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Is America’s Aging Population Slowing Down the Economy?

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It’s no secret that the demographic profile of the United States is growing older at a rapid pace. While the U.S. population is projected to grow just 8% between 2015 and 2025, the number of older Americans ages 70 to 84 will skyrocket 50%.1 With roughly 75 million members, baby boomers (born between 1946 and …

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Using money left in your FSA account by December 31

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Health flexible spending accounts (FSAs) are a great way for individuals to pay qualified medical and dental expenses using pre-tax dollars. While IRS rules do allow employers to offer either a carryover or grace period option for money left over in flexible spending accounts, many employer FSA plans still have provisions that don’t allow for …

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RMDs for Baby Boomers

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In 2016, the first wave of baby boomers turned 70½, and many more reach that milestone in 2017 and 2018. What’s so special about 70½? That’s the age when you must begin taking required minimum distributions (RMDs) from tax-deferred retirement accounts, including traditional IRAs, SIMPLE IRAs, SEP IRAs, SARSEPs, and 401(k), 403(b), and 457(b) plans. …

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Tax Reform: Senate Bill vs. House Bill

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Republican members of the Senate Finance Committee released highlights of their tax reform bill on Thursday, a week after the House released theirs. Below are the highlights with a comparison of the two. Tax rates Senate: There are seven brackets in the current tax code.  The senate bill maintains the seven brackets with changes to …

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Trump may veto tax bill with 401(k) cuts

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If Congress passes tax reform that includes cuts to 401(k) deductions in the code, President Trump will consider vetoing the bill, according to Mick Mulvaney, director of the Office of Management and Budget. Speaking at a symposium at Georgetown University on Wednesday, Mulvaney reiterated that President Trump and the White House have two requirements of …

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