Being retired in her early 60s was never part of Kitty Felde's plans. RATE SEARCH: Need an IRA to stash retirement cash? Felde, 62, is not alone in extending her working career, as our society's definition of retirement continues to change.
Tina Little-Coltrane's insight:
I'll probably be one of that 70% who will work until I can't do it anymore! Can't imagine sitting home, growing older & stiffer looking for something to do every day.
Whether you are retiring now or 10 years from now, you need to be aware of these important changes to Social Security because it could impact your retirement planning. These changes include the phase out of filing strategies referred to as “unintended loopholes” -- known as file-and-suspend and the restricted application for spousal benefits -- created previously by Congress back in 2000.
If you do not turn age 62 by the end of 2015 these new Social Security rules will apply to you. The ability for your spouse to file a restricted application (filing and collecting a spousal benefit only) if you choose to suspend your benefit will not be available. In other words, your spouse can not collect their “spousal benefit” unless you are collecting your benefit.
From our understanding of the new provisions, once you reach your full retirement age, the option to collect a retroactive lump sum will not be available to you. This applies to anyone who has still not reached age 66 by April 30, 2016.
The Minnesota Society of Certified Public Accountants recently surveyed its CPA members in public accounting on the most outrageous tax deductions clients tried to take on their tax returns. The resulting list shows that, more often than not, clients just don t know which deductions are allowed.
The IRS requires you to file a tax return when your gross income exceeds the sum of the standard deduction for your filing status plus one exemption amount. These filing rules still apply to senior citizens who are living on Social Security benefits. If you are a senior, however, you don't count your Social Security income as gross income. If Social Security is your sole source of income, then you don't need to file a tax return.
You may know Anthony Anderson from his hit TV show Black-ish and as host of Eating America. But this September he’ll be taking on a new role as the 2015 national spokesperson for Life Insurance Awareness Month. The annual campaign, which takes place in September, is coordinated by Life Happens to encourage the more than 100 million Americans who do not have adequate life insurance to get the coverage they need. As spokesperson for the campaign, Anthony will share his personal story of how he and his family were directly impacted life insurance. As a young boy growing up in Compton, Calif., Anderson saw the importance his family placed on life insurance. While his parents didn’t have much, they did have Mary—or as Anthony’s family called her, ‘The Insurance Lady.’ Mary was a fixture in the Anderson home, visiting the family throughout the year to review and update his parents’ life insurance policies. She even sold Anthony his first life insurance policy when he turned 18. Now, a
A late-in-life career change. Recareering is not just a job change, but a move to a completely different career path. Money, power and prestige are prime motivators for many people switching careers, but others do it to pursue a passion or make a lifestyle change.
Shirley Meadows has been the Property Manager for The Oaks and Silver Lake Retirement Communities for nearly 21 years. During her reign as manager, she has been a tireless advocate of senior citizens in need.
Tina Little-Coltrane's insight:
My #BoomerLife & #SeniorCare Career goals! Property Management up next!
Baby Boomers constitute a veritable tsunami of retirees, with the potential to flood health care systems, up-end public policy, overwhelm Social Security, and tax the nation’s Medicare and other services as no previous generation has.
The most pressing concern for Baby Boomers and for those who care for and about them, is their vast potential to outlive their money. To get a handle on Baby Boomers’ retirement outlook, we present some common but unhelpful myths. Then we will look at some potentially helpful remedial steps.
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