Surprise: Failed RMDs Can Affect Beneficiaries of Any Age One of the stiffest tax penalties for an individual taxpayer is a whopping 50% — an excise tax that attaches to failed or insufficient required minimum distributions (RMDs) from retirement accounts such as tax-deferred IRAs (individual retirement accounts). Normally, RMDs are a problem for “the elderly”
Retirement
Remember the westerns you watched on TV growing up – Gunsmoke, Bonanza, The Rifleman? There was always a Wanted poster on a bulletin board in the lawman’s office. It’s only fitting that there should be a Most Wanted list for Medicare Open Enrollment Mistakes. From October 15 through December 7, Medicare beneficiaries have an opportunity
Lack of transparency at our nation’s public pensions makes scamming easier than cryptocurrency fraud. Public pension funds or cryptocurrency, what’s the bigger scam? The surprising answer is pension funds, according to Anessa Santos, a Florida attorney and Special Magistrate who specializes in blockchain and fintech, and the reason why has everything to do with transparency,
If you have young grandchildren, take a fresh look at 529 education savings plans. These plans always were good estate planning tools, but changes in recent years make them more attractive ways for grandparents to help grandchildren. You can set up a 529 savings plan account for any beneficiary, and you can set up accounts
Planning for family members with mental health issues can be difficult. Knowing what the person can handle on their own and what they need assistance with can be hard to figure out. It can also be a moving target, changing year to year or even week to week in some cases. Often, the person has
In 2006, Congress passed the Pension Protection Act that changed the world of 401(k) plans and the retirement savers they serve. Among the many things this new law encouraged, perhaps automatic enrollment has had the most beneficial impact. It has increased the percentage of people saving for retirement. But a recent Federal Reserve Bank of
When State Auditor Keith Faber announced to stakeholders in the State Teachers Retirement System of Ohio, including active government workers, retirees and taxpayers, his office was initiating a Special Audit of the pension based upon complaints evolving from a forensic investigation commissioned by the Ohio Retired Teachers Association, there was hope that the lack of
Between now and December 7, it’s Medicare open enrollment season. If you’re already enrolled in Medicare, you can choose to keep your current coverages or select a new policy that can better meet your needs during 2023. There are a handful of elections and coverages that you might want to review during open enrollment, but
The Open Enrollment Period is the time that Medicare beneficiaries can make changes in their drug coverage. Sometimes the change may not be the right thing to do. My company, 65 Incorporated, received this email from David. “It’s crazy that I pay for a Part D drug plan because I don’t take any prescription medications.
Suddenly, Social Security reform is back in the news. For all the wrong reasons, perhaps. But at least politicians are talking about it. And that’s a good thing. After all, in only about a dozen years, the Social Security program’s old-age trust fund — the account covering retirees and survivors — will be insolvent and