October is a key planning month for retirement. Very soon, we will be learning whether the government’s calculated inflation number budged enough year-over-year to trigger a cost of living adjustment for next year’s Social Security benefits. This number also influences whether or not there will be an increase in retirement plan contribution limits in 2017. But first up is the kickoff to Medicare open enrollment season....
Daycare Costs top In-state Tuition Fees
Having and raising a child takes a tremendous amount of commitment. Not just of time and love, but also financially. That financial commitment just got more daunting for parents of young children who have to work outside of their home. According to a new report released by think tank, New America (via an article at CNN Money):
“The average cost of full-time daycare for kids up to the age of 4 has reached $9,589 a year…. That now tops the average cost of in-state college tuition, which runs about $9,410....
No 401(k) plan? States offer a new solution
Last week, California joined Washington and 6 other states by requiring employers that do not offer a retirement plan to sign up their employees to a state-run IRA account. With this legislation, about 7 million workers in the private sector will be automatically enrolled into the state-sponsored retirement plan....