Rising inflation, of course, means rising Social Security COLA adjustments, and managing editor Brian Anderson reports that 2023 could be a big one. While it’s still very early, an inflation rate of 7.9% over the past year translates to a possible 7.6% benefits adjustment, according to The Senior Citizens League. We’ll certainly continue to watch this story as it develops.
Last week, the Department of Labor cautioned 401k fiduciaries about including cryptocurrencies as possible retirement plan investment options. The DOL’s warning in the form of a Compliance Assistance Release came just one day after the Biden Administration signed an executive order, part of which instructs the Federal Reserve to explore the development of a U.S. Central Bank Digital Currency (CBDC).
Finally, the big story that wasn’t was the exclusion of SECURE 2.0 from the Consolidated Appropriations Act of 2022. While the bill was 2,741 pages in length, lawmakers couldn’t seem to find room for bipartisan, popular, and needed legislation. We can’t wait to hear about some of the other pork that made the cut.
It’s all happening this week.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
