Retirement

For the second year in a row, monthly Social Security and Supplemental Security Income benefits for more than 58 million Americans will not automatically increase in 2011, the Social Security Administration said Friday, but Congress will try to pass a law to provide seniors with the extra money anyway.

For the second year in a row, the Social Security Administration is probably not going to provide a cost of living adjustment for Social Security recipients because of the low rate of inflation.

Today, many professional firms have a sobering problem when it comes to older partners. It can be difficult enough to negotiate a sale of an owner’s interest, and finding a way to pay for it is an even greater challenge.

FASB RETOOLS STANDARDS FOR PENSION PLANS

The Internal Revenue Service is getting the word out to employers about a provision in the recently passed Small Business Jobs Act that allows them to amend their 401(k) or 403(b) plans to allow participants to transfer an eligible rollover distribution into a Roth 401(k) or 403(b) account.

Sixty percent of high net worth individuals say they will never retire, according to a new survey that has spotted a trend of the “nevertiree.”

AUTOMATIC IRA BILL ON HILL

Doctors have been opting out of the Medicare system at an alarming rate lately as the system goes through a tumultuous year, leaving some accountants’ clients in a bind when they suddenly cannot get their medical bills paid.

A majority of state and local government workers are not certain if they have enough money set aside for their retirement, according to a new study.

The Financial Accounting Standards Board has issued a proposed set of standards that aim to shed more light on the financial reports of organizations that participate in multi-employer pension plans and other post-retirement benefit plans.

The Obama administration said that nearly 2,000 employers and unions have been accepted in the first round of the $5 billion Early Retiree Reinsurance Program created under the health care reform bill.

The Certified Financial Planner Board of Standards has recommended enhancements to the Securities and Exchange Commission’s proposed rules in target date funds, including better disclosure in the funds’ advertising and marketing materials.

Under new regulations proposed by the Treasury Department, Americans who receive federal benefits like monthly Social Security and Supplemental Security income would no longer be able to receive these funds by check, and groups including Consumers Union are asking the Treasury to reconsider.

Congressman Richard Neal, D-Mass., has introduced legislation that would allow companies to set up automatic payroll deposit Individual Retirement Accounts, or Auto IRAs, for workers who do not have access to employer-provided qualified pension plans.

CBIZ has acquired South Winds Inc., a Baltimore-based retirement consulting firm, which does business under the name Benexx.

A new bill in Congress would provide a one-time $250 payment to senior citizens, veterans and the disabled in the event that no Social Security cost-of-living adjustment is payable in 2011.

One out of every five senior citizens has been the victim of a financial scam, according to a recent survey by Infogroup/ORC, and the Illinois CPA Society has published a set of tips to help them avoid scams and protect their money:

Rising tuition fees and the uncertain state of the economy are causing more people to put their own retirement savings ahead of their children’s college education.

Dramatically high percentages of Americans —even in the upper income categories—are likely to run short of money after 10 or 20 years of retirement, according to a new study.

The Securities and Exchange Commission has obtained an asset freeze against a Jacksonville, Fla.-based retirement benefits consulting firm that defrauded active and retired government employees and law enforcement agents nationwide through a Ponzi scheme that promised them safe investments.