The Flamingo Wing Association
At the last BOD MTG in January, a vote was taken to replace the pork selection on the meal menu for the reunion. The following was selected to replace the Pork.
•STUFFED CHICKEN
Breaded Chicken Breast Stuffed with Apple and Brie Served with an Apple Calvados Sauce Oven Roasted Chicken Breast with Key Lime Butter Sauce
For a great mini-vacation lets go deep water fishing on Thursday May 4th. just before our weekend reunion. The hotel is giving us the same rate 2 days prior to and 2 days after the May 5-7th reunion. I need to know if you wish to join us by April 2 so we can book the boat. The boat is for 6 that want to fish.Cost will be $280.00 per person for an all day 7-00 AM- 4:30 PM trip, bait and tackle included. They are catching Grouper and snapper.Herb
Whether you are an experienced fisher or a beginner who has always wanted to learn, you should consider a private fishing charter from Queen Conch Charters in Fort Myers Beach, FL. We have 25 years of experience in deep-sea fishing, so we will be able to guide you on a fishing trip that you won’t soon forget.
1. Social Security Checks Are Getting Bigger
If you’re on Social Security, you can expect your check to increase by 8.7% in January. It’s the biggest cost-of-living adjustment in four decades.
That’s equivalent to an extra $147 a month on average in your pocket. Of course, there’s a reason for the record cost-of-living adjustment (COLA)—inflation. The price of everything from groceries to housing keeps going up, so an extra 8.7% might not seem like much.
What makes this year different is that the rising COLA won’t be eaten up by rising Medicare Part B premiums.
Plus, if inflation starts to decline next year, retirees still benefit from their bumped-up Social Security checks—at least until the new COLA is calculated in October 2023.
2. Medicare Premiums Are Going Down
Medicare beneficiaries will pay less for their Part B premium next year, the first decrease in a decade.
The standard Medicare Part B premium will be $164.90 a month in 2023, down from $170.10 in 2022. The Part B deductible is also going down.
The combination of higher Social Security checks and lower Medicare Part B premiums is great news for retirees. Most years, Social Security COLAs are eaten up by rising Medicare costs. (Most retirees get their Part B premium deducted from their Social Security checks.)
That means more money in your pocket, which is welcome news during high inflation.
But the good news comes with a caveat: Next year’s small reduction in Part B premiums (down $5.20) is just a fraction of the increase retirees shouldered in 2022—up $21.60 from 2021.
3. Retirement Account Contributions Limits Will Be Higher in 2023
Looking to retire in the next couple of years? You’ll get to enjoy increased retirement account contribution limits in 2023.
Prompted by runaway inflation, the IRS is ratcheting up 401(k) and individual retirement account (IRA) contribution limits faster than ever.
The maximum amount you can contribute to a 401(k), 403(b) and most 457 plans increases to $22,500, up from $20,500 in 2022, a record 9.8% increase. Contributions to IRAs will jump from $6,000 in 2022 to $6,500 in 2023, an 8.3% increase.
These new limits are particularly beneficial for workers over age 50 looking to catch up on their retirement savings.
The catch-up contribution limit for 401(k) plans is rising from $6,500 to $7,500 a year for those age 50 and older. The catch-up contribution limit for IRAs is $1,000 per year on top of your standard contribution limit.
4. Now Is a Great Time to Be a Saver
Interest rates keep rising as the Federal Reserve attempts to clamp down on inflation.
That makes it more expensive to take out a mortgage or car loan, but higher interest rates are great if you’re saving money.
Many retirees want a safe place to park their cash. Maybe you’re selling your home to downsize and don’t want to risk putting the proceeds in the stock market. Or maybe you’re taking required minimum distributions from your retirement accounts—and don’t mind earning some interest with a safe investment.
Next year is shaping up to be a great year for saving money. The interest rates on high-yield savings accounts, money market accounts and certificates of deposit are higher than they’ve been in years.
In November, interest rates hit 3.75% to 4%. There’s been talk about rates hitting 4.5% by spring. That means you could earn even more money on your cash in 2023.
Consider this: Many high-yield savings accounts are boasting interest rates of 3% and higher. In 2021, you were lucky to get 1.5%
CDs are also enjoying higher rates, especially at online financial institutions. The average rate for a one-year CD was about 1.1% at traditional banks in November 2022 and as high as 3.75% at online banks and credit unions.
Savers have another tool in their toolbox: Series I Bonds from the federal government.
I bonds are one of the safest investments you can buy. They’re indexed for inflation, and the variable rate resets every six months.
On Nov. 1, the I bond rate reset to 6.89%, a decline from its record 9.62% rate. The new rate is good until May 1, 2023.
The overall rate is down, but there’s a silver lining. On Nov. 1, the Treasury Department announced a new fixed rate of 0.4%, the first time it’s been over 0% since May 2020.
If you buy an I bond from the U.S. Treasury Department between now and the end of April 2023, you can lock in that 0.4% fixed rate over the life of your bond—and it will be calculated in addition to whatever the variable inflation rate is in the future.
I bonds can be a solid way for retirees to protect their cash against inflation. You can purchase up to $10,000 of I bonds each calendar year.
You have to hold them for at least a year, and you’ll lose three months worth of interest if you cash out your I bonds one to five years after purchase.
Bottom Line
High inflation has been challenging for many retirees in 2022, but there’s good news on the horizon.
If you’re trying to protect your nest egg against rising costs, it makes sense to speak with a financial adviser or other professional who can help you create a personalized strategy.
This article was originally published by The Penny Hoarder.
All U.S. veterans and Gold Star family members will be able to get a free lifetime entrance pass for federal parks and recreation sites nationwide starting Nov. 11.
The pass, an expansion on the annual free pass for currently serving troops and their families, grants free access to about 2,000 parks and lands managed by the National Park Service; U.S. Fish and Wildlife Service; U.S. Forest Service; Bureau of Land Management; Bureau of Reclamation; and the U.S. Army Corps of Engineers, according to an announcement on the park service website. It also gives discounted amenity fees in some locations.
While not every park or visitor area requires an entrance fee, many do. For example, Yosemite National Park in California charges a $35 entrance fee per vehicle, while Craters of the Moon National Monument charges $20. Other locations charge for entering museum or curation areas in the visitor center. For instance, the Begich, Boggs Visitor Center in the Chugach National Forest, Alaska, charges $5 per adult to access a film and exhibits.
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Those fees are waived for holders of the new lifetime pass, as well as those with the free active-duty America the Beautiful military pass or other passes sold or awarded by the agencies. The new pass covers the holder and any accompanying passengers in a private vehicle at sites that charge per car, or the pass owners and up to three adults age 16 and over at sites that charge per person.
The new lifetime pass program does not exclude veterans with so-called "bad paper" discharges. To get the pass, veterans must submit one of the following:
To receive a pass visit a National Parks or parks and land agency store or staffed fee kiosk, or order via the U.S. Geological Survey store. Passes ordered online carry a $10 processing and shipping fee. Passes received in-person are free.
Gold Star family members can receive the pass by presenting a self-verification form certifying they are the next of kin to a military member killed during service overseas. The form includes a signature block and confirmation that the user is an "eligible next of kin (NOK) of a member of the United States Armed Forces who lost his or her life in qualifying situation."
No other identification or proof is required for Gold Star family members who want to get a lifetime pass.
-- Amy Bushatz can be reached at amy.bushatz@military.com.
The Oct mtg will not be business as usual due Hurricane IAN. That fishing trip is cancelled and Octobfest also cancelled. Meeting will be a teleconference only, with all Board members in attendance by phone.
Clarence
