Retirement planning is a crucial process that everyone should undertake to ensure their financial security in their golden years. It involves setting and achieving financial goals for the future, such as saving enough money to cover living expenses, health care costs, and other retirement-related expenses. In this post, we will discuss the importance of retirement … [Read More]
Omnibus Appropriations Bill Includes Secure Act 2.0 Provisions
We have been sharing information about a piece of legislation that is being called SECURE Act 2.0 as the bill has progressed through the legislative process. It has finally become a reality, because it is actualized through a number of provisions in the 2023 Consolidated Appropriations Act, which is commonly known as the contact form … [Read More]
Elder Law Insight: High Social Security COLA Anticipated for 2023
For the most part, there is nothing good to say about inflation, and it is a frequently discussed topic these days. Many Social Security recipients are definitely impacted by rising prices, but there is some good news looming over the horizon. Social Security Cost-of-Living Adjustments (COLAs) Each year, the Social Security Administration can increase benefits … [Read More]
Securing a Strong Retirement Act Has Been Approved By House
We have been providing updates about the Securing a Strong Retirement Act that would alter the individual retirement account parameters. It was introduced last year, and the prospects for enactment have always been good, because legislators from both parties are in favor of it. This measure is often referred to as “SECURE Act 2.0” because … [Read More]
IRS Has Lowered Retirement Account RMD Requirement
Your 401(k) or individual retirement account is supposed to provide income that you can draw from during your retirement years. However, if you do well financially and make some strong moves along the way, you may never need the money. At that point, your account will fit into your estate plan. The IRS has recently … [Read More]
Consider the Tax Climate When You Pick a Retirement Spot
If you live in Connecticut, you may want to retire to a location that has a milder climate, and this is understandable. In addition to the weather, you should also consider the tax climate when you are choosing a retirement destination. Income Taxes on Retirement Income There are 41 states in the union with state-level … [Read More]
Report: Expect Nice Social Security COLA in 2022
Social Security recipients can see cost-of-living adjustments (COLAs) that will increase their benefits when inflation justifies it. The inflation rate has been low over recent years, so the adjustments have been minimal. Last year, the COLA was just 1.3 percent, and it was 1.6 percent the previous year. This sounds disappointing, but there were no … [Read More]
Biden Administration Eyes Social Security Reform
President Biden has a number of legislative priorities that he will push for during the next two years, and Social Security reform is one of them. People on one side of the spectrum will look at the proposed changes favorably, but those at the top may not share their opinion. Minimum Benefit Increase Your Social … [Read More]
SECURE Act 2.0 Could Trigger Big Retirement Plan Changes
Individual retirement accounts are used by most Americans to prepare for their senior years, and they are also passed along to beneficiaries. As elder law and estate planning attorneys, we keep a finger on the pulse of legislative statutes that impact the IRA guidelines. The SECURE Act was enacted on December 20, 2019, and it … [Read More]
Medicare Costs Updated for 2021
As elder law attorneys, we keep a finger on the pulse of matters that are important to senior citizens. Clearly, Medicare is an important piece to the puzzle, and when you are planning for retirement, you should be fully cognizant of the out-of-pocket costs. Each year, there are updates to the relevant figures. The changes … [Read More]
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