Ed Slott

speaker

299 appearances 3 recordings 1 series first heard Jan 2018 last heard Apr 2022

Ed Slott’s voice in public audio — every appearance, attributed to the second.

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You know, remember, inflation increases.

These cost of living increases work both ways for things you pay to as well as things you receive.

Well, it's based on the Consumer Price Index.

IRS has a formula they use.

And sometime late in the year, usually say the first week in November, they give us the new inflation increases, I call them, or cost of living.

People call them COLA's cost of living adjustments that raise, for example, the tax brackets usually to your favor.

You can get more income in a lower bracket, but things that work against you work the same way.

The Medicare surcharges, things you pay, also may cost you more.

People 72 and older have new tables to take their required minimum distributions.

That's new for 2022.

Now, that's to the advantage of most people because it gives you a little longer life expectancy.

But again, you have to know to use the tables.

There are other benefits in some new rules Congress just created on retirement plan distributions.

And one of them is surprise RMDs, required minimum distributions, that beneficiaries may have to take.

So this is where I said up front changes in your life.

For example, if you inherited an IRA from a parent, you may be subject to taking RMDs this year, 22, or even next year that you didn't anticipate.

Great to be here with this confusing area of tax law or tax dollars at work.

Anybody can do it if you have the disposable income.

You have to have the savings somewhere.

But if you do, it's a great way to move your savings from what might be growing as a taxable account into your Roth IRA via that route.

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