On May 4, 2017, the House of Representatives passed the American Health Care Act (AHCA). With some changes, this is essentially the same law that was pulled from consideration by the House back in March. Compared to the Affordable Care Act (ACA or Obamacare), the AHCA repeals the health insurance mandate for both individuals and…
Covered by Medicare, Should You Have Additional Health Insurance?
It’s often wise to purchase health insurance to supplement your Original Medicare coverage, because Medicare generally won’t cover all of your medical expenses. Usually, you’ll have to satisfy a deductible before Medicare pays anything. You will also pay a co-payment when you visit a physician or are admitted to the hospital. Medigap May Plug the…
Baby Boomer Tax Planning: 4 Tax Learnings
There are 4 tax season learnings which may impact Baby Boomer tax planning. Volunteering to Prepare Tax Returns: The Happiness Effect describes the benefits of AARP’s tax return preparation program for seniors. When I prepared tax returns for seniors most taxpayers used the standard deduction, some received the earned income credit and there were many one time…
Are You Losing It and Don’t Know It? -Decline in Financial Literacy
Are you losing it and don’t know it? Is the decline in financial literacy happening to you? All stages of life have many happy moments and some not so happy as well. Growing older bring many changes and challenges to our lives. What do we do? We should acknowledge that change occurs and take the…
Have You Checked Your Retirement Plan Lately?
It’s generally a good idea to review your employer-sponsored retirement plan at least once each year and when major life changes occur. If you haven’t given your plan a thorough review within the last 12 months, now may be a good time to do so. Have you experienced any life changes? Since your last retirement…
What You Should Do With Your 401(k) When You Switch Jobs or Retire
Your 401(k) can be a significant asset which you accumulated at work after one year or after a career. So what do you do with your 401(k) when you switch jobs or retire? Your Current 401(k) Plan The benefits of your 401(k) plan include the ability to defer paying income taxes until the money is…
Financial Basics for Millennials = Good Money Management
Millennials face financial challenges that are unique to their generation. One of the first steps in overcoming those challenges is to understand some basic financial concepts. If you’re a young adult in your 20s or 30s, you’ve been introduced to the realities of adulthood. While you’re excited by all the opportunities life has to offer,…
Our Progressive Tax System
APRIL IS NATIONAL FINANCIAL LITERACY MONTH If you live in the United States you live in a country with a progressive tax system. I call it a system because there is not just one progressive tax, there are many. Understanding how our system works is critical to your financial literacy. A progressive tax takes a…
Test Your Knowledge of Financial Basics: Financial Literacy Questions and Answers
APRIL IS NATIONAL FINANCIAL LITERACY MONTH How well do you understand personal finance? The following brief quiz can help you gauge your knowledge of a few basics. In the answer section, you’ll find details to help you learn more and increase your financial literacy. Here are some financial literacy questions. Financial Literacy Questions 1. How…
Volunteering to Prepare Tax Returns: The Happiness Effect
The more people volunteer, the happier they are. My Volunteering Experience I volunteered to prepare tax returns this tax season. After signing up, the first step last fall was to get trained by AARP members using an IRS certified course. The training took approximately 5 days over a 2 week period. There were about 20…