401(k) Specialist Issue 3 - 2022 - 4
401(k) NEWS YOU CAN USE
Startling Findings from New CDC Life
Expectancy Report
MAYBE WE WON'T OUTLIVE our assets after all. The Centers for
Disease Control and Prevention (CDC) recently reported that life expectancy
in the United States declined for the second year in a row
in 2021. The alarming rate was the biggest drop in almost a century.
According to provisional data published by the CDC, life expectancy
at birth dropped by nearly a year between 2020 and 2021 and
by 2.7 years overall since the start of the COVID-19 pandemic.
In 2021, life expectancy at birth was 76.1 years, declining by 0.9
years from 77 in 2020. The decline was primarily due to increases in
mortality due to COVID-19 (50% of the negative contribution), unintentional
injuries (15.9%), heart disease (4.1%), chronic liver disease
and cirrhosis (3%) and suicide (2.1%).
Life expectancy at birth for males in 2021 was 73.2 years, representing
a decline of 1 year from 74.2 years in 2020. For females, life
expectancy declined to 79.1 years, decreasing 0.8 years from 79.9
years in 2020. Historically, changes of more than a few tenths of a
year have been considered substantial.
Bill Seeks to Abolish Tax on Social Security
Benefits
A BILL INTRODUCED on Capitol Hill seeks to eliminate federal
taxes on Social Security benefits for retirees. It would pay for it by
raising the cap on Social Security payroll taxes from $147,000 to
$250,000.
The proposal, the " You Earned It, You Keep It Act, " was introduced
in the House by Rep. Angie Craig, D-Minn.
" Social Security is a promise we have made to the American people--if
you work hard and play by the rules, the dignity of a secure
retirement will be within your reach, " Rep. Craig said. " But taxing the
very benefits American workers have earned after decades on the
job diminishes our promise and threatens to undermine the financial
security of retirees already struggling with rising prices. "
She added that eliminating this tax will help Social Security
benefits go further and ensure that American retirees have all the
resources they need after a lifetime of hard work.
The act would repeal all federal Social Security benefits
tax beginning in 2023. The revenue from the current taxes
goes directly back into Social Security's trust funds.
4
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401(k) Specialist Issue 3 - 2022
Table of Contents for the Digital Edition of 401(k) Specialist Issue 3 - 2022
Table of Contents
401(k) Specialist Issue 3 - 2022 - Cover1
401(k) Specialist Issue 3 - 2022 - Table of Contents
401(k) Specialist Issue 3 - 2022 - 1
401(k) Specialist Issue 3 - 2022 - 2
401(k) Specialist Issue 3 - 2022 - 3
401(k) Specialist Issue 3 - 2022 - 4
401(k) Specialist Issue 3 - 2022 - 5
401(k) Specialist Issue 3 - 2022 - 6
401(k) Specialist Issue 3 - 2022 - 7
401(k) Specialist Issue 3 - 2022 - 8
401(k) Specialist Issue 3 - 2022 - 9
401(k) Specialist Issue 3 - 2022 - 10
401(k) Specialist Issue 3 - 2022 - 11
401(k) Specialist Issue 3 - 2022 - 12
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401(k) Specialist Issue 3 - 2022 - 43
401(k) Specialist Issue 3 - 2022 - 44
401(k) Specialist Issue 3 - 2022 - Cover3
401(k) Specialist Issue 3 - 2022 - Cover4
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