Medicare Advantage managed care plans, which in 2021 covered 26 million enrollees, will get an average 8.5 percent increase in total Medicare payments next year. At the same time, MA plans are rapidly embracing a wide range of social services and supports for older adults living at home.
Today's Social Security column addresses questions about whether people who hadn't filed yet missed the January 2022 5.9% COLA, spousal benefit rat4es after early retirement benefits and switching to retirement benefits after early survivor's benefits.
Many large financial institutions have a policy of refusing to accept a Durable Power of Attorney presented correctly by the appointed person. Usually that is an aging parent's adult child. Institutions freeze the account, abusing the account holder and the agent. Learn how to avoid this.
Presdient Biden's estate tax proposals (Greenbook) have been released and as no surprise they have harsh consequences to wealthy taxpayers. Even if unlikley to be enacted, it is not prudent to ignore them. What steps should you consider?
Many workers are changing jobs in search of a better life/work balance. Others may be retiring or leaving the workforce altogether. No matter your reason, keeping your retirement savings on track after your career transition should be a priority.
It is not likely to work out when estate plan documents put people together who don't get along. If you're appointed on the same paper with a person you dislike and disagree with, get the document changed as soon as possible.
Women may think about retirement as not working, rather than focusing on what it means to be financially free in retirement.
Let us take a deeper dive into some of these traditional retirement planning thoughts.
If you miss your RMD deadline, you owe the IRS an excise tax of 50% of your RMD shortfall. For example, if your RMD for 2021 is $10,000 and you withdrew only $5,000 by the deadline, you will owe the IRS an excise tax of $2,500 ($10,000-$5,000) x 50%.