On October 13, 2020, the Social Security Administration (SSA) officially announced that Social Security recipients will receive a 1.3 percent cost-of-living adjustment (COLA) for 2021. This adjustment will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2021. Additionally, increased payments to more than 8 million Supplemental Security Income (SSI) beneficiaries will begin on December 31, 2020.1Continue reading “The Social Security Administration Announces 2021 COLA”
When a company splits its stock, it takes each share and divides it into some larger number of shares. It can be a 2-for-1 stock split or any other combination. When the stock is split, more shares are available, but the total value of all the shares remains the same. Accordingly, if you owned one share worth $100, and the issuing company conducted a 2-for-1 stock split, you would own two shares worth $50 each. Companies can also do reverse splits, making one share from numerous shares, if they want to increase the per-share price of the stock.Continue reading “What Is a Stock Split?”
Every few months, you may hear the phrase “we’re entering earnings season” as you read financial news.
But what exactly is “earnings season” and why is it important to Wall Street?Continue reading “What Is Earnings Season?”
As a small-business owner, figuring out retirement choices can be a little intimidating. How do you pick the most appropriate retirement plan for your business as well as your employees?Continue reading “Retirement Plan Options for Small Businesses”
In response to the COVID-19 pandemic, almost every state in America is under some sort of stay-at-home order. This unprecedented time has also led many businesses, large and small, to downsize or close up shop entirely. Because of the drastic impact that COVID-19 has had on global and domestic concerns, the Federal Reserve Board has taken a multitude of measures to buttress the American economy.Continue reading “The Federal Reserve’s Unprecedented Moves”
Recently, the $2 trillion “Coronavirus Aid, Relief, and Economic Security” (“CARES”) Act was signed into law. The CARES Act is designed to help those most impacted by the COVID-19 pandemic, while also providing key provisions that may benefit retirees.1
To put this monumental legislation in perspective, Congress earmarked $800 billion for the Economic Stimulus Act of 2008 during the financial crisis.1
The CARES Act has far-reaching implications for many. Here are some important provisions to keep in mind:Continue reading “Key Provisions of the CARES Act”
In the midst of these uncertain times, the government has made some changes to this year’s tax filing, payment, and IRA contribution deadlines, so we want to take this opportunity to outline these changes for you.Continue reading “IRS Filing, IRA Contribution, and Likely RMD Changes”
The federal government offers some major tax breaks for older Americans. Some of these perks deserve more publicity than they receive.
At age 65, the Internal Revenue Service gives you a larger standard deduction. For 2020, standard deductions look like this for taxpayers 65 and older: single filer or married filing separately, $14,050; head of household, $20,300; married filing jointly or qualifying widow(er), $26,100 (when one spouse is 65 or older) or $27,400 (when both spouses are 65 or older). The standard deductions for younger taxpayers range from $1,650-$2,600 less.1
There are two situations where your standard deduction may be limited at age 65 or older, or disappear entirely. One is when another taxpayer claims you as a dependent. The other is when you are married and filing separately, and your spouse itemizes deductions.1Continue reading “Tax Considerations for Retirees”
Every year, the Internal Revenue Service announces cost-of-living adjustments that affect contribution limits for retirement plans and various tax deduction, exclusion, exemption, and threshold amounts. Here are a few of the key adjustments for 2020.Continue reading “Key Retirement and Tax Numbers for 2020”
Buying insurance is about sharing or shifting risk, but you may think you’re covered for specific losses when, in fact, you’re not. Here are some common coverage gaps to consider when reviewing your own insurance coverage.Continue reading “Closing Gaps in Your Insurance Coverage”