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401(k) Plan Witnesses Fresh Changes in 2022: Get Details

David Crabtree

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The majority of the US retirees rely upon the 401(k) plan to save for their post-retirement life. The program has witnessed consistent changes over the past years; the plan has gone through a few changes this year, including those in 2019’s Secure Act. The retirees have witnessed changes such as increased contributions and amounts for over 50 individuals in the past. CNBC reports that the plan changes can also be due to the Bipartisan bills introduced in the Senate to enhance the retirement infrastructure of the country. Individuals need to consider the recent changes while opting for the 401(k) plan.

Threshold Amount Has Increased Largely

The threshold amount limit for the plan varies with each year; retirees can invest $20,500 this year. The amount was $1,000 in 2021; working individuals above 50 can put an additional $6,500 in the plan. The additional amount is the catch-up contribution. CNBC reports that IRS has not restricted the combined employee-employer contributions to the plan; the threshold amount for combined investment is $60,000 for 2022 and 67,500 for the above-50 individuals. The 401(k) plan ensures constant income after retirement; many invest in it due to its low-risk nature.

CNBC quoted Jason Berkowitz, chief legal and regulatory affairs officer for the Insured Retirement Institute; he said, “The point is to help participants determine if they’re on track to meet their retirement goals. So you take that balance and see how that would translate into a protected stream of income in retirement.” Retirees receive benefits based on their current account balance and the benefits’ age. The low-balance beneficiaries might face a few difficulties and receive a lower amount.

Many Retirees Fail To Understand Annuities

Several insurance companies have started to provide constant income through 401(k) plans. The companies can now include annuities in their plans to prevent legal objections. CNBC reports that several individuals are unaware of annuities and want their retirement savings collectively. Companies introduced annuities to provide regular payments to the retirees in exchange for a collective sum. Many individuals feel insecure as the Social Security benefits are insufficient to cover their monthly expenses. The retirees must make the best use of the annuity plans that companies offer at present.

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Local News

Glasgow Man Found Dead After Going Missing For 1 Week

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Glasgow

Stephen Riddick, a man from Glasgow, Scotland has been recovered dead on January 20th, 2023. As per the reports, he was missing for almost a year. A missing FIR was registered by Riddick’s family when they failed to trace him.

The city police conducted an investigation following the missing report and located the missing person, who was unfortunately dead.

Stephen Riddick

Credits- Facebook

Stephen Riddick’s body was located near West Nile Street, Glasgow, Scotland. His wife, Kathryn Fawkes has shared her grief for the unfortunate death of Riddick on social media.

He was a family man who loved his family the most. The devastating news of Riddick’s passing away has brought ultimate sadness to his family.

How did the Glasgow man Stephen Riddick die?

Stephen Riddick was missing for almost a week. His missing report suggested that the personality was last located in the Dumfries area. The police actively investigated the case and found a dead body in West Nile Street, Glasgow on 20th January 2023 at around 12.30 P.M. Officials suspected the body to be Riddick’s and hence, called his family members for identification purposes.

Dead body

Credits- Premium Times Nigeria

The body has been identified to be Stephen Riddick. Police have doubted the cause of death can be potential suicide. However, no verdict has been given so far as the investigation continues to shed more light on the unwanted condition.

Police are looking for more evidence to call the mishap a circumstance of suicide. Nevertheless, no trace of foul play was discovered.

Read more- Former Massachusetts Senator Thomas Birmingham Breathes His Last At 73

How did Glasgow man Stephen Riddick’s family react to his death?

Stephen Riddick’s family is in ultimate shock as their lovable member passed away suddenly. His wife, Kathryn Fawkes with who he spent 17 years of marital life has shared her emotions with the public through social media. She mentioned in her post that Riddick has committed suicide.

Stephen Riddick

Credits- Facebook

Fawkes further states that she will never stop loving Riddick and expects he is in a better place. However, the incident of her husband’s suicide shocked her very much. She is out of words to explain her feelings. Fawkes further promises that she will take care of Riddick’s kids, Ellie and Ollie forever.

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Opinion

Tom Mboya Opiyo: Another Disheartened Employee Who got Suddenly Laid off by Amazon

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Tom Mboya Opiyo

Tom Mboya Opiyo, a brilliant tech professional from Kenya meets the difficult days of his career after getting abruptly laid off by one of the global giant companies, Amazon. The IT employee was ready to relocate to Europe for his new job position in a reputed firm. However, things took a negative turn and Opiyo, along with his family gets shattered.

Amazon

Credits- Business Standard

Following the news of getting laid off abruptly, Opiyo shares his thoughts through his LinkedIn handle. In the post, he expresses how devastated he and his family are at the moment. The mass layoff trend of established global companies is giving nightmares to thousands of employees. The challenges have enhanced for the employees who were boarding a new city and country.

What happened to Tom Mboya Opiyo?

Tom Mboya Opiyo is a Kenya-based IT professional. He was given an opportunity to work in the e-commerce MNC, Amazon and relocate to Europe. Following the offer, Opiyo resigned from his existing position and started to process the passport and visa struggles. As per his revelation, after six months after his departure, his family was also about to shift to his location.

Credit- Pulse Time

To get the fund for the immigration formalities, Tom Mboya Opiyo and his family sold their cars and residence. He stated that visa confidentiality took a lot of time and effort as he had to visit the immigration office and other concerned places regularly. Nevertheless, all the hard work went in vain as before four days boarding to Europe, the tech professional was informed that he has been laid off.

The news brought havoc to the family as all their future plans have been shattered. It is notable to mention that Opiyo is an award-winning tech expert whose opportunity to work in a popular MNC was taken away. As a reason, Amazon has stated that the layoff is a result of some business changes.

Read more- Jacinda Ardern, The Prime Minister of New Zealand is Likely to Resign from her Post; Click Here to Know

Layoff culture of MNCs impacting thousands –

Several MNCs have been suddenly terminating a large number of their employees in recent times including Amazon, Twitter, Microsoft, Meta, and others. This has impacted many workers and created challenges for them to seek other opportunities immediately. On January 18th, Amazon alone laid off 18000 of their global employees.

Credit- LinkedIn

Tom Mboya Opiyo has suggested everybody not to put every egg in one basket and enhance the risk of breaking every egg at a time. As he sold his cars and home, the chances of recovering everything is lower. Furthermore, he has advised everybody not to leave their existing positions until they receive their visa while relocating too another country for job.

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Jacinda Ardern, The Prime Minister of New Zealand is Likely to Resign from her Post; Click Here to Know

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Jacinda Ardern

The New Zealand Prime Minister, Jacinda Ardern has announced that she will bid farewell to her leading position and won’t be available for the upcoming elections which are going to be held in October. She has been serving in the position since 2017. Ardern represents the Labour Party of New Zealand and is also the leader of the party.

Jacinda Ardern

Credit- DW

Ardern has recently revealed that she will not be running in the upcoming October re-elections. As a reason, the politician mentioned that she wants to see and support other leaders in the position. According to the reports, she will serve as the PM of New Zealand until 7th February.

Jacinda Ardern resigns as the PM of New Zealand-

Jacinda Ardern announced her departure from the position of New Zealand PM in a recent press conference. She has given the reason of seeing and supporting a new face on her spot for her resignation. Leading a country is the greatest achievement however it is the most difficult job to do, she added.

Ardern has encountered several difficulties during her tenure. In 2019, 51 people breathed their last in the Christchurch terror attack. As a result, people raised questions about the leadership qualities of the PM. The occasion of volcanic eruption on White Island took the life of 22 people.

Ardern

Credit- The Japan Times

The COVID-19 pandemic era took a toll on Jacinda Ardern’s leadership decisions. New Zealand put foreigners’ entry on halt for almost two years bringing difficulties in transport, business, and other sectors. However, New Zealand is one of the countries that dealt with the pandemic situation very nicely. As per Ardern’s announcement, she won’t be available for the next general election that to be held in October.

Read more- Idaho Quadruple Murder Accuse Bryan Kohberger Texted One Victim Multiple Times On Instagram

Jacinda Ardern’s leadership tenure-

The 42-year-old New Zealand PM, Jacinda Ardern started her journey as a political personality at a young age. She became the president of the International Union of Socialist Youth in 2008 and served in the position till 2010. Ardern attained her spot as a member of the parliament representing the Labour Party in the 2008 General Elections.

Credits- ABC News

The Prime Minister of New Zealand participated in the 2011 General Elections for Auckland Central, nevertheless, she lost it to National Party’s Nikki Kaye. Ardern also lost the General Elections of 2014 against Kaye. In 2017, the politician stood in the Mount Albert by-election representing Labour Party. She won the election with 77% of the votes.

Jacinda Ardern was declared the Deputy Leader of the Labour Party in 2017. In the same year, Labour Party came together with the New Zealand First party and established the government. Ardern’s first term as the PM of the country started in October 2017 till 2020. She is the third woman to lead the nation. Her second term as a PM began in 2020.

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