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Tag: income assistance

  • RRIF withdrawal rates chart 2024 – MoneySense

    RRIF withdrawal rates chart 2024 – MoneySense

    The minimum age at which you can convert a registered retirement savings plan (RRSP) to a registered retirement income fund (RRIF) varies by province: it’s 50 in some, and 55 in others. But starting the year after conversion, you must begin to make minimum withdrawals from your RRIF. The table below includes the minimum withdrawal rates for all RRIFs set up after 1992. It shows the percentage of the account balance (at the previous year-end) that must be paid out in the current year.

    How to use the table: Slide the columns right or left using your fingers or mouse to see even more data, including returns and strategy. You can download the data to your device in Excel, CSV and PDF formats. 

    wdt_ID Age at end of previous year Withdrawal rate for current year Age at end of previous year Withdrawal rate for current year
    1 55 2.86% 76 5.98%
    2 56 2.94% 77 6.17%
    3 57 3.03% 78 6.36%
    4 58 3.13% 79 6.58%
    5 59 3.23% 80 6.82%
    6 60 3.33% 81 7.08%
    7 61 3.45% 82 7.38%
    8 62 3.57% 83 7.71%
    9 63 3.70% 84 8.08%
    10 64 3.85% 85 8.51%
    11 65 4.00% 86 8.99%
    12 66 4.17% 87 9.55%
    13 67 4.35% 88 10.21%
    14 68 4.55% 89 10.99%
    15 69 4.76% 90 11.92%
    16 70 5.00% 91 13.06%
    17 71 5.28% 92 14.49%
    18 72 5.40% 93 16.34%
    19 73 5.53% 94 18.79%
    20 74 5.67% 95+ 20.00%
    21 75 5.82%
    Age at end of previous year Withdrawal rate for current year Age at end of previous year Withdrawal rate for current year

    table.wpDataTable td.numdata { text-align: right !important; }

    Source: Rates calculated using the CRA’s prescribed factors formulas.

    This was excerpted from RRIF and LIF withdrawal rates: Everything you need to know by Jason Heath, CFP.


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    The post RRIF withdrawal rates chart 2024 appeared first on MoneySense.

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  • Andrew Yang Fast Facts | CNN Politics

    Andrew Yang Fast Facts | CNN Politics



    CNN
     — 

    Here is a look at the life of Andrew Yang, entrepreneur and former 2020 Democratic presidential candidate.

    Birth date: January 13, 1975

    Birth place: Schenectady, New York

    Birth name: Andrew M. Yang

    Father: Kei-Hsiung Yang, researcher at IBM and GE

    Mother: Nancy L. Yang, systems administrator

    Marriage: Evelyn (Lu) Yang (2011-present)

    Children: Two sons

    Education: Brown University, B.A. in Economics, 1996; J.D. Columbia University School of Law, 1999

    Religion: Protestant

    His parents are originally from Taiwan.

    The primary proposal for his political platform was the idea of universal basic income (UBI). This “Freedom Dividend” would have provided every citizen with $1,000 a month, or $12,000 a year.

    Yang established Freedom Dividend, a pilot program to push for universal basic income, in which he personally funds monthly cash payments.

    Is featured in the 2016 documentary, “Generation Startup.”

    His campaign slogan was “MATH,” or “Make America Think Harder.”

    In 1992, he traveled to London as a member of the US National Debate Team.

    After graduating from Columbia, Yang practiced law for a short time before changing his career focus to start-ups and entrepreneurship.

    2002-2005 – Vice president of a healthcare start-up.

    2006-2011 – Managing director, then CEO, of Manhattan Prep, a test-prep company.

    2009 – Kaplan buys Manhattan Prep for more than $10 million.

    September 2011 – Founds Venture for America, a non-profit which connects recent college graduates with start-ups. Leaves the company in 2017.

    2012 – Is recognized by President Barack Obama as a “Champion of Change.”

    April 2012 – Ranks No. 27 on Fast Company’s list of 100 Most Creative People in Business.

    February 4, 2014 – His book, “Smart People Should Build Things: How to Restore Our Culture of Achievement, Build a Path for Entrepreneurs, and Create New Jobs in America,” is published.

    May 11, 2015 – Obama names Yang an ambassador for global entrepreneurship.

    November 6, 2017 – Files FEC paperwork for a 2020 presidential run.

    February 2, 2018 – Announces his run for president via YouTube and Twitter.

    April 3, 2018 – His book, “The War on Normal People,” is published.

    March 2019 – Yang explores the possibility of using a 3D hologram to be able to campaign remotely in two or three places at once.

    January 4, 2020 – Launches a write-in campaign for the Ohio Democratic primary in March of 2020 after failing to fully comply with the state’s ballot access laws.

    February 11, 2020 – In New Hampshire, Yang suspends his presidential campaign.

    February 19, 2020 – CNN announces that Yang will be joining the network as a political commentator.

    March 5, 2020 – Launches Humanity Forward, a nonprofit group that will “endorse and provide resources to political candidates who embrace Universal Basic Income, human-centered capitalism and other aligned policies at every level,” according to its website. Yang also announces that he will launch a podcast.

    December 23, 2020 – Files paperwork to participate in New York’s 2021 mayoral race, according to city records.

    January 13, 2021 – Yang announces his candidacy for New York City mayor.

    June 22, 2021 – Yang concedes the New York City mayoral race.

    October 4, 2021 – Yang announces in a blog post that he is “breaking up” with the Democratic Party and has registered as an independent

    July 27, 2022 – Yang, along with former New Jersey Gov. Christine Todd Whitman, and a group of former Republican and Democratic officials form a new political party called Forward.

    September 12, 2023 – Yang’s political thriller “The Last Election,” co-written with Stephen Marche, is published.

    2020 hopeful wants holograms to campaign in multiple cities

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  • New Year’s pay boost: These states are raising their minimum wage | CNN Business

    New Year’s pay boost: These states are raising their minimum wage | CNN Business


    Minneapolis
    CNN
     — 

    The current period of high inflation that has significantly impacted the US economy will also influence a New Year’s tradition: The annual state minimum wage increases.

    By January 1, hourly minimum wages in 23 states will rise as part of previously scheduled efforts to reach $15 an hour or to account for cost-of-living changes. The increases account for more than $5 billion in pay boosts for an estimated 8.4 million workers, the Economic Policy Institute estimates.

    Additionally, nearly 30 cities and counties across the US will increase their minimum wage, according to the EPI, a left-leaning think tank.

    The larger-than-typical increases for a dozen states come after inflation hit a 40-year high this summer, leaving families struggling to keep up with the rising costs.

    “The fact that there’s high inflation really just underscores how necessary these minimum wage increases are for workers,” said Sebastian Martinez Hickey, a research assistant at the EPI. “Even before the pandemic, there was no county in the United States where you could affordably live as a single adult at $15 an hour.”

    The pandemic and the subsequent period of economic recovery has further revealed the growing chasm in America’s wealth gap. During the past two years, working conditions and low pay contributed to a swelling of labor movement activity and actions by many large corporations to raise their wage floor.

    The pandemic also led to a structural upheaval in the nation’s labor market, creating an imbalance of worker supply and demand that still persists. Employers have found themselves short of workers for most of the year, which has pushed up average annual hourly wages in the battle to recruit and retain staff. While some workers in competitive industries such as retail and dining have found their new salary outpaces inflation, most pay has been outpaced by rising prices.

    “The story is different because wages have been increasing at the low-end, much faster than inflation and much faster than in middle- or high-wage jobs,” said Michael Reich, economics professor at the University of California at Berkeley. “And that means that many workers, even in the $7.25 states, are already getting paid above the minimum wage.”

    In other words, he said, the minimum wage “has become less and less binding.”

    “Even though minimum wages might go up by 7%, in many states and cities, labor costs aren’t going to go up anywhere as much as they have in the past, because they already have gone up,” he said. “That also means that prices aren’t going to go up at [places like] restaurants.”

    The federal minimum wage of $7.25 per hour hasn’t budged since 2009, and 20 states have a minimum wage either equal to or below the federal level, making $7.25 their default baseline. The value of the federal minimum wage peaked in 1968 when it was $1.60, which would be worth about $13.46 in 2022, based on the Bureau of Labor Statistics’ inflation calculator.

    • Delaware: $10.50 to $11.75
    • Illinois: $12 to $13
    • Maryland: $12.50 to $13.25
    • Massachusetts: $14.25 to $15
    • Michigan: $9.87 to $10.10
    • Missouri: $11.15 to $12
    • Nebraska: $9 to $10.50
    • New Jersey: $13 to $14.13* (scheduled increase also includes inflation adjustment)
    • New Mexico: $11.50 to $12
    • New York: $13.20 to $14.20 (Upstate New York); $15 (in and around NYC)
    • Rhode Island: $12.25 to $13
    • Virginia: $11 to $12
    • Alaska: $10.34 to $10.85
    • Arizona: $12.80 to $13.85
    • California: $14.50 (firms with 25 or fewer employees) /$15 (firms with 26+ employees) to $15.50
    • Colorado: $12.56 to $13.65
    • Maine: $12.75 to $13.80
    • Minnesota: $8.42 to $8.63 (small employer); $10.33 to $10.59 (large employer)
    • Montana: $9.20 to $9.95
    • Ohio: $9.30 to $10.10
    • South Dakota: $9.95 to $10.80
    • Vermont: $12.55 to $13.18
    • Washington: $14.49 to $15.74
    • Connecticut (effective July 1): $14 to $15
    • Florida (September 2023): $11 to $12
    • Nevada (effective July 1): $9.50 to $10.25 (firms that offer benefits); $10.50 to $11.25 (no benefits offered)
    • Oregon: $13.50 (effective July 1, indexed annual increase to be based on the CPI)

    Sources: State websites, National Conference of State Legislatures, Economic Policy Institute

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