On December 23, 2008, President Bush signed the Worker, Retiree, and Employer Recovery Act of 2008 (the Act, or WRERA) into law. One of the most significant provisions in the legislation is the temporary suspension of required minimum distributions (RMDs) for 2009. Also included in the Act are provisions relating to direct rollovers from employer plans to Roth IRAs, nonspouse beneficiary rollovers from inherited employer plans to IRAs, pension plan funding, and other technical corrections to the Pension Protection Act of 2006 (PPA).
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Posted by Michael Chapman at 12:00 PM UTC
- First Upside Price Level Objective Met
- Flat Sideways Correction Complete
- S&P 500 Index Should Move Up to 1010
In my last post 04/01/2009 I was looking for a multi-month rally with an S&P 500 price level objective of 950 to 1010. We hit 956 on June 11. We finished our first drive up at 930 on May 8 exactly 2 months from the March 6 low. The high in June was the end of leg b in a FLAT abc correction. Leg c of this correction ended July 8 at 870. We should have one more drive higher to the 1010 area and then we may see a significant pull back.This upside objective may be hit as early as August 21-26.
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Posted by Michael Chapman at 2:20 PM UTC
Over 50 million people today receive some form of Social Security benefits, including 90 percent of retired workers over age 65. (Source: Fast Facts & Figures About Social Security, 2008) But Social Security is more than just a retirement program. Its scope has expanded to include other benefits as well, such as disability, family, and survivor’s benefits.
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Posted by Michael Chapman at 12:00 PM UTC
