The stock market is rising, tax rates are falling, and the final GOP tax reform bill didn’t make dramatic changes to 401(k) contributions. All of this would seem to be good news for retirees and retirement savers. However, today’s article outlines a number of things that retirees and those approaching retirement may be wise to keep an eye on this year – including possible Medicare and Social Security cutbacks, the “double-edged sword” of higher interest rates, the elimination of Roth “do-overs”, and more. For more, CLICK HERE.
The GOP’s new tax bill – the Tax Cuts and Jobs Act (TCJA) – is far from a done deal (see the GOP’s failure on healthcare reform). Still, the author of today’s article advises that “those living in retirement and saving for retirement should start to review their sources of income, their expenses, prior tax returns, and conduct what-if analyses to learn how the TCJA might affect them personally.” So what do those currently in retirement – and those currently saving and investing for retirement – need to know about the bill’s provisions? CLICK HERE.
Americans are not saving enough for retirement – and if Republican lawmakers have their way (which they presumably will as they now control Washington), this crisis may only get worse. The author of today’s article goes so far as to call the GOP’s current actions and proposed plans a “war on retirement”. What does the author identify as the three flanks of the GOP’s war on retirement, and what does it all mean for retirement saving and retirement income? CLICK HERE to find out.
Premium support. This is the term for the GOP Medicare reform plan in which retirees would receive an annual stipend or voucher to purchase private health insurance, and the author of today’s article notes that, after recently analyzing the GOP premium support plan, the AARP Public Policy Institute concluded that “it would imperil retirees.” For the main points from AARP’s report on which this conclusion is based – including what the author sees as “the cruelest part of premium support” – CLICK HERE.