Montgomery Community Media

Anna Mae Smith is so humble that the day following her retirement, which included a neighborhood drive by send off, she wanted to make sure everyone knew she was retiring from Clarksburg Liberty gas station after 50 years, not 51. “They keep saying 51,” the 70-year-old Hyattsville resident told MyMCM. Smith has been a cashier, […]

Montgomery County Public Schools announced Thursday that Superintendent Jack Smith will retire effective June 1. Smith has served as superintendent for MCPS since July 2016 and is currently one year into his second term. Before joining the MCPS community he had worked as a lifelong educator as a teacher, principal, and former interim state superintendent […]

Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2021 are as follows: 401(k), 403(b), 457 plans, and Thrift Savings Plan. Contribution limits for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan remains unchanged at $19,500. The catch-up contribution limit for employees […]

While many taxpayers already know about Individual Retirement Arrangements, or IRAs, and have set up an IRA with a bank or other financial institution, a life insurance company, mutual fund or stockbroker, there are other taxpayers such as those new to the workforce who may not understand how IRAs help them save for retirement. With […]

After 30 years as a teacher and principal at Montgomery County Public Schools and then four years as a member of the Board of Education (BOE), Jeanette Dixon is moving on. She spoke with Montgomery Community Media about her time on the board and her years in education. Dixon is proud of her service but […]

With health care, housing, food, and transportation costs increasing every year, many retirees on fixed incomes wonder how they can stretch their dollars even further. One solution is to move to another state where income taxes are lower than the one in which they currently reside. While federal tax rates are the same in every […]

As you approach retirement, it’s vital that you pay attention to several important financial matters to ensure a smooth transition. Here are five of them: 1. Health Insurance Are you among the lucky few who will continue to be covered after retirement? If not, then you’ll need to replace your health coverage. If you will […]

Generally, taxpayers must begin taking a required minimum distribution (RMD) from a defined-contribution retirement plan, including a 401(k) or 403(b) plan, or an IRA when they reach age 72 (70 1/2 if they reached 70 ½ before January 1, 2020). The RMD for any year is the account balance as of the end of the […]

One week after officially announcing his retirement at the age 30, Montgomery County native Sir Robert Bryson Hall II, better known to his fans as “Logic,” dropped his sixth and final album, “No Pressure.” The rapper explained how he plans to use his newfound time to focus on fatherhood.  He tweeted, “It’s been a great […]

Retirees at the Asbury Methodist Village in Gaithersburg came out to show support for Black Lives Matter protesters on Sunday. The retirement community is across the street from Lakeforest Mall, where Sunday’s protest began. As people marched down the street, these older residents came as far as the perimeter fence with signs like “reform policing” […]