Bottom Line Up Front If you’re approaching retirement and looking at Medicare, you may want to be aware of the Medicare Income-Related Monthly Adjustment Amount (“IRMAA”). The short answer is that the Social Security Administration (“SSA”) sets an additional income based premium for both Medicare Part B (provider coverage) and Medicare Part D (prescription drug … Continued

Bottom Line Up Front GASB standards concerning Pension and OPEB valuations have placed a burden on auditors to “Audit the Actuary,” but the exact meaning of this requirement is left with some ambiguity. It seems obvious that as auditors, you shouldn’t need to become an actuary, diving into the ins and outs of actuarial valuations. … Continued

Bottom Line Up Front  A 401(k) plan is a popular retirement savings vehicle.  It is an employer-sponsored retirement plan that allows employees to save for retirement. Whether you’re looking to start offering one or upgrade your current plan, it’s important to know that the specifications of your 401(k) plan can vary based on your design … Continued

Bottom Line Up Front  You’ve all read about the need to save huge amounts and invest them well to be able to retire. While I’d rather have money than not, it’s only one element to a successful retirement. The psychology and mechanics of retirement are often overlooked and neglecting those can diminish the overall quality … Continued

Bottom Line Up Front GASB standards for Pension and OPEB valuations have put a burden on the audit community to “Audit the Actuary”. What exactly that means, is left with some ambiguity. It seems obvious, but as an auditor, you shouldn’t need to become an actuary to understand the ins and outs of an actuarial … Continued

Bottom Line Up Front As you approach retirement, navigating your annuity options can be overwhelming. You’re likely to encounter a package full of choices, each with its implications. Understanding these options is crucial in making an informed decision that aligns with your retirement goals. Here’s a simplified guide to the most common pension payout methods:  … Continued

Every person, family and business has their unique way of contributing to charitable causes, especially during the holiday season. At Odyssey, our approach empowers each of our team members to select a charity (or charities) they would like to support. We’re committed to donating 1% of our total gross revenue. My role in this process … Continued

Bottom Line Up Front As a small business owner, you might be curious about the expenses associated with offering a 401(k) plan to your employees. You might have even dismissed the idea, assuming that 401(k) plans are exclusively for larger companies due to their perceived high costs. However, this is not accurate. The cost of … Continued

Bottom Line Up Front In a significant development for the 51 million Americans relying on Medicare prescription drug coverage, the Centers for Medicare & Medicaid Services (CMS) announced in July of 2023, a projected average monthly basic premium of approximately $55.50 for Medicare Part D for 2024. They claimed a 1.8% decrease from 2023, marking … Continued

Bottom Line Up Front Cross-testing is a strategic calculation used by retirement plan sponsors to allocate discretionary profit-sharing contributions. It’s a popular choice, often combined with 401(k) and safe harbor contributions, to maximize annual contribution limits for owners while minimizing overall costs. This approach aligns with the goal of allowing owners and key employees to … Continued