Retirement savers in Required Minimum Distribution status likely (or at least should) know some of the basics. Some retirement savers will have reached age 70 ½ this year and begin taking their first RMDs. A popular strategy involves aggregation. IRS rules state that an RMD should be calculated for each account separately. Then, where aggregation [...]
The sad reality is that financial planning for some means spending 6 hours finding the best Black Friday deal on an 85” TV vs. the 5 minutes spent understanding where they obtain financial advice. (That’s not true. I spent 10 minutes one rainy Sunday comparing my fund returns to the S&P 500 just like that [...]
The IRS recently announced mostly unchanged limits on retirement plans (i.e. 401(k)s) for 2017. Full details are available in Notice 2016-62. In a bit of "good" news, however, most of us won't have to increase funding of our retirements since we're dying sooner than previously expected.
"I won’t qualify for financial aid.” It’s a familiar refrain. But how do you know? The problem isn’t what you own – it’s that you feel like you own too much. The solution? Understanding which assets help/hurt the financial aid decision. With parents filing for financial aid for the 2017-2018 school year this is a [...]
Yesterday the Internal Revenue Service announced in Revenue Procedure 2016-55 the tax year 2017 annual inflation adjustments. Salient points are as follows: TAX BRACKETS (single – “S”) If taxable income is between $0 and $9,325 then 10% of taxable income. If taxable income is between $9,326 and $37,950 then $932.50 + 15% of the amount [...]
And the hits just keep on comin'... BENEFICIARIES: The Cost of Living Adjustment ("COLA") of 0.3% means the average SS check will increase $4/mo. Don't blow it all in one place! TAXPAYERS: The Social Security wage base (or amount of earnings subject to the 6.2% tax) increases from $118,500 to $127,200. Both employers AND employees [...]
The Annual Enrollment Period (“AEP”) for Medicare beneficiaries to change their Part C (“Medicare Advantage”) and/or Part D (prescription drug) plans begins Oct 15th running through and including Dec 7th. During the AEP a person may: join a Part D plan drop a Part D plan switch to a new Part D plan drop a [...]
Love your companion animals? Of course! Want to be buried with them? Maybe...and if you live in New York you now have that option. On 9/24/16 Gov. Andrew Cuomo signed into law the measure allowing people to be buried with the cremated remains of their companion animals. Cemeteries aren't required to offer the option. Religious [...]
“You do understand the function of the magician’s assistant, don’t you?” “Yeah. She’s there to distract them as he sets up the trick.” That exchange occurs between characters played by Morgan Freeman and Mark Ruffalo in the 2013 film Now You See Me. If you prefer a musical reference here’s a favorite Pearl Jam lyric [...]
In accordance with Supreme Court decisions the Internal Revenue Service has issued final regulations redefining terms relating to marital status. The rules reflect the Supreme Court’s landmark rulings in the 2015 case of Obergefell v. Hodges and the 2013 case of Windsor v. U.S. that legalized same-sex marriage in every state and invalidated the Defense [...]