Things To Do In SW Florida

A few short weeks are left for Congress — or, perhaps, President Joe Biden — to take action and lift the debt ceiling before tick, tick, tick … boom goes the economy.

The so-called “X-date” — when the federal government can no longer meet its legal obligations — could be as early as June 1, according to a May 1 letter from U.S. Treasury Secretary Janet Yellen to Congress. Yellen reiterated the same sentiments in another letter to Congress on May 15.

“If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests,” Yellen wrote in the most recent letter. She warned of “catastrophe” in a May 11 news conference.

The Congressional Budget Office released its own projections on May 12, which left more wiggle room: somewhere in the first two weeks of June. The report also said the U.S. Treasury’s cash and extraordinary measures would be sufficient to fund the government until June 15. read more

The flight from urban areas that took place during the first year of the pandemic either reversed or slowed in its second year, as last year metropolitan areas in Texas and Florida boomed and declines in New York and Los Angeles were halved, according to new estimates from the U.S. Census Bureau.

During the first full year of the pandemic in 2021, more than half of the 20 largest U.S. metro areas lost residents, and all U.S. metro areas grew by just 0.1%, as fear of the virus sent residents fleeing the most densely-populated urban areas and the popularity of remote work allowed people to live far from their workplaces.

By comparison, only eight of the 20 largest metro areas decreased in 2022, and the growth rate for all U.S. metros was 0.4%. Among the largest U.S. metros that had gains in 2022 after experiencing losses in 2021 were Washington, Miami-Fort Lauderdale, Seattle, Minneapolis and San Diego, according to 2022 population estimates released Thursday by the Census Bureau.

The Dallas-Fort Worth area grew the most among U.S. metros, jumping by six-digit figures for a second consecutive year, as it gained another 170,000 residents last year. Metro Dallas-Fort Worth’s 7.9 million residents made it the nation’s fourth-largest metropolitan area, behind only New York, Los Angeles and Chicago, all of which lost population last year but with much smaller losses compared to the first year of the pandemic. read more

Q:  I’m retired, living on Social Security and want to buy a plug-in hybrid automobile. I don’t pay taxes, so how would the credit work for me? – R.B., no city given

A: The clean vehicle tax credit worth up to $7,500 is a nonrefundable credit, meaning you have to pay taxes in order to receive it. Because of this, you could consider generating a tax bill through IRA distributions, Roth conversions, or selling investments in a non-qualified brokerage account. Talk to a tax adviser to discuss these strategies in detail. –  Tommy Lucas

Q:  I am leaving my company, and they are giving me a nice severance package.  I also have a 401(k) and a pension.  What can I do with those?  – R.J., Orlando

A:  You can roll the 401(k) into an IRA.  The pension can most likely be rolled into an IRA also because most companies offer a lump sum distribution option.  Your pension plan manager can verify that for you. – Rhonda Shurtleff

Have a question? E-mail askanexpert@fpafla.com. Include your name (only your initials will be printed), hometown and phone. Questions are answered by Certified Financial Planners from the Financial Planning Association of Central Florida. Answers are for educational purposes only; you should also consult a financial professional. Questions and answers may be edited for space considerations. read more

A year after releasing the first conceptual drawings of the new $106 million Holocaust Museum for Hope & Humanity in downtown Orlando, the museum board and architects are asking for official city approval for the project, which has been refined and redesigned to address increased security risks.

The design team, led by Beyer Blinder Belle (BBB), will go before the city’s Appearance Review Board in June seeking a major certificate of appearance approval for the 44,500-square-foot building slated for the 2.5-acre site at 75 S. Ivanhoe Blvd. in downtown’s North Quarter district, according to a report in GrowthSpotter.

The former Chamber of Commerce building will be demolished to make way for the museum and civic space.

The white, curved building, which blends smooth and rippled concrete panels, takes its inspiration and reference from traditional Judaic items used in worship, such as a shofar and prayer shawl, known as a Tallit.

Kathy Turner, vice president of marketing and development for the museum, said the board collaborated with the architects to come up with an innovative design that was more than a square box. read more