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News You Should Know: IRS Changing RMD Rules for 2022

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Photo credit: Krystsina Yakubovich via Getty Images

How an IRS Rule Update Impacts Required Minimum Distributions | AARP

Required Minimum Distributions (RMDs) — the minimum amounts retirees are required to withdraw from their retirement accounts each year — resumed in 2021 after being suspended in 2020. An update to the formulas the IRS uses to calculate RMDs could mean you’ll be required to withdraw less money in 2022. Here’s what you need to know.

2021’s Influencers in Aging | Next Avenue

The term “influencer” might conjure images of young social media stars and celebrities who help define what’s trendy and what’s not. Here are some entrepreneurs, authors, academics and others working to change perceptions about getting older.

You Can Deduct Up To $300 in Charitable Donations This Year—Even If You Take the Standard Deduction | CNBC

If you don’t itemize your tax deductions, you might not bother keeping track of the receipts from any charitable donations you make. But a change in the law during the COVID-19 pandemic means even those who take the standard deduction can write off some donations made in 2021 — up to $300 for individuals or $600 for married couples filing jointly.

The Best Wearables for Seniors | Yahoo!

Today’s wearable tech like smartwatches can do more than just count steps — they can keep track of important vital signs, detect falls, and put helpful features like voice control right on your wrist. If you’re shopping for the tech-savvy senior in your life (or shopping for yourself), here are some good options.


News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.

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  • PERA On The Issues

Comments

  1. Gayle Craun says:

    Thanks you for this update. I am concerned about my RMD that in years past have been received by now. I was told that Empower would be taking care of this distribution. I do not want to be forced to pay a penalty for something that is clearly out of my control. Anything you can do to make sure that Empower sends this RMD before end of December? Thank you.
    Gayle Craun

    • PERA On The Issues says:

      Hi Gayle, Empower will send out RMDs by the end of the month. We just completed the transition from Voya to Empower last week, during which there was a blackout period for transactions. If you have any further questions about your account or RMD, you can contact Empower at 1-833-426-7372.

    • Anita says:

      Hello, you better call them and get them on the horn. It is your responsibility to get the funds out. Get out of Empower asap!

    • Jim Joy says:

      It’s totally your responsibility

    • Tegan says:

      Where are RMD RATES in this article. Worthless

  2. K Urbanek says:

    I have some ira cd’s in my own name and I take my min req’d from them as they come up for renewal. No middleman. I will do my req’d 2022 in Jan 22. No big deal cuz the rates are poor poor poor. I have say so and need rely on anyone. I sleep well knowing I am in control.

  3. Dennis M. says:

    Congress should suspend RMD’s until the Fed stops manipulating interest rates and keeping them artificially low. Time to stop making making retirees fund these foolish moves and suffer low yield on their retirement savings.

  4. Sheila says:

    I’m in the retirement age bracket and still work part-time (not by choice). I’m scared to retire as I may not have enough to live off of. I have a 401K but started late and trying to catch up. So, here I’m stuck in the middle again (hum-sounds familure) lol. My house payment is under 700 and my 401K is bout 300K. I’m drawing my SS now . So, where do I go? For now, I’m going to keep working until the moment strikes me or I get laid off. I’m getting everything I need for my Hobby shop,which is what I’ll be doing when I retire 🙃 I have the shed, tools, and ideas. I mayeven make some $$ at it. I 🤗

  5. Karen dils says:

    When I learned that I could get PERA care medicare advantage and I looked into it, the deadline for that was before the normal December 7 time for everybody else. Why is that? It was in small print in a newsletter that I missed but I live in rural Colorado and we usually didn’t have Medicare advantage plans available to us. I would like to see that change for next year.

  6. Fran Aguirre says:

    Why is PERA not cutting ties to oil, gas and coal investments? When will PERA start acting by divesting for the sake of the climate change crisis and the sake of reducing pollutions in the metro area?

  7. Betty Painter-Elliott says:

    As long as older Americans put up with the Federal Government controlling everything, it will continue.

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