Rising Medicare Part B premiums in 2022
As of January 1, 2022, all Medicare beneficiaries will pay higher Part B premiums, and those with higher incomes will pay higher surcharges as well. These increases were announced in November by the Centers for Medicare and Medicaid Services (CMS). They are the largest annual increases in recent history. The standard Medicare Part B premium has risen from $148.50 to $170.10 per month.... READ MORE
Let someone know where your money is
A few weeks ago, I received a call at 8:30 a.m. from a stressed-out woman in Florida. Her brother, a retired Delta Air Lines pilot, was in a coma. Bills needed to be paid but no one in the family, including his wife, had any information about his savings, investments, debt or other finances. She believed he had approximately $800,000 in investments. All he ever told them was that he... READ MORE
Reluctant to retire? 3 signs you’re ready
Many people don’t have much choice about when they retire. Illness, job loss or caretaking responsibilities push them out of the labor force, ready or not. But some people have the opposite problem: They do have a choice, and yet they can’t quite bring themselves to quit working. Some love what they do and never want to retire. Others are paralyzed by fear of the unknown,... READ MORE
How one drug boosts Medicare premium
Medicare’s “Part B” outpatient premium will jump by $21.60 a month in 2022, one of the largest increases ever. Officials said a new Alzheimer’s drug is responsible for about half of that. The increase guarantees that healthcare will gobble up a significant chunk of the recently announced Social Security cost-of-living allowance — a boost that had worked out to $92 a month for... READ MORE
Rules to follow should you inherit an IRA
Dear Savvy Senior, What are the rules regarding inherited IRAs? When my mom died this year, I inherited her traditional IRA and would like to know what I need to do to execute it properly. —Confused Daughter Dear Confused, I’m very sorry about the loss of you mother. Inheriting an IRA has a unique set of rules you need to know, which will help you make the most of the money you... READ MORE
Delaying RMDs can end up costing more
It took more than four decades for Congress to raise the age for required minimum distributions (RMDs) in 2019 from 70½ to 72. Less than two years later, Congress is considering raising it again. The Setting Every Community Up for Retirement Enhancement Act of 2019 had bipartisan support, and experts believe that Congress’s encore, the Securing a Strong Retirement Act — already... READ MORE
Warning signs of potential identity theft
Identity theft is stressful, and it can do tremendous damage to your finances. It’s important to recognize the signs early. The earlier you notice something is amiss, the faster you can take action to minimize the damage. The Better Business Bureau identifies the following signs to help you recognize signs of identity theft as soon as possible: —You receive statements or bills in... READ MORE
How to teach adult children about money
Jane and John, who are parents to four adult children, have amassed substantial wealth during their careers. To experience their children enjoying some of this wealth — and to take advantage of the current high federal estate tax exemption amounts, which could potentially be reduced — they would like to give away some of it during their lifetime. However, they are concerned that... READ MORE
How to invest in cryptocurrency indirectly
Cryptocurrencies are inherently cryptic — it’s right there in the name. And if you follow Warren Buffett’s advice to never invest in businesses you can’t understand, it may be hard to justify investing in a currency made of math instead of gold. But it’s also hard to ignore some cryptocurrencies’ astounding performance: The price of one bitcoin jumped from just under $5,000... READ MORE
Tax-smart strategies for gifts to charity
While each of us has our own very personal motivations for, and approach to, giving, Americans as a group continue to be the world’s most charitable nation. In 2020 alone, annual charitable gifting in the United States totaled over $471 billion (with gifts by individuals comprising 69% of that total). And even though income and estate tax advantages aren’t the main reasons driving... READ MORE
