Census Bureau Predicts Increase in U.S. Population for 2024

As a new year begins, the U.S. Census Bureau projected the U.S. population would be 335,893,238 at midnight EST, on Jan. 1, 2024. This represents an increase of 1,759,535 (0.53 percent) from Jan. 1, 2023, and 4,443,957 (1.34 percent) from Census Day (April 1) 2020.

In January 2024, the United States is expected to experience one birth every 9.0 seconds and one death every 9.5 seconds. Meanwhile, net international migration is expected to add one person to the U.S. population every 28.3 seconds.

The combination of births, deaths and net international migration increases the U.S. population by one person every 24.2 seconds.

The projected world population on Jan. 1, 2024, is 8,019,876,189, an increase of 75,162,541 (0.95 percent) from New Year’s Day 2023. During January 2024, 4.3 births and 2.0 deaths are expected worldwide every second.

The Census Bureau’s Population Clock displays simulated real-time growth of the U.S. and world populations.

TCS Property Management Expands Into Charleston

TCS Property Management, a prominent single-family property management firm based in Philadelphia, has announced its expansion into several key U.S. markets. This significant step in growth capitalizes on the firm’s proprietary processes, enabling real estate firms across the nation to offer comprehensive property management services.

With a strategic emphasis on joint venture partnerships, TCS Property Management has successfully initiated operations in Nashville, Tennessee; Phoenix, Arizona; Charleston, South Carolina; and Atlanta, Georgia.

These markets were chosen for their high density of rental properties, aligning with TCS Management's proficiency in managing single-family homes.

Benjamin Oller, Partner at TCS Property Management, said, “Our expansion is more than geographical growth; it's about equipping local real estate entities with the tools and processes to excel in property management. We’re excited to bring our proven solutions to these dynamic markets and collaborate with influential local real estate professionals.”

This approach to property management has been instrumental in TCS Management’s success in Philadelphia. Now, this model is poised to revolutionize the property management sector in these new regions. The company’s expansion underscores its dedication to delivering exceptional service and support to both property owners and tenants.

The Tennessee branch of TCS Property Management, situated just outside Nashville, marked the firm's initial expansion venture.

Collaborating with David Huffaker of The Huffaker Group, Keller Williams, the firm has achieved success in offering professional property management to individual single-family investors.

“Integrating real estate-centric brokerage firms into property management is essential,” said Joseph Puggi, director of business development at TCS Management.

Middle-Income Americans See Rise in Purchasing Power

Primerica, Inc. (NYSE: PRI), a leading provider of financial services in the United States and Canada, announced the release of the Primerica Household Budget Index (HBI), a monthly index illustrating the purchasing power of middle-income households with incomes between $30,000 and $130,000.

In November 2023, the average purchasing power for middle-income households was 100.5 percent, up from 99.1 percent in October. A year ago, the index stood at 93.7 percent.

“During November, a significant decrease in gasoline prices and a small decrease in food prices, accompanied by continued strength in household incomes, allowed middle-income families to stem the loss of purchasing power they have experienced for several consecutive months,” said Glenn J. Williams, CEO of Primerica.

“These families have consistently indicated that the cost of living is weighing on their financial security.”

In November, HBI data showed middle-income households saw modest improvements in spending power. However, since 2021, driven by the increased costs of necessity items, households experienced an average cumulative budget deficit of nearly $2,500.

“So much has happened since January 2019, and for the index to finally come back to the baseline value is a welcome outcome,” said Amy Crews Cutts, Ph.D., CBE, economic consultant to Primerica.

“But it doesn’t mean that all is grand. Had the pandemic never happened, the HBI would likely be approximately 10 percent higher than it is now, there would be more savings accumulation for middle-income households, and middle-income families would not be carrying all the new credit card debt they incurred when inflation was roaring well ahead of earned income.”

IRS Explains Rules About Required Minimum Distributions

Required Minimum Distributions (RMDs) are minimum amounts you must withdraw from your IRA or retirement plan account when you reach age 72. Beginning in 2023, the SECURE 2.0 Act changed the age RMDs must begin to age 73 for taxpayers that are born after 1950.

Roth IRAs are not subject to RMDs until after the death of the original account owner. Designated Roth accounts in a 401(k) or 403(b) plan are subject to the RMD rules for 2023. However, for 2024 and later years, RMDs are no longer required from designated Roth accounts.   

RMDs from an IRA

You can meet your RMD requirement by taking a withdrawal from one or more of your traditional IRAs, or SEP, SIMPLE and SARSEP IRAs. It’s not necessary to take a withdrawal from each of your IRAs, but your total withdrawals must be at least equal to the total RMD due from all IRAs. 

Reach age 72 in 2022: The first RMD from your IRAs was due by April 1, 2023, based on the December 31, 2021, account balances. Your second RMD is due by December 31, 2023, based on the December 31, 2022, account balances.

Reach age 72 in 2023:  Your first RMD is for 2024, the year you reach age 73, and is due by April 1, 2025.

Reach age 73 in 2023: You were age 72 in 2022 and your first RMD for 2022 was due by April 1, 2023. Your second RMD is due by December 31, 2023, based on your December 31, 2022, account balances.

RMDs from a retirement plan

To satisfy the RMD requirements in a retirement plan, you must take RMDs separately from each of your retirement plans. If you reached age 72 in 2022, your first RMD for 2022 is due by April 1, 2023, based on your December 31, 2021, account balance. Your 2023 RMD is due by December 31, 2023, based on your December 31, 2022, account balance.

If you’re still employed by the plan sponsor, and not a 5 percent owner, your plan may allow you to delay taking RMDs from that workplace retirement plan until you retire. IRS rules always require you to take RMDs beginning at age 72 from traditional IRAs, SEP, SIMPLE and SARSEP IRA plans, even if you’re still employed.

For more information, see the recent IRS news release reminding those age 73 and older to make required withdrawals from IRAs and retirement plans by December 31, 2023.   

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