Central Business Solutions

jack woods

301 Lynnfield Street, PO Box 3169, Peabody, MA 01960

Phone: 978-532-0266

Fax: 978-532-9105

1147 Main Street, Suite 213, PO Box 299, Tewsbury, MA 01876
Phone: 978-851-8044               Fax: 978-851-9332

Email: jack@cbps.com

April 2018

April 2018 Short Bits

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INCOME = WELLNESS.

More employers are offering workplace wellness programs, but you have a better shot at one if you have a higher income. According to the Department of Labor, 63% of the highest paid 10% of private industry employees had access to a workplace-sponsored wellness program. Only 15% of the lowest-paid 10% employees had access.


RETIREES’ HEALTH EXPENSES HIGH.

According to a recent article by the Employee Benefit Research Institute, to have a 50% chance of covering health insurance premiums and prescription drugs through retirement, a 65-year-old man needs $73,000 in savings and a 65-year-old woman needs $95,000. For a 90% chance, increase those figures to $131,000 and $147,000, respectively.


BONUS COVERAGE.

According to the Department of Labor’s Bureau of Labor Statistics, 38% of private industry workers had access to bonuses that weren’t related to production in 2017. Some reasons for bonuses included longevity, the holidays and referrals. Workers in the information, finance and insurance, and professional and technical sectors were most likely to receive the bonuses.


IRS RAISES STANDARD MILEAGE RATES.

The Internal Revenue Service raised its standard mileage rates used to calculate the deductible costs of operating a vehicle for business, charitable and medical purposes in 2018. You can deduct 54.5 cents per business mile, up a penny from last year. Deduct 14 cents, unchanged from 2017, for each mile driven in service of charitable organizations.


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