse (and there’s 300 locations in 44 states from which to choose) on any Monday to Friday from 3:00PM – 6:00PM, you can enjoy their Early Bird Special. That’s two hand-cut USDA Choice 8oz. sirloins and 4 made-from-scratch side items – all for only $16.99. Pretty good … Continue Reading
