Showing posts with label financial gifts. Show all posts
Showing posts with label financial gifts. Show all posts

Friday Top Five: Retirement Related News for 10/16/2015

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From the News Tribune: Lawmakers finally move on study of state pay, benefits

After several years of inaction, Missouri state government issued last week its request for proposals from potential consultants interested in determining the “total compensation” state employees receive.

Federal reports and a special Missouri legislative committee already agree — state government’s employees are, on average, the lowest-paid in the nation.

But members of the Legislature’s Joint Interim Committee on State Employee Wages also want to know if ranking changes when the employees’ total compensation — salary, health care and retirement and other benefits — are considered.

From the News Tribune: Lower gas prices means no Social Security increase next year

For just the third time in 40 years, millions of Social Security recipients, disabled veterans and federal retirees can expect no increase in benefits next year, unwelcome news for more than one-fifth of the nation’s population.

They can blame low gas prices.

By law, the annual cost-of-living adjustment, or COLA, is based on a government measure of inflation, which is being dragged down by lower prices at the pump.

The government is scheduled to announce the COLA — or lack of one — on Thursday, when it releases the Consumer Price Index for September. Inflation has been so low this year that economists say there is little chance the September numbers will produce a benefit increase for next year.

From Forbes: How To Give Financial Gifts To Loved Ones

Giving to a loved one or charity can be one of life’s greatest joys. But when it comes to gifting, there are some key issues, including potential tax implications, that you’ll want to keep in mind in order to make the most of your gift.

The most important thing to remember is that financial gifts are irrevocable: Once you make the gift and record it on your federal tax documents, you can’t take it back.

From American City & Country: The Retirement Tsunami

As the point person for Houston’s initiative to maintain a quality workforce in the face of a rising tide of retirements, Kelly Schreck practices what she preaches. So, as head of employee development, she asked two employees in her department with very different specialties to swap jobs for a year.

For 12 months, each woman trained the other on how to perform her duties, so that each mastered the technical details of handling labor relations and public information.

From BenefitsPro: 4 Simple Things To Do Now While You're Not Retired

Older workers are in trouble when it comes to retirement. They have little or no savings to meet what’s going to be a huge income gap for most of them, and no time to correct the situation.

According to a new study from the Insured Retirement Institute, the typical retiree faces annual expenses of some $50,000 but can only expect an average of $16,000 a year from Social Security.
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