Employment
IRS Reminds Those Aged 73 and Older to Make Required Withdrawals From IRAs and Retirement Plans by Dec. 31
Required minimum distributions, or RMDs, are amounts that many retirement plan and IRA account owners must withdraw each year. RMDs are taxable income and may be subject to penalties if not timely taken. For individuals born before 1951, RMDs from IRAs and retirement plans should, for the most part, already have begun and are required for 2023. New for 2023: The Secure 2.0 Act raised the age that account owners must begin taking RMDs. For 2023, the age at which account owners must start taking required minimum distributions goes up from age 72 to age 73, so individuals born in 1951 must receive their first required minimum distribution by April 1, 2025. more »
Consumer Financial Protection Bureau Issues Report Showing Many Americans Are Surprised by Overdraft Fees
"Many consumers do not expect overdraft fees: Among consumers in households charged an overdraft fee in the past year, 43% were surprised by their most recent account overdraft, 35% thought it was possible, and only 22% expected it. Consumers who overdraft infrequently are more likely to be surprised by a fee: 15% of consumers from households charged 1 to 3 overdraft fees expected their most recent transaction to overdraft; among households charged more than 10 overdraft fees, 56% expected their most recent overdraft. Most households incurring overdraft fees had available credit on a credit card: Among households charged 1-3 overdraft fees in the past year, 68% had credit available on a credit card, while 62% of households charged 3-10 overdraft fees had credit available on a credit card. In households charged more than 10 fees in the past year, 51% still had credit available on a credit card." more »
Loss of Local Newspapers Accelerating, Northwestern University Study Finds
"Medill researchers for the first time used predictive modeling to estimate the number of counties at risk of becoming news deserts. Those models show that another 228 counties are at high risk of losing local news. In creating that “Watch List,” Medill researchers and data scientists applied the characteristics of current news deserts to counties with only one news source. Medill’s annual “State of Local News Project” report also counts about 550 digital-only local news outlets, 700 ethnic media organizations and 225 public broadcasting stations producing original local news. Most of the digital-only startups are based in metro areas, exacerbating the divide in America between news-haves and have-nots." more »
Rose Mula Reprise, Not My Parents' Church: It's Saturday Mass and I'm Wearing Slacks and Sneakers! No Hat! Not Even a Lace Square Pinned to My Head!
Rose Mula Writes: What’s more, the priest is speaking English — not Latin! And though said priest is still a he, he is often now assisted by altar girls — not always boys. And shocker of shockers — yesterday's sonorous organ music is often replaced by rocking guitars. Can it be? The 20-year-old me remembers weddings where the leading lady's entrance could not be heralded with Here Comes the Bride, which was considered secular and thus banned from the church. Bummer! A wedding without Here Comes the Bride was like lasagna without ricotta cheese... Also, when I was young, a cousin married a non-Catholic (shameful!), and the ceremony had to be performed in the rectory. Such a "sacrilege" could be permitted only in the priests' house — not God's... That it was allowed at all was probably to prevent the couple from seeking a non-Catholic church to marry them. A few years later, however, still another cousin had the gall to fall in love with a Protestant, and they actually were allowed to take their vows inside the church — but only outside the altar rail — not on the altar itself. more »