Prices that producers get for final demand goods and services surged in August at their highest annual rate since at least 2010, the Labor Department reported Friday. The producer price index accelerated 0.7% for the month, above the 0.6% Dow Jones estimate.
I am often asked if someone can take an income tax deduction for money they gift to their children. Unfortunately, gifts to individuals are not tax deductible: tax deductions can only be taken for gifts to organizations on the IRS list of approved charities.
Social Security will have to cut benefits by 2034 if Congress does nothing to address the program’s long-term funding shortfall, according to an annual report released Tuesday by the Social Security and Medicare trustees.
U.S. Treasuries have been the bonds of choice for safe retirement income. But they could deliver no real return for the next decade. Today’s record low bond yields could not come at a worse time for many baby boomers. Owning U.S.
OK, so it’s not exactly “fun.” But a new report says retirees who convert their savings into guaranteed lifetime annuities effectively double the amount they are willing to spend each year, on themselves and their families.
IMPORTANT: The Coronavirus Aid, Relief, and Economic Security Act (CARES) Act of 2020 contains provisions providing a temporary waiver of RMDs for IRAs, 401(k)s and other employee-sponsored retirements plans for 2020.
WASHINGTON-The White House more than doubled its forecast for annual inflation in new projections released Friday, as supply chain disruptions stemming from the Covid-19 pandemic continue to put upward pressure on prices. The Office of Management and Budget said it expects consumer prices will rise 4.8% in the fourth quarter from a year earlier, up sharply from the 2% rise that the Biden administration forecast in May.
If you return to work before reaching your FRA, $1 in benefits will be withheld for every $2 you earn above the annual limit ($18,240 for 2020). For example, if you retire early and go back to work before your full retirement age and earn a salary of $30,000, you’ll be $11,760 over the annual limit.