The Social Security OASI Trust Fund for retirement benefits is projected to be exhausted by 2033, according to the summary of the Annual Social Security and Medicare Trustees Report that was released in August 2021. That’s one year earlier than what was projected in the 2020 trustees report. Does this mean that in 2033, retirees will receive nothing from
Month: September 2021
State and local government pensions assure workers and retirees that they enjoy the same protections as the comprehensive federal law, ERISA provides to corporate participants. That’s simply not true. Don’t count on state law to protect your retirement security. It has been said that the Law is a blunt instrument, incapable of dealing with all
Public pensions facing growing public scrutiny and criticism over mismanagement of investments are increasingly resorting to “pension theatre.” Fully two and a half months after my firm, Benchmark Financial Services released a report commissioned by the Ohio Retired Teachers Association entitled “The High Cost of Secrecy: Preliminary Findings of Forensic Investigation of the State Teachers
By Nancy Collamer, Next Avenue As someone who frequently writes about careers, I’m all for networking. But even I get frustrated by the number of otherwise competent professionals who ask for my advice by requesting a networking meeting the wrong way. You know, those vague “Can I pick your brain” emails? That’s unfortunate, because when
By Kerri Fivecoat-Campbell, Next Avenue I still get excited seeing the quaint red envelope with a DVD in my mailbox. That’s because I live in a rural Ozark Mountains home in Arkansas and can’t get internet access to stream films or TV shows. I can barely load social media pages on my computer. I’m hardly alone.
With the pandemic still upon us, are you thinking about your retirement savings? Let me tell you why you should. Time is a wasting asset. And, there is no time like now (National 401(k) Day) to take action. National 401(k) Day, which originated with the Plan Sponsor Council of America, reminds us to do
Bitcoin and other cryptocurrencies dropped steeply on September 7 despite the feel-good news that El Salvador has made bitcoin legal tender along with U.S. dollars. In fact, the crypto flash crash wiped out $400 billion in market value. Bitcoin itself dipped about 10% to less than $44,000 but recouped some of that by day’s end.
Federal unemployment benefits ended this month for millions of Americans and data show that workers in Virginia might feel it the most. The federal government’s enhanced unemployment benefit added $300 to weekly unemployment checks issued by states and also expanded coverage to the self-employed and freelancers, such as rideshare drivers and musicians. That expansion, called
Nikki E. Dobay, a partner with Eversheds Sutherland (US) LLP’s tax practice group, discusses the SALT cap workarounds for passthrough entities that many states have adopted and possible coming developments for those policies. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes
Congress is heading into a heated debate about how much taxes should be raised to finance President Biden’s Build Back Better agenda. While pragmatic Democrats may not agree with every proposal being considered, there is one that the whole party should unite behind: closing the step-up basis loophole. When investors sell an asset, such as
Today’s column addresses questions about potential retirement benefit rate increases at full retirement age (FRA), spousal benefits based on the record of someone receiving Social Security disability benefits and maximizing benefits after retiring earlier than expected. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning,
As Congress debates whether to extend the major, but temporary, changes to the Child Tax Credit (CTC) it adopted earlier this year, a crucial question is whether it should keep the credit fully refundable. A new Tax Policy Center analysis finds that, for low-income families, full refundability is a key element of the CTC reforms. For families
Topline Senators Sherrod Brown (D-Ohio) and Ron Wyden (D-Ore.) proposed a bill Friday to levy a new tax on the booming market for corporate stock buybacks, putting yet another target on Wall Street as Democrats propose a slew of new tax measures to help shore up funds for a $3.5 trillion budget bill facing tough
When Congress debates major legislation, the public often focuses on a single narrow issue—one frequently irrelevant to the main point of the bill. It happened when the Senate debated the $1 trillion infrastructure measure last month: Many paid outsized attention to tax reporting for cryptocurrency, a proposal that would have funded less than 3 percent
By Chris Farrell, Next Avenue Whew! The pandemic had a smaller impact on the Social Security trust funds — that is, Social Security’s solvency — than many feared during the depths of the pandemic downturn. According to the new 2021 annual report from the Social Security Trustees, the depletion date for the combined trust funds —retirement and
Do Americans need a nudge from their employers—and a handout from Washington—to get them to save for retirement? That’s the premise behind draft retirement language in the the House Ways and Means Committee mark up of the $3.5 trillion budget reconciliation package. Under the proposal, starting in 2023, employers with five or more employees would
Finding a mentor is a great way to gain more knowledge about an industry. If you’re a newer real estate professional, connecting with a seasoned agent can help you navigate the challenges of starting out, as well as make valuable connections and build valuable experience. However, if you don’t already know someone in the field,
In a year when we all need to breathe deeply, Breezeway, Behr’s color of the year, is a tranquil, soothing pale green hue. Soft and amenable to a vast range of color pairings, the peaceful shade evokes sea glass, tranquil mornings and young girls in lightweight summer frocks. Breezeway fosters feelings of coolness and peace:
Here’s a tip of the 10-gallon hat to the American past. This retreat in Bigfork, Montana, draws on the heritage of the Old West with its rugged chinked-log construction. But beyond the exposed beams and reclaimed wood, the log cabin home is all new West – and a modernized model for western living today. The
Today, high-net-worth homebuyers paying eight- and nine-figure prices for estates and trophy properties covet luxury amenities to elevate their lifestyle and personal brand. Forbes Global Properties presents several fine offerings for that discerning buyer. Beverly Hills, California: Art as Architecture This new contemporary Beverly Hills estate in Benedict Canyon offered at $10,750,000 is the latest timeless offering from coveted