News

Tuesday December 18, 2018

Have You Checked Your Social Security Statement for Errors?
Savvy Living
I have heard that Social Security sometimes makes mistakes on our earnings records, which can reduce our monthly retirement benefits. How can I make sure this doesn't happen to me? Mistakes in the Social Security earnings record are not uncommon. Your Social Security benefits are calculated based on your average earnings during the 35 years in which you earned the most. So, if your earnings for any particular year are underreported, it can reduce your benefits. Errors typically occur because employers either report earnings incorrectly or report earnings using the wrong name or Social Security number. Errors might also occur if you got married or divorced and changed your name but did not report the change to Social Security. Check Your Statement The best way to keep an eye on your...
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Required IRA Distributions by December 31
Washington News
In IR-2018-248, the Service reminded retirees born before July 1, 1948 that most IRA owners will take an IRA required minimum distribution (RMD) by December 31, 2018. Generally, traditional IRA, traditional 401(k), 403(b) and other qualified plan owners must take an RMD the year they reach age 70½. For 2018, this rule applies to IRA owners born between July 1, 1947 and June 30, 1948. Normally, RMDs must be taken by December 31. The RMD is calculated using the IRS Uniform Table (with an exception for couples with one spouse more than ten years younger than the other) and is about 3.77% of the account balance on the prior December 31st. The typical RMD increases each year from about 3.77% at age 71 to 5.35% at age 80 and 8.77% at age 90. IRA and other qualified plan owners born...
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How to Fund Your Living Trust
Personal Planner
A revocable living trust is one of the principal estate planning methods. While everyone should have a will, there are...
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