Professional Alliance Members Neil Larson and Victoria Trigg announced that on September 16, 2014 the IRS issued Notice 2014-54 (and proposed legislations), providing welcome guidance on the rollover of after-tax dollars from 4019(k) plans.
The IRS was challenging the long standing practice of rolling your after –tax 401(k) dollars directly into your ROTH IRA to avoid paying any income tax on the conversion.
Click hear to read more information on IRS Notice 2014-54
Despite the stock market drops of 2008, the average account balance of 401(k) participants who continued investing during the five-year period ending December 31, 2012, grew by a compounded average annual rate of 6.8%, according to a study released jointly by the Employee Benefit Research Institute (EBRI) and the Investment Company Institute (ICI).
A closer examination of the figures illustrates the potential benefit of consistent participation. As of December 31, 2012, over 30% of the consistent participants had more than $100,000 in their 401(k) accounts, compared with just 18% of the broader group.
Click here for a summary of the study, for the full July 2014 EBRI brief visit www.ebri.org and additional information is available at www.ici.org.
When we think of Italy and inventions essential to the modern world, what comes to mind is the Renaissance: Galileo and his telescope; Leonardo da Vinci and his marvelous sketches of flying machines; or possibly, Brunelleschi and his scientific approach to linear perspective, essential to art, architecture and engineering. We don’t think of medieval Italy, and we don’t think about accounting.
Yet one of the inventions most crucial to the formation of the modern world happened in medieval—not Renaissance—Italy. Without it, the modern company or corporation could not exist; and the stock market, as we know it, could not have come into being. Double-enty bookkeeping was invented in Italy, most probably in the 13th century.
Click here to read the full article
The Social Security Administration (SSA) has announced that Social Security and SSI beneficiaries will receive a 1.7% cost-of-living adjustment (COLA) for 2015.
The Centers for Medicare and Medicaid Services (CMS) has also announced next year’s Medicare costs. The standard monthly Medicare Part B premium will be $104.90 in 2015, the same as in 2014. However beneficiaries with higher incomes (individuals with taxable incomes of more than $85,000 and couples with taxable income of more than $170,000) will pay more than $104.90 per month because they must pay an income related surcharge.
Click here to read other important Social Security and Medicare figures
For years scientist have known that if the circulate a young mouse’s blood through an old mouse the old mouse can run longer, has improved memory and rejuvenates its crusty old heart. They found that by just introducing one particular protein found in blood, call GDF11 they get the same results.
A Harvard scientist named Amy Wagers is already working on commercializing GDF11 which is found in human blood too. PS: Remember to keep growing your investments because you never know when they will find the cure to aging.
‘Remarkable’ Therapy Makes Old Mice Young, May Hit Clinic This Year
