News
Tuesday December 10, 2024
Personal Planner
Where is the Missing Will?
More than 40 wills were submitted to the probate court, with a multitude of potential heirs...More |
Savvy Living
Social Security benefits will receive a 2.5% cost-of-living increase in 2025. What will Medicare Part B monthly premiums be in 2025 and when do surcharges apply for higher income beneficiaries?
The Centers for Medicare and Medicaid Services recently announced the cost-of-living adjustments for 2025. While premium and out-of-pocket cost increases will be moderate for most beneficiaries, high income earners will pay significantly more. Here is what you can expect to pay in 2025.
Part B Premium
Medicare Part A, which covers hospital care, is premium-free for most beneficiaries. Medicare Part B, which covers doctor visits and outpatient services, has a monthly premium.
Starting in January,...More |
Washington News
December is an important month for IRA and 401(k) owners who are over age 73. The Internal Revenue Service (IRS) reminds taxpayers over age 73 to take a required minimum distribution (RMD) by December 31. Because some retirement plan custodians take time to process RMD requests, you should start your IRA or 401(k) withdrawal by mid-December.
There is an exception to the December 31 deadline for traditional IRA owners who turned 73 in 2024. Those individuals may delay their first RMD until April 1, 2025. However, if they delay the first RMD, they will also need to take a second RMD by December 31, 2025.
RMDs are generally required for most qualified retirement plans. This rule applies to...More |
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