The Best Way to Prepare for Health Care Costs in Retirement
Health care can be expensive as you get older and retire. Planning a budget for health care costs and enrolling in a health savings account are just two ways you can prepare for health care costs in retirement.
Benefits of Charitable Giving in Retirement
As you planned and saved over the years of your working life, you might have also considered those in need. By year-end, you may have made enough charitable donations to qualified organizations to also enjoy the benefits of charitable giving. Now that you’ve retired, you can still take advantage of many charitable giving tax benefits. Here are some of the ways to do that.
Do You Pay Income Taxes in Retirement?
Do you pay income taxes in retirement? Retirees no longer earn a steady income. However, taxes are inevitable. With proper planning, you can lower your tax burden during retirement.
Charitable Giving & Your Retirement Plan
The average individual spends less during their retirement due to a budget. The exception is giving to charitable causes. A study by the WPI (Women’s Philanthropy Institute) looked at how households in America spent money as they retired. The results revealed that both single women and married couples spent the same amount of donations on
Avoid Tapping Retirement Savings This Holiday Season
If you are like many people, you may easily spend hundreds of dollars or more on holiday gifts and related holiday purchases each year. Some sources (For example, Forbes)indicate that consumers may spend more money over the holiday season this year than they have in previous years. The cost of gifts is only one seasonable
Tax Time Guide. IRS has made some changes!
Internal Revenue Service has come with an initiative to assist elderly taxpayers. Tax Counseling for the Elderly (TCE) would feature individuals of 60 years and above only. There have been Cooperative agreements between IRS and relevant organizations that would work annually during the taxation period for the initiative’s success. Some community partners taking part include
Are There Tax Breaks for Different Generations?
Getting older has its nuisances as your health starts to decline, eyesight and hearing can deteriorate, you start having aches and pains in unexpected body parts. However, it does have its perks. Some of those benefits are in the form of tax breaks that come as you get older. Seniors have a larger tax
Budget for Retirement Travel
For many people, the dream of traveling in retirement is strong. You may want to plan trips to see your adult kids and grandkids a few times per year, and likewise, you may have bucket list trips in mind. Because you do not have a job to rush back home to, retirement is an excellent
Healthcare Could Be Your Biggest Expense In Retirement
No matter what your age is, it’s important to start preparing for the time when you eventually retire. One of the biggest financial issues you may encounter while you’re ready to stop working is how much money you will need for your health care. In general, this can be a sizable amount. On average, a
Why Fall Is A Good Time To Talk About Falling?
Falling is a threat millions of aging Americans face, especially those 65 and up. At least one in four elderly people will suffer a fall each year. The CDC analyzed data from a 2014 Behavioral Risk Factor Surveillance System (BRFSS) survey and found that suffering one fall doubles an elderly person’s chance of having a repeat fall.
It’s Not Too Late for Retirement Resolutions
If you are thinking about retiring within the next few years or longer, you may want to create a resolution or two so that you can better plan for your non-working years.
10 Reasons You’ll Love Being Retired
If you are like many people, you are probably looking forward to the time when you can retire. It marks the end of an era and serves as a reward for all the hard work you have done over the years. Retirement is a time you can truly enjoy yourself and reap the rewards of
Medical Debt and Your Retirement
How To Get Rid Of Your Accumulated Medical Debt In A Few Easy Steps. Retirement planning and medical debt often go hand-in-hand.