No one wants to think about income taxes at this time of year, but those who plan thoroughly will reap the rewards in April. Take these steps now, and you’ll have an easier time (and hopefully owe less to the IRS) next spring. Check your paycheck withholding. Ideally, this step should be performed earlier in [...]
December 31 marks the last day of the year, and you might have planned something exciting for New Year’s Eve. But it’s also the last day to make contributions to charities, if you plan to use those contributions as a deduction for the 2022 tax year. Here’s what you need to know. Limits on charitable [...]
Most retirees must plan to live on a more limited budget than they enjoyed during their working years. To some degree that can be very doable, especially if you carefully pay down debts and no longer incur commuting expenses. But if you receive a surprising income tax bill, your budget can be seriously disrupted. That’s [...]
Each year, we urge you to stash as much money as possible in your qualified retirement plan. Making the maximum contribution to your account is not only the best way to continue preparing for a stable retirement; you can also earn a significant savings on your federal income taxes. So why not take advantage of [...]
To some degree, Social Security payments can help insulate retirement incomes against inflation. For example, the cost-of-living adjustment (COLA) this year was 5.9 percent, due to the considerable inflation we saw in 2021. But with inflation continuing to accelerate, will we see an even larger COLA in 2023? It’s possible. The Senior Citizens League has [...]
When you first reach age 65, you enroll in Medicare and make a number of choices about your coverage.For example, you will decide between Original Medicare and Medicare Advantage, whether to enroll in Medigap coverage, and maybe add a Part D (prescription) plan. All of these choices are aimed at helping you manage your healthcare [...]
You don’t need us to tell you that the cost of healthcare is out of control. All you have to do is turn on the news or take a look at your latest medical bill. In just twenty years, between 2000 and 2020, annual spending on healthcare tripled to $4.1 trillion per year! And according [...]
You probably know that where opportunity exists, con artists will take advantage. Unfortunately, the rise of digital money movement services, like Venmo and Zelle, has offered plenty of opportunity to unscrupulous folks who wish to take advantage. The services themselves are legitimate, but some of the people requesting money transfers are not! If you receive [...]
We definitely want you to enjoy your retirement years. At the same time, living on a fixed income can be challenging for many people. And the last thing you want is to run out of savings too early. So watch out for these ten common money traps. They catch more retirees than you might think! [...]
Refinance offers have poured into your mailbox over the past year, and you probably know several people who already refinanced their own homes. So should you join in? Or is now actually a beneficial time to refinance your mortgage? What about cashing out your equity? Maybe not, due to the following four factors… Mortgage rates [...]