We LOVE Judge Judy. Every night, we sit down and have dinner watching Judge Judy' courtroom program. We enjoy her no-nonsense approach to the law, and the use of common sense. She's tough on people who are stupid and need to be taught lessons. Of course, we can't believe how truly stupid people are, and how they could possibly opt to embarrass themselves on national television!
Anyway, in this CNN interview with Larry King, there are some interesting highlights:
* Judge Judy tells Larry King that Americans can buckle down, get through crisis
* Obama shouldn't vilify the rich, but appeal to their sense of social duty, she says
* Judge Judy on Bernie Madoff: "I think he has the ego the size of Noah's ark"
* If civil servants have to take furloughs, AIG execs can give up bonuses, she says
Showing posts with label finances. Show all posts
Showing posts with label finances. Show all posts
Tuesday, March 17, 2009
Friday, December 12, 2008
Congress OKs bill to help retirees protect savings plans
Tom and I talk about how much money people are losing in their 401Ks all the time (including us). Good news! Congress is doing something for us about it. See the article below.
By Sandra Block, USA TODAY
Congress approved legislation that would provide relief to retirees who want to avoid inflicting further damage on their battered retirement savings plans.
The bill, which President Bush is expected to sign, allows retirees to defer withdrawals from their 401(k) plans and individual retirement accounts in 2009 without triggering a penalty. Separately, it would temporarily ease funding rules for traditional pension plans.
Ordinarily, seniors age 70½ and older are required to withdraw a minimum amount from their tax-deferred retirement savings plans every year and pay taxes on the money. The amount is based on a life expectancy factor calculated by the IRS and the value of their retirement plans at the end of the previous year. Seniors who ignore the requirement face a penalty equal to 50% of the amount they should have withdrawn.
This year, the rule has created considerable angst among retirees who have seen the value of their retirement plans shrink dramatically since Dec. 31, 2007. Unlike younger retirees, they don't have the option of postponing their withdrawals until their investments recover. Many have postponed taking minimum withdrawals in hopes that Congress or the Treasury Department will provide some relief.
FULL ARTICLE: http://www.usatoday.com/money/perfi/retirement/2008-12-11-ira-savings-retirement_N.htm?csp=Daily%20Briefing
By Sandra Block, USA TODAY
Congress approved legislation that would provide relief to retirees who want to avoid inflicting further damage on their battered retirement savings plans.
The bill, which President Bush is expected to sign, allows retirees to defer withdrawals from their 401(k) plans and individual retirement accounts in 2009 without triggering a penalty. Separately, it would temporarily ease funding rules for traditional pension plans.
Ordinarily, seniors age 70½ and older are required to withdraw a minimum amount from their tax-deferred retirement savings plans every year and pay taxes on the money. The amount is based on a life expectancy factor calculated by the IRS and the value of their retirement plans at the end of the previous year. Seniors who ignore the requirement face a penalty equal to 50% of the amount they should have withdrawn.
This year, the rule has created considerable angst among retirees who have seen the value of their retirement plans shrink dramatically since Dec. 31, 2007. Unlike younger retirees, they don't have the option of postponing their withdrawals until their investments recover. Many have postponed taking minimum withdrawals in hopes that Congress or the Treasury Department will provide some relief.
FULL ARTICLE: http://www.usatoday.com/money/perfi/retirement/2008-12-11-ira-savings-retirement_N.htm?csp=Daily%20Briefing
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