A Word from the CEO

Daylight savings time has ended. Here in the Northeast, the leaves are falling. Jackets and sweaters are coming out of the closet. That means it's time to start planning for tax season.

To get you started, this issue of the Financial Pulse begins a two-part series on how to reduce the taxes you pay. The first article discusses tax deductions. Increasing your retirement contribution remains a top-of-the-list option for reducing your tax burden — and it builds long-term financial security. Next month we will discuss tax credits for which we believe many JRB participants may qualify.

This is also the season for taking a Required Minimum Distribution (RMD). If you are age 73 or older by December 31, 2023 and you haven't already done so, you may need to take a RMD from your JRB retirement account. RMDs must be taken by the end of the year. Find the information you need in our RMD article. If we do not hear from you by December 1, 2023, we will automatically process your JRB RMD.

The Social Security Administration announced a 3.2% cost of living adjustment (COLA) for 2024. Reflecting the reduction in inflation, this year's increase is much smaller than last year's 8.7% COLA. Read the article for updates on the maximum salary subject to Social Security, the earnings limit for those collecting Social Security prior to full retirement age and Medicare premiums.

The Internal Revenue Service updated the amount you can contribute to your JRB retirement account in 2024. Each dollar you contribute reduces your taxable income by a dollar. If you're in the 22% tax bracket, this means that a $1 contribution only costs 78 cents. The new limits are listed in our article.

Please join the JRB at the Conservative/Masorti Shabbaton and Convening in Baltimore on December 1-5. The JRB is co-sponsoring the event with the Cantors Assembly, Rabbinical Assembly, USCJ and the other major Conservative Movement organizations. See the article below to learn more and register. I look forward to seeing you!

Finally, we're please to report that the Fall Israel Bond Offering raised nearly $2 million — a record — to support the Jewish state during this critical time.

If you have questions about your taxes, your RMD, increasing your retirement contribution or your overall financial goals, please contact us via email or call us at 888-JRB-FREE (572-3733).

L'Shalom,