By Susan Jaffe; Kaiser Health News ~ Dec 22, 2014

Starting next year, the government will offer some seniors enrolled in private Medicare Advantage insurance an opportunity to leave those plans if they lose their doctors or other health care providers.

Last year, thousands of seniors in at least 10 states were left stranded or assigned new doctors when insurers discontinued contracts with the physicians.

dropped doctors 570The Medicare Advantage policies cover 16 million seniors and are an alternative to the government-run Medicare program. Medicare Advantage members can only get care from a network of providers under contract to participate in their plan. They must remain in their plans for the calendar year, with some rare exceptions, but losing their doctor has not been among the permitted reasons.

By Allison Schrager; Bloomberg Businessweek ~ Dec 22, 2014

Retirement security is ending the year at an all-time low. The $1.1 trillion last-minute spending bill will allow trustees to cut benefits in multiemployer defined benefit pension plans. And while it affects a relatively small population, 10 million people at most, it opens the door for other employers to make similar cuts. Maybe that’s a long way off; maybe not. But the provision is a rude awakening: We may romanticize guaranteed retirement benefits and lament our 401(k) world, but pensions aren’t safe these days either.

By Darlene Superville; The Associated Press ~ Dec 19, 2014

WASHINGTON (AP) — President Barack Obama signed legislation Friday that temporarily extends dozens of costly tax breaks for millions of businesses and homeowners, commuters, teachers and others.

The measure also allows people with disabilities to open tax-free savings accounts.

The law extends the tax breaks through Dec. 31, allowing taxpayers to claim them on their 2014 income tax returns. But the fate of the tax provisions beyond this year will again be uncertain. Congress routinely extends the package of tax breaks every year or two, but they were allowed to expire in January.

From Kerry Hannon; Forbes ~ Dec 18, 2014

My husband and I don’t have kids or grandkids, but we do have five nieces and seven nephews. Over the years, we’ve given them books, music, jewelry and gift certificates. But the gift that has always brought them a smile? Money!

Even when they were little they seemed to get it, especially, my nephew, Michael, the first to turn us on to this holiday gift tip.

Michael couldn’t have been more than 6 when he persuaded me that money was the perfect gift. “Spending money on something I don’t want, or need, is stupid,” he said when hearing me ask his mom what to get him for Xmas.

By Mark Miller; Reuters ~ Dec 18, 2014

CHICAGO (Reuters) – The last-minute deal to allow retiree pension benefit cuts as part of the federal spending bill for 2015 passed by Congress last week has set off shock waves in the U.S. retirement system.

Buried in the $1.1 trillion “Cromnibus” legislation signed this week by President Barack Obama was a provision that aims to head off a looming implosion of multiemployer pension plans – traditional defined benefit plans jointly funded by groups of employers. The pension reforms affect only retirees in struggling multiemployer pension plans, but any retiree living on a defined benefit pension could rightly wonder: Am I next?

From Steve Blumenthal; Forbes ~ Dec 18, 2014

I wrote often throughout 2014 about the danger signals flashing from an excessive run up in debt and derivatives. We have a repeat of the scenario we suffered in 2008, only much worse (Watch Junks Bonds For Early Warnings Of New Financial Crisis). The budget recently passed by Congress put taxpayers on the hook for a 2008-like derivatives failure. The potential losses could exceed the previous financial meltdown as other world market conditions exacerbate a bad situation.

As a risk manager, I need to acknowledge and plan to mitigate these big, macro risks. At the same time, as a tactical manager, I acknowledge that right now the weight of evidence points to a continued positive trend for this mega bull market.

By Todd Shields; Bloomberg ~ Dec 18, 2014

T-Mobile US Inc. (TMUS), the fourth-largest U.S. wireless carrier, won its bid to change rules for judging whether market leaders AT&T Inc. and Verizon Communications Inc. charge smaller competitors too much to use their networks for roaming.

The Federal Communications Commission in an order released today said it would grant a petition from T-Mobile, and would compare proposed roaming rates with other prices during disputes.

“We commend the FCC for taking this important step to promote competition,” Andy Levin, a senior vice president at Bellevue, Washington-based T-Mobile, said in an e-mail.

By Larry Light; Forbes ~ Dec 17, 2014

No one wants to run out of money when retired. The key question: How much can you withdraw from your investment accounts? AdviceIQ Network advisor Larry R. Frank Sr., CFP, based in Roseville, Calif., has some answers about retiree money needs, in this two-parter.

How much can you spend in your retirement? Answering this pivotal question requires you look hard at your current spending, how long you can expect to live – and at new approaches to using both factors in your plan.

An important part of your annual update of your retirement plan is new facts and circumstances. The problem: You may overlook important variables even as basic as the right retirement age

By Carol Wilson; Light Reading ~ Dec 16, 2014

AT&T is pledging to make its network 75% software-driven by 2020, beginning with a very active 2015, according to a blog by John Donovan, senior executive VP of technology and operation.

The year-end posting, which you can find here, recaps a busy year at AT&T Inc. (NYSE: T) and an even busier year planned ahead. Among other things Donovan touts are AT&T’s Network on Demand self-service app, which debuted in Austin, Texas, this year and its work to virtualize its DNS, network analytics, data platforms and edge routers. (See AT&T Brings User-Defined Network to Austin Businesses.)

By Bill Bischoff; MarketWatch ~ Dec 16, 2014

Read this if you turned 70-1/2 this year…..

If you own one or more traditional IRAs and turned (or will turn) age 70-1/2 this year, you are now subject to the dreaded IRA required minimum distribution (RMD) rules.

They require well-seasoned IRA owners to take annual taxable withdrawals from their traditional IRAs. The same RMD rules also apply to simplified employee pension (SEP) accounts and SIMPLE-IRAs. (In contrast, Roth IRAs set up in your name are exempt from the RMD rules for as long as you live.)

As you might suspect, the real reason behind the RMD rules is to force folks who would otherwise leave their traditional IRA balances untouched to start taking withdrawals and paying the resulting federal income tax hit. If you think this is just a minor nuisance that you can safely ignore, think again. If you fail to withdraw at least the RMD amount, the IRS can assess a 50% penalty on the shortfall. That’s one of the harshest penalties in the Internal Revenue Code! Here’s what you need to know to head off trouble.