Weidrick Livesay & Company logo

2150 North Cleveland-Massillon Road

Akron, OH 44333

Phone: 330-659-5985

Fax:     330-659-5986

 

Website: www.wlcpa.com

January 2022

January 2022 Short Bits

Short Bits

2022 OUTLOOK
According to a recent survey completed by The Harris Poll, 71% of small and medium-sized businesses say they survived the pandemic through digitization. And 79% say that these changes will help them to be prepared for future adversity. Just over half expect to maintain a remote work environment utilizing their new technologies.


INTERNATIONAL TRAVEL
Pew Research Center completed a recent survey and found that most Americans (71%) have traveled internationally at some point in their lives. Approximately 19% have visited one foreign country while only 11% have been to more than ten countries. College graduates are more likely to have traveled to multiple countries. At least a quarter of college graduates have been to at least ten different countries.


SOCIAL SECURITY
In 2020, nearly 70 million Americans collected benefits from the Social Security Administration, with approximately 71% receiving payments because of retirement and 13% due to disability. Of the 70 million beneficiaries, 5.8 million were new recipients in 2020 who collected an average of $1,636 per month in retirement benefits. For 2020, the Social Security trust fund collected $1.1 trillion in revenue, with nearly 90% coming from payroll tax contributions.


EDUCATION PLANS
At the end of December 2020, approximately $425 billion was invested in Section 529 plans designed to help save for education expenses. Many of those funds were in savings accounts, with only approximately $27 billion held in prepaid tuition plans. According to the Investment Company Institute, the total $425 billion represents a 14.5% increase over December 2019. The number of accounts increased 4% to 14.8 million in 2020 over 2019.


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