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The New Tax Laws and Social Security
Although the 2018 tax law changes are a large step toward simplification of the filing process, there are several key aspects affecting seniors that need to be researched. They involve Qualified Charitable Distribution options to offeset taxable income, as well as changes…
File for Social Security early or late, the choice is yours, but here are some things to think about.
It’s a persistent question. Should I file as soon as I can (age 62), or wait until age 70 and get a bigger monthly payment. The decision is a personal one, but there are some things you should think about…
Looking at the Effects of Trump’s Budget on Social Security and Medicare
Although many lawmakers and media pundits have sounded the alarm about the President’s budget proposal, citing negative effects for seniors in the areas of Social Security and Medicare. A post from the 2018 Committee for a Responsible Federal Budget, though, shed a…
Bipartisan Budget Act of 2018
President Trump signed the Bipartisan Budget Act of 2018 (the “Budget”), a two-year budget which made substantial revisions to Medicare, including the Medicare Advantage (MA) program. The budget aims to increase federal funding for healthcare services for low-income individuals, and…
In Defense of Social Security
In a thought provoking analysis, the Boston Globe’s Evan Horowitz examines the upside of staying in the workforce longer than your full retirement age, and contrasts the increased benefits with the benefits offered simply through additional savings. Read his article here……
AMAC: Give Thought to the Stress of Retirement
WASHINGTON, DC, Feb 16 – There’s more to consider than your financial wellbeing if you are planning early retirement. You need to give thought to the impact that the change in your daily routine when you retire can have on your…
The Run-Up to Tax Day
It’s tax time–no secret there–but it’s also the time to get your information in order so that there are no surprises when you file your return, For example, if your name has changed as a result of marriage or divorce,…
Canceled Debt and The Social Security Earnings Test
Situations where a credit card debt is written off generates taxable income for the beneficiary, but Social Security does not factor that as income toward the “Earnings Test” for folks not yet at their full retirement age. Certified public accountant Sally…
Retirement Investment Strategies: The 100 Minus Your Age Rule of Thumb
The rule of thumb is pretty simple. Take your age and subtract it from 100, and that’s–theoretically, anyway–a sound way to assess how much of your retirement financing should be invested in stocks. In an article by Robert Powell posted on www.usatoday.com, a number…
IRS Ups the Volume on Its Latest Scam Warning
Coming on the heels of major announcements and warnings about the newest scam involving Income Tax refunds and stolen Social Security numbers, IRS officials report that the number of potential victims has soared from a few hundred to “several thousand in…