Celebrating the strength & diversity of senior citizens and defending their right to make their own damn decisions — whether others approve or not.
All posts under Money are for information purposes only. They are not and should not be construed as financial or tax advice. Laws change and they differ by location. Consider these posts as ideas you could take to your financial advisor and/or tax accountant for discussion.
You did everything right. You picked a doctor within your health plan network. You made sure the hospital was in your network. Yet you suddenly face a bill for thousands of dollars for doctors or anesthesiologists who were not in your network. Bait and switch, anyone?
As the number of seniors grows, so grows our attractiveness to crooks. The following struck me as so important I wanted to get it out to you, even though this doesn’t follow the normal type of postings here.
If you are between 66 and 70, and have not applied yet for your social security benefits — please, please read this posting from the excellent Satisfying Retirement blog.
Apparently crooks, armed with your details from the Equifax breach, are going after people in this age range. They’ve found they can apply online with social security and get back benefits in your name (thousands of dollars worth!) — all before you can find out what happened.
Please check this out — and be vigilant. This not only screws up your social security, but will also force you to fight it out with the IRS and with medicare(!)
Sometimes it seems like senior citizens have all bought RVs and have all hit the road, including myself. But… should you join us?
The answer is very dependent on you and your circumstances — social, medical and financial.
If you are a single woman, don’t stop reading — you may be surprised at the benefits of owning one. I certainly was. The only reason I got one originally was because my dad’s wife suddenly banned animals inside her house. Which meant I couldn’t visit her or my dad, unless I was willing to get a local hotel room and leave my two small dogs inside for hours.
After spending 60+ years trying to GROW our nest eggs, we’re suddenly faced in retirement with SHRINKING them. This sudden about face can give us whiplash — and scare the heck out of us. In fact, one financial advisor told me his clients were more afraid of running out of money in retirement than they were afraid of dying(!)
Hogwash describes a lot of what we have read about financial planning for retirement. I’ve read articles and completed calculators that say if we don’t have at least $1.5 million in the bank — forget retiring. (Gee, I wonder how the 96% of us who are not millionaires ever manage?)
At first glance, seniors may believe they are better off for taxes in 2018. But it may not be true for you. Given that taxes are complex and ‘no one size fits all,’ let’s explore the new Tax Cut Act.
The hype is that nearly everyone will benefit from the tax law changes but that has not been proven. For example, the standard deduction will be doubled starting in 2018. Fantastic, right? But… the personal exemptions will be phased out temporarily. Where will that leave you? Tough to say but odds are most are not better off regarding their tax liabilities. It depends a lot on family size and taxable income levels.