Inflation relief checks, Student loan forgiveness, 401k limit increases & SSA payment | Summary news 23 Octobe – AS USA

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–  Does my state offer inflation relief checks?
– Court temporarily blocks Biden's student loan forgiveness plan
– Key dates for the Middle Class Tax Refund in California 
–  COLA increase could provide $1,752 boost to Social Security recipients
IRS publishes new tax brackets and standard deductionfor seniors for 2023
– A record number of taxpayers requested an extension this year 
California to offer gasoline relief as residents pay $2.00 more per gallon compared to other states 
– States move to count the amount forgiven in student loans as taxable income
Stimulus checks in the USA: which states will give them, beneficiaries and key dates
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How much does a waiter in the US earn per hour: what is the average salary?
What are the new 401k and IRA limit increases for 2023 and how do they affect your pension?
The key dates to receive the California inflation relief checks: who will collect it in October?
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Is the 401K plan taxed when you retire?
The two main retirement accounts available to workers in the US are 401(k)s and Roth IRAs. The two differ in when a account holder is taxed on the funds they enter or withdraw.
A 401(k) requires the worker to pay tax on benefits as they are withdrawn during retirement, while, a Roth IRA, taxes benefits as they enter the account.
So, to the question, are 401(k)s taxed when you retire? Yes they are.
There are various private retirement accounts available to workers and one of the main differences is how the funds allocated to them are taxed.
Medhi Hasan weighs in with his thoughts on US inflation
The US is in the grips of a serious inflationary problem that has quickly become the battleground for the upcoming midterm elections. From the recession of the pandemic, the boom has quickly turned to bust as sky-high prices are pushing the Fed towards causing a recession.
While wages stagnate, companies have been making record profits as MSNBC's Mehdi Hasan explains.
What are the new 401k and IRA limit increases for 2023 and how do they affect your pension?
Announced on Friday, the IRS will increase the contribution limit to 401(k)s by $2,000 to $22,500 for 2023.
Workers who are saving for retirement with 401(k), 403(b), most 457 plans, and the Thrift Savings Plan can contribute up to $22,500 to those plans in 2023.
For those saving in a traditional or Roth IRA the 2023 limit on contributions rises to $$6,500 next year, a $500 increase.
The “catch-up” contribution limit for employees age 50 or older who are involved in these plans also increases from $6,500 to $7,500 for 2023 for a total limit of $30,000.
What are the new 401k retirement contribution limits?
One of the most popular retirement plans in the United States is the 401(k) plan, which can offer upfront tax benefits or tax-free distributions when you retire. Each year there are limits to the amount of contribution an individual can make, and it has risen considerably as a result of the sustained high inflation. 
Named after a section of the US Internal Revenue Code, a 401(k) is a retirement savings and investing plan offered by many American employers. Contributions are automatically taken out of a worker’s paycheck and invested in funds selected by the employee from a list given to them by the plan administrator.
The key date of the SSA notice with the COLA increase: $1,752 average in 2023
Households across the nation reeling from rising prices that receive Social Security benefits will get a big boost to their finances come the new year. The Social Security Administration announced its 2023 COLA and it was a whopper. At 8.7 percent, it is the fourth largest in the history of the annual cost-of-living adjustments and the biggest since 1981.
The average recipient of retired worker benefits will see a monthly payment of $1,827 an increase of $146. That will translate into an extra $1,752 over the course of 2023. The Social Security Administration will begin sending out notices in the mail to beneficiaries of exactly what their monthly payments will be next year.
Welcome to our inflation relief check live check
Good morning and welcome to AS USA! We will be bringing you the latest financial news and information from the United States on the one-off payments, student loan forgiveness and Social Security benefits.


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