There’s finally certainty around the medical expense deduction for 2021 and beyond. getty Got high medical expenses in a low-income year? Congress heard your plea. As part of the $1.4 trillion spending bill Congress passed yesterday, millions of Americans will get a permanent break on the deductibility of out-of-pocket medical expenses. The threshold for claiming
Retirement
happy new year 2021. getty 2020 is coming to an end. If you’re on Medicare, here are some tips to help ensure you’re on the best track for the new year. 1. Check your drug plan’s pharmacy network carefully. Two things happened during Open Enrollment that merit giving some attention to your drug plan’s network.
By Richard Eisenberg, Next Avenue getty All things considered, 2020 turned out to be a pretty good year for small investors in many mutual funds, exchange-traded funds (ETFs) and 401(k) plans. The Standard & Poor’s 500 index of stocks is up about 15% through mid-December; the Dow Jones average rose has risen by nearly 6%
Sound wisdom to help retirees live a healthy, financially secure, and fulfilling long life. getty Pre-retirees and retirees have always faced several serious retirement planning challenges. On the one hand, it’s great that many people are living much longer lives than their ancestors. On the other hand, it’s not easy to be financially secure, physically
getty It’s generally a bad idea to name a trust as beneficiary of your IRA. The IRA usually loses the power of tax deferral, because it must be distributed faster than in other scenarios. There are only a few instances when a trust as beneficiary avoids this problem, A recent IRS ruling gives an example,
Amid this surging pandemic, millions of people justify travel, visiting aging loved ones, and ignoring CDC warnings about spreading the disease. Thanksgiving was followed by a surge in cases, a percentage of which result in hospitalizations. The predictable effect is that hospitals are overwhelmed, there are not enough nurses and doctors to staff the overflowing
Carefully coordinate your strategy to deploy savings in retirement with the IRS rules on required … [+] minimum distributions. getty The IRS recently finalized new regulations that determine the minimum amounts that retirees must withdraw from their retirement accounts and include in their taxable income. These new rules will apply to withdrawals made during 2022
getty It is said that the Americans who stormed the beaches of Normandy and saved the world from the ultimate evil are members of the “Greatest Generation.” I believe the name can also apply to the many people who lived through World War II in Europe and moved to the United States to create a
By Donna Mitchell, Next Avenue Entrepreneur Dawn Kelly Courtesy of Shante Carlan Before Dawn Kelly, 58, launched her quick-serve restaurant The Nourish Spot in Queens, N.Y. in 2017, she had been downsized from a corporate public relations job. She needed to figure out a way to continue working but was unsure about almost every aspect
getty After months of waiting, debate, and compromise, we finally have a second COVID-19 relief package. The deal comes just days before many of the protections established by the CARES Act are set to expire. Some of the most anxiously awaited aspects of the new Act are the additions, clarifications, and changes to the Paycheck