On December 29, 2022, President Biden signed into law the Consolidated Appropriations Act, 2023, an omnibus spending bill that includes the SECURE 2.0 measure (a.k.a. the Securing a Strong Retirement Act 2.0). Broadly, SECURE 2.0 is intended to make retirement saving more straightforward and accessible to a wider range of people. As such, it encompasses many aspects of financial planning and retirement saving.
On October 21, 2022, the Internal Revenue Service announced cost-of-living adjustments that affect contribution limits for retirement plans and retirement accounts in 2023. Provided in this article are some, not all, of the key changes that retirement plan sponsors should be aware of, as well as several limitations that remain unchanged from 2022.
As 2022 comes to a close, you’ll want to reassess your financial goals, examine any life changes that will affect your saving or spending, and learn about recent developments in the world of taxes and finance that might benefit you. Use these questions as a helpful guide for a conversation with your financial advisor.
On August 24, 2022, President Biden announced plans to offer student loan forgiveness to selected individuals. Here is a summary of the executive action that the Biden Administration plans to effectuate. It’s important to note that strong legal challenges to these provisions are likely because the changes are sought to be implemented without Congressional approval.
October is the kickoff season for financial aid. That's when incoming and returning college students can start filing the Free Application for Federal Student Aid, or FAFSA, for the next academic year. The FAFSA is a prerequisite for federal student loans, grants, and work-study, and may be required by colleges before they distribute their own institutional aid to students.
Whether you need life insurance depends partly on your stage of life. If you’re younger, you may have less need for coverage. As you move along the path in life, you’ll likely have more of a need. And, as your responsibilities lessen, your need may decrease.
For many Americans, social security benefits make up a significant portion of retirement income. When it comes to how much you will receive, you may be surprised to learn that you have a choice in the matter—and timing is everything. The longer you wait to claim your benefits, the larger your monthly payment will be, so when you start can determine whether you’ll have sufficient funds to achieve your retirement goals.
The American Rescue Plan Act of 2021 makes substantial, temporary improvements to the child tax credit for 2021, which may increase the amount you might receive on qualifying children under the age of 18.
Medicare premiums, deductibles, and coinsurance amounts change annually. Here's a look at some of the costs that will apply in 2021 if you're enrolled in Original Medicare Part A and Part B.