In March 2022, the Consumer Price Index for All Urban Consumers (CPI-U), the most common measure of inflation, rose at an annual rate of 8.5%, the highest level since December 1981.1 It’s not surprising that a Gallup poll at the end of March found that one out of six Americans considers inflation to be the
As measured by the Consumer Price Index for food at home, grocery prices increased 3.4% in 2020, a faster rate than the 20-year historical average of 2.4%.1 More recently, food inflation accelerated by 6.5% during the 12 months ending in December 2021, while prices for the category that includes meat, poultry, fish, and eggs spiked
Nearly three quarters of workers and 77% of retirees in a recent survey said they remain at least somewhat confident that they will experience a comfortable retirement, according to the Employee Benefit Research Institute. Nevertheless, a third of workers and a quarter of retirees felt less confident this year due to the economic effects of
$147,000 – Limit on wages subject to Social Security payroll taxes in 2022 (increased annually for inflation). Proposals to address the Social Security funding shortfall include eliminating the wage cap or maintaining the cap and then reinstating the tax at higher income levels. Proposals differ as to whether benefits would be increased commensurate with higher
$12,060,000 – Lifetime limit that can be excluded from gift and estate taxes in 2022. The exclusion amount is adjusted annually for inflation but is scheduled to revert to its pre-2018 level ($5 million adjusted for inflation) after 2025. “Portability” enables a surviving spouse to use the deceased spouse’s unused exclusion amount if the appropriate
The arrival of the COVID-19 pandemic in 2020 led to a surge in demand for vacation/second homes — mainly spurred by government shutdowns and stay-at-home advisories. Whether working remotely, attending school online, or meeting up with friends and family virtually, people found themselves spending more time than ever at home.1 If you are thinking about
The Americans with Disabilities Act (ADA), which passed more than 30 years ago, made it illegal to deny job opportunities to people based on their disabilities, mandated “reasonable accommodations” to make buildings accessible, and required most private businesses to offer equal service to disabled customers. About 61 million people in the United States (one in
Probate is the process of proving the validity of a will and supervising the administration of an estate usually in the probate court. State law governs the proceedings in the probate court, so the process can vary from state to state. Supervising the administration of an estate can result in additional expense, unwanted publicity, and
Stocks closed higher last week, ending a seven-week slide. More upbeat corporate news and favorable economic data helped quell investor angst, at least temporarily. The S&P 500 posted its best week since November 2020 and is headed for a positive month in May. A few factors may have helped increase investor confidence. Several large retailers
In another volatile week of trading, stocks fell for the seventh consecutive week. A late-day surge last Friday kept the S&P 500 out of bear territory, but not enough to keep it out of the red for the week. Disappointing earnings and declining profits from some major retailers apparently caused concern that retailers will pass
