Scott Kidwell, CFP®

[Scott Kidwell, CFP® @BRR_ScottK]

Congratulations, Elya!

[Scott Kidwell, CFP® @BRR_ScottK]

It's the time of year when IRA owners should be making sure that they've taken their RMD. However, 2020 is going to be different. Read my blog describing that change along with other recent changes that IRA account owners should be aware of. https://t.co/Y7LCcdYqLk

[Scott Kidwell, CFP® @BRR_ScottK]

Medicare Parts A & B premiums and deductibles are changing for 2021. The standard monthly premium for Part B will increase from $144.60 to $148.50. However, higher income beneficiaries may pay significantly more. Check this chart to find out your premium. https://t.co/gP92JbTe7J

[Scott Kidwell, CFP® @BRR_ScottK]

A new bill in Congress proposes some significant changes to Required Minimum Distributions (RMDs), Qualified Charitable Distributions (QCDs) and additional catch-up contributions. It also has an interesting perk for workers paying back student loan debt. .https://t.co/Wdh6rOMBjO

[Scott Kidwell, CFP® @BRR_ScottK]

The IRS has announced that retirement plan contribution limits will not be increased for 2021. 401k and 403b deferrals will remain at $19,500 with a $6,500 catch-up. IRA and Roth IRA limits will remain at $6,000 with a catch-up of $1,000. https://t.co/DNIVPRvJfU

[Scott Kidwell, CFP® @BRR_ScottK]

Social Security recipients should expect a 1.3% increase to their benefits for 2021. However, there is a chance that Congress may pass legislation instituting an emergency 3% increase related to the ongoing Covid-19 pandemic. https://t.co/D4Zg7W2jFr

[Scott Kidwell, CFP® @BRR_ScottK]

Social Security recipients shouldn't count on a big inflation adjustment to their benefit in 2021. Current projections indicate an increase of 1.3%. That's less than the 1.6% for 2020, but more than the 0% increase that occurred in 2010, 2011 and 2016. https://t.co/2DKZAVzjZn

[Scott Kidwell, CFP® @BRR_ScottK]

The CARES Act waived Required Minimum Distributions (RMD) for everyone in 2020. If you already took an RMD and want to return it you only have until August 31st to do so. https://t.co/4by4u3ZuYc

[Scott Kidwell, CFP® @BRR_ScottK]

If Medicare is in your near future, this will be time well spent!

[Scott Kidwell, CFP® @BRR_ScottK]

A reminder to all Ohio parents: Even if your child won't be returning to school in-person this fall, you can still take advantage of the upcoming sales tax holiday from August 7th - August 9th. More details on the State of Ohio website https://t.co/ONL2uckEsd

[Scott Kidwell, CFP® @BRR_ScottK]

You may have heard rumblings about some changes to Required Minimum Distributions from IRA accounts. Read my latest blog post to find out what these changes are and how they could have a big impact on IRA owners as well as their beneficiaries. https://t.co/b0GUeCTj2f

[Scott Kidwell, CFP® @BRR_ScottK]

Need help making sense of the alphabet soup of Medicare? Read my latest blog post with timely information about open enrollment and exploring if your current Part D plan is still your best option for 2020. https://t.co/uLSz76o2em

[Scott Kidwell, CFP® @BRR_ScottK]

Thanksgiving is Thursday and for those hosting this year, the good news is that the cost of preparing the meal increased only $.01 from last year according to the Farm Bureau. Expect to pay just under $5 per person for turkey and all the fixings. https://t.co/rEzqfLE98w

[Scott Kidwell, CFP® @BRR_ScottK]

The IRS is proposing an update to the life expectancy tables that IRA owners use to calculate their Required Minimum Distributions. The proposal would lower distributions based on increases in life expectancy, but wouldn't take effect until 2021. https://t.co/xnOoVlzCM7

[Scott Kidwell, CFP® @BRR_ScottK]

The IRS announced last week that workers contributing to a 401(k), 403(b), 457 or the Thrift Savings Plan will have the opportunity to contribute up to $19,500, an increase of $500 from 2019. IRA contribution limits remain at $6,000 for 2020. https://t.co/ofYsRrTuHe

[Scott Kidwell, CFP® @BRR_ScottK]

Medicare beneficiaries may be excited to hear that the House of Representatives is considering multiple bills that would expand Part B to include dental, vision and hearing benefits. https://t.co/RSBPJlYyrU

[Scott Kidwell, CFP® @BRR_ScottK]

Seniors enrolled in Medicare have 40 days remaining in this year's open enrollment period which ends on December 7th. This is a great time to revisit Supplemental coverage and especially Part D coverage to ensure your plan is still the best option for 2020.

[Scott Kidwell, CFP® @BRR_ScottK]

Social Security recipients to receive 1.6% cost of living raise for 2020, down from the 2.8% they received for 2019. https://t.co/4Qc7sm02J0

[Scott Kidwell, CFP® @BRR_ScottK]

A reminder to Ohio families, this weekend is Ohio's back to school sales tax holiday for buying clothes and supplies for school sales tax free. This link to the Ohio Department of Taxation has all of the details. https://t.co/wmXq1490t1

[Scott Kidwell, CFP® @BRR_ScottK]

Christmas is only 19 days away and if you're planning on buying that special someone everything from "The 12 Days of Christmas," it will cost you $450 more this year than last year. The total bill? PNC estimates it will cost you $39,094.93! https://t.co/ygMbsgNbC0