2022 Pension Retirement Plan 
Money Talk
DECEMBER 22, 2021
As we close out 2021 and get ready to welcome 2022, it is a good time to consider the impact of indexes (a.k.a., Some indexes adjust annual limits related to financial planning for inflation, some adjust interest earned or paid by consumers, and others measure the performance of something relative to a benchmark indicator.
Money Talk
JANUARY 18, 2023
The year 2022 was chock full of news about inflation, with a year-to year Consumer Price Index increase of 9.1% This includes Social Security recipients, retirees with COLA-adjusted pensions, and workers with COLAs stipulated in their job or union contracts. million in 2022). in June and a still-high 6.5% CPI at year-end.
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Money Talk
JUNE 16, 2022
If you picture retirement planning and taxes as a Venn Diagram, there is lots of overlap between these two areas of personal finance. This is true both during one’s working years (when taxpayers are saving for retirement) and later, when people are older and withdrawing taxable income from tax-deferred accounts.
McDermott Will & Emery Employee Benefits
DECEMBER 14, 2022
Retirement plan sponsors need to utilize updated Form W-4P (for periodic pension and annuity payments) and new Form W-4R (for nonperiodic payments and eligible rollover distributions) for income tax withholding elections beginning January 1, 2023.
Employee Benefits
NOVEMBER 15, 2023
Need to know: Employers can tailor content and communication channels to different employee groups to help with their pensions knowledge. Losing the jargon will make the language of pensions easier to understand and more relevant to staff. They could invest in financial coaching for a more personal approach to pensions education.
Money Talk
SEPTEMBER 14, 2023
Types of Tax-Deferred Accounts - These include employer-sponsored defined contribution plans (e.g., 401(k), 403(b), 457, thrift savings plan), Traditional IRAs funded with pre-tax dollars, simplified employee pensions (SEPs) for self-employed workers, and annuities. For example, $100,000 ÷ 26.5 (the
Money Talk
JANUARY 26, 2022
One of the most daunting financial aspects of retirement, especially for people who have been diligent savers throughout their working years, is taking required minimum distributions (RMDs) from their tax-deferred retirement savings accounts beginning at age 72. For example, starting in 2022, the divisor for RMDs at age 72 is 27.4
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