Traditional individual retirement accounts are funded before taxes have been paid on the earnings, so the contributions are subject to regular income taxes. The taxes must be paid at some point, so lawmakers have mandated required minimum … [Read more...] about IRA and 401(k) Minimum Distributions Have Been Lowered
It's important to understand the legal and financial waters that a person will enter during their senior years. Social Security can be a critical piece of the puzzle, and there can be cost of living adjustments (COLAs) each year. Since 2021 is … [Read more...] about 2022 Social Security COLA Will Be Significant
We recently wrote a post about a piece of legislation that was introduced into the House that is being called SECURE Act 2.0. This is a reference to the original piece of legislation with this name that changed some of the rules that impact … [Read more...] about SECURE Act 2.0 Is Moving Right Along
There can be Social Security cost-of-living adjustments (COLAs) on an annual basis. We are sharing the 2021 updates in this post. Slight Increase There is a minimal bump up in 2021. The benefit will rise by 1.3 percent, and this equates to five … [Read more...] about Is There a Social Security Cost-of-Living-Adjustment for 2021?
As elder law attorneys, we pay close attention to the government programs that senior citizens rely on. Medicare is certainly one of them, and there are adjustments to the out-of-pocket costs each year to account for the cost of living. The new … [Read more...] about A Look at 2021 Medicare Premiums and Deductibles