Member Advantage Articles

Retirement in Sight – June 2021

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MONTHLY NEWS AND INFORMATION FOR CURRENT AND FUTURE RETIREES PRESENTED BY UPAL – JUNE 2021 QUOTE OF THE MONTH “Carry out a random act of kindness, with no expectation of reward, safe in the knowledge that one day someone might do the same for you.” DIANA, PRINCESS OF WALES COULD A SECOND SECURE ACT TWEAK RETIREMENT RULES? When the Setting Every Community Up for Retirement Enhancement (SECURE) Act became law in 2019, it altered retirement plan contribution and distribution rules. There may be an encore. The Securing a Strong Retirement…

Retirement in Sight – May 2021

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MONTHLY NEWS AND INFORMATION FOR CURRENT AND FUTURE RETIREES PRESENTED BY UPAL – MAY 2021 QUOTE OF THE MONTH “Embrace the glorious mess that you are.” ELIZABETH GILBERT PANDEMIC ECONOMY OR NOT, SOME ARE ASPIRING TO RETIRE EARLY A new study from Hearts and Wallets, a research firm founded in 2010 to study American retirement saving and investing trends, hints that the dream of retiring in late middle age is alive and well, although perhaps in need of a reality check. The survey results, culled from responses to questions posed…

Retirement in Sight – April 2021

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MONTHLY NEWS AND INFORMATION FOR CURRENT AND FUTURE RETIREES PRESENTED BY UPAL – APRIL 2021 QUOTE OF THE MONTH “Pretending is not just play. Pretending is imagined possibility. Pretending, or acting, is a very valuable life skill and we do it all the time.” MERYL STREEP ARE YOUR FEDERAL INCOME TAXES DUE IN MAY? MAYBE, MAYBE NOT In March, the Internal Revenue Service announced that it was pushing the deadline for 2020 federal tax returns ahead to Monday, May 17. This extended due date does not apply to all individual…

Retirement in Sight – March 2021

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MONTHLY NEWS AND INFORMATION FOR CURRENT AND FUTURE RETIREES PRESENTED BY UPAL – MARCH 2021 QUOTE OF THE MONTH “The life you have led doesn’t need to be the only life you have.” ANNA QUINDLEN NEED CASH? AVOID TAPPING YOUR RETIREMENT ACCOUNT Imagine if your 35-year-old self magically appeared in front of you one day and asked for a percentage of your retirement savings or a bit of your retirement income. While this would never happen, something financially analogous happens in the lives of too many people. They withdraw assets…

Retirement in Sight – February 2021

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Monthly News and Information for Current and Future Retirees Presented by UPAL – FEBRUARY 2021 QUOTE OF THE MONTH “If you’re brave enough to say goodbye, life will reward you with a new hello.” PAULO COELHO EVALUATING AN OPPORTUNITY FOR AN EARLY RETIREMENT The pandemic has hastened the retirement of some baby boomers, and the linked furloughs and layoffs in many industries have led others to wonder if a retirement transition might come sooner than they think. Buyouts became common last year as businesses cut costs. What if you receive…

Retirement in Sight – January 2021

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MONTHLY NEWS AND INFORMATION FOR CURRENT AND FUTURE RETIREES PRESENTED BY UPAL – JANUARY 2021 QUOTE OF THE MONTH “Vulnerability is the birthplace of innovation, creativity, and change.” BRENE BROWN TO RETIRE, OR NOT TO RETIRE? For some of us, the coronavirus pandemic has complicated the question. As Yahoo! Finance reports, a Harris Poll study conducted this past summer found that 25% of Gen Xers and 14% of baby boomers think they will retire later than they planned, because of the pandemic’s financial impact on their lives. Will this perception…

Retirement in Sight – December 2020

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MONTHLY NEWS AND INFORMATION FOR CURRENT AND FUTURE RETIREES PRESENTED BY UPAL – DECEMBER 2020 QUOTE OF THE MONTH “If you don’t like the road you’re walking, start paving another one.” DOLLY PARTON THIS YEAR, THERE IS MORE INCENTIVE TO GIVE When the Coronavirus Aid, Relief, and Economic Security (CARES) Act became law in March, it broadened charitable tax deduction opportunities. These special 2020 tax provisions are worth reviewing before they expire on December 31, 2020. First and foremost, the CARES Act allows individuals and couples taking the standard federal…

Retirement in Sight – November 2020

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MONTHLY NEWS AND INFORMATION FOR CURRENT AND FUTURE RETIREES PRESENTED BY UPAL – NOVEMBER 2020 QUOTE OF THE MONTH “In a time of drastic change, it is the learners who inherit the future.” ERIC HOFFER MOST AMERICANS THINK THEY WILL WORK IN RETIREMENT A life of leisure? That may not be what retirement looks like for baby boomers and Gen Xers—and in fact, it may not be what they want their retirements to look like. Market research firm Ipsos surveyed more than 1,000 U.S. adults earlier this year, and found…

Year-End Estate Strategies

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What you need to know to get ready for the end of the year. Provided by UPAL With one year ending and a new one on the cusp of starting, many people will consider their resolutions—not their estate strategy. But the end of the year is a great time to sit down and review your preparations, especially when you’re spending more time with your loved ones; even more important if you have a complicated estate that may need to get managed after you’re gone. Call a family meeting. Many people…

The Social Security Administration Announces 2021 COLA

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What you should know about the most recent cost-of-living adjustment. Provided by UPAL On October 13, 2020, the Social Security Administration (SSA) officially announced that Social Security recipients will receive a 1.3 percent cost-of-living adjustment (COLA) for 2021. This adjustment will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2021. Additionally, increased payments to more than 8 million Supplemental Security Income (SSI) beneficiaries will begin on December 31, 2020.1 Is this a COLA lite? Many may be disappointed by this modest bump compared to…