Social Security & Medicare Changes for 2024
The Social Security Administration recently announced that benefits for 2024 will increase by 3.2%. This is a noticeable change from the 8.7% increase seen in 2023. It marked one of the largest increases in nearly 40 years.
Social Security Announces Large COLA Increase for 2023
The Social Security Administration recently announced that benefits for retirees will increase by 8.7% beginning in 2023. This is the largest single year COLA increase in over 40 years.
Medicare Part B Premiums Decrease for 2023
The Centers for Medicare & Medicaid Services (CMS) recently announced the 2023 premium amounts for Medicare Part B.
Financial Scams Targeting Seniors Increasing
June is elder abuse awareness month, and I recently watched a presentation from Schwab’s fraud & risk management team on the growing trend of scams against the elderly.
Changes to Required Minimum Distributions in 2022
The New Year brings good news to anyone who must take a Required Minimum Distribution (RMD) from their retirement accounts.
Medicare Cost Changes for 2022
The Centers for Medicare & Medicaid Services recently released the 2022 changes for Medicare premiums and deductibles for Part A and Part B.
Social Security Announces Large COLA Increase in 2022
Earlier this week, the Social Security Administration announced a 5.9% cost of living adjustment (COLA) for benefits beginning in 2022.
Yes, Diversification is Your Friend
You have heard us say it time and again. One of the keys to long-term investing success is (cue the drum roll) … diversification!!
SECURE Act and CARES Act
Over the last 18 months, Congress implemented two significant bills that have impacted retirement savings accounts. The SECURE Act was a bi-partisan effort directed at improving the ability of American citizens to increase retirement savings. The CARES Act was passed in response to the economic turmoil caused by the Covid-19 pandemic.
Medicare Open Enrollment Begins October 15th
The beginning of fall always brings some much-anticipated changes – cooler weather, leaves changing color, and much more. For Medicare recipients, it may bring some not-so-welcome changes. Each year beginning in mid-October is what’s known as Medicare Open Enrollment. Whether you are new to Medicare or have been covered for many years, this is an important time to review your medical coverage.
Reminder: No RMDs This Year
Earlier this summer, the IRS made the announcement that they are waiving Required Minimum Distributions (RMDs) for retirement accounts in 2020. IRS Notice 2020-51 outlines the relief granted to retirement account owners, as part of an extension to the CARES Act.
How COVID-19 Impacts Medicare Coverage
The outbreak of COVID-19 has created uncertainty across the nation and world over the last several months. The global health concerns surrounding the novel coronavirus have prompted Medicare recipients to wonder how it will impact their coverage.
Coronavirus Stimulus Package Overview
On Friday, March 27th, the President signed into law a $2.2 trillion-dollar stimulus plan known as the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act. It is the largest stimulus package of its kind and is intended to help combat the economic impact of the COVID-19 virus.
Financial Synergies Opens Branch Office in Tyler, Texas
We are excited to announce the opening of our new branch office in Tyler, TX. This is Financial Synergies’ first office beyond the greater Houston area. Having been with the firm since 2015, I’m very excited to help lead this new venture for the firm. As we have continued to experience tremendous growth, we felt this was a unique opportunity to extend our footprint and serve the wealth management needs for families in the greater East Texas area.
The SECURE Act and its Impact on Retirement Account Beneficiaries
Last month, we discussed the passing of the Setting Every Community Up for Retirement Enhancement, or SECURE Act. In the article, we reviewed many of the changes this legislation made to the retirement planning landscape.
