Obama Budget Would Drastically Alter IRA Rules

President Barack Obama calls them loopholes, although investors consider them playing by the rules. Yet under the president’s newly released budget, some of the tax strategies used by high-income earners to contribute to Roth IRAs or maximize the tax benefits on inherited IRAs would go away. Right now, to make a full or partial contribution to a tax-friendly Roth IRA, income must be under $131,000 for an individual and $193,000 for a married couple. High earners have gotten around this by …

Groundbreaking Law Will Help 2.5 Million Workers Retire With Confidence

”Great news from Illinois: A new law will help 2.5 million workers retire with confidence. Signed by former Gov. Quinn this year, the Illinois Secure Choice Program gives millions of state residents a way to save for their future at work — a tool that increases savings rates by 15 times.  Upon signing the bill, Gov. Quinn shared, “This is a special … opportunity, for all of us to go forward at helping people save for retirement. Secure Choice is …

Perceptions About Social Issues Among African Americans/Blacks Age 50 and Over

In 2014, we conducted a study to examine the importance of key social issues facing African Americans/blacks who are age 50 and older, and also to gauge their optimism in regard to these social issues. The figures and associated infographic were recently updated. >> Visit AARP Research for Information, Insights, and Trends Impacting Americans 50+ The key findings from the study show: Access to high-quality health care and having a financially secure retirement are the most important issues facing age …

Jeff Gordon, NASCAR Champ and Hunger Fighter, to Stop Competing

Jeff Gordon, four-time NASCAR champion and AARP’s ally in fighting hunger among older Americans, announced Jan. 22 that he is stepping away from full-time racing after the 2015 season. In a posting on the Hendrick Motorsports website, Gordon, 43, wrote: “I thought long and hard about my future this past year and during the off-season, and I’ve decided 2015 will be the last time I compete for a championship. I won’t use the ‘R-word’ because I plan to stay extremely …

A Different Type of Long-Term Care, Resort-Style

I used to cringe when the staff at Pop Pop’s nursing home called him “Sweetie.” Bernie would have been fine. Mr. Covitch would have been better. Sweetie, to me, wasn’t a name you’d call a man who identified as a military officer, a business owner and a father of three. It was just too cute and too casual. So when I recently visited a long-term care resort in Thailand, I initially was struck by how the owner insisted on calling residents guests. Well, “care …

Obama Proposes Middle-Class Tax Breaks

In his penultimate State of the Union address, President Barack Obama on Tuesday night announced wide-ranging proposals he said would improve the economic prospects of the middle class, including helping families pay for college and child care, while giving more workers access to retirement plans. To help pay for these expanded benefits, the president also wants to increase the taxes paid on inherited assets of higher-income households. Many agree that it’s a long shot the president will get his wish list — …