Tax Credits and Deductions for Seniors

Senior Man Filing Tax Report

10 Ways Older Adults Can Reduce Tax Bills Starting at Age 50 Everyone wants to keep more of their hard-earned money. Luckily for seniors, many of whom are on a fixed income, there are several ways for them to save on taxes. With one out of three seniors aged 70-79 having saved less than $100,000 for retirement1, every deduction counts.  A good way to make sure you aren't missing out on deductions is to get professional guidance. There are free tax preparation services available to seniors through the IRS and AARP. Also, those with income under $69,000 per year can

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Don’t Expect Medicare to Pay for Long-Term Care

A recent survey funded by The SCAN Foundation found close to four in 10 Americans, age 40+, believe Medicare and Social Security will pay for long-term care. The need for continuing care services and support to assist with activities of daily living will increase as the population ages. The group will require help with cooking, bathing, grooming, shopping, managing medicines, and toileting. Thirty-eight percent of the people surveyed in the 2016 Long-term Care in America report said they will rely on Medicare to pay. Correspondingly, 35% will count on Social Security and personal savings while 32% expects to depend on

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Increasing Financial Confidence of Older Americans and Adult Children

Young female explaining her senior father how to fill in paper

Do These Things for Better Retirement Planning Retirement planning is at the forefront of a lot of Americans’ minds, considering a top concern is not having enough money. Magnifying this is stock market cycles surrounding COVID-19. Those who felt confident at the beginning of 2020 now have reason to question their preparedness. Moreover, adult children are getting increasingly involved, asking new questions related to economic concerns, healthcare costs and living arrangements. Are older Americans and their children/caregivers on the same page? We asked more than 1,300 American adults 65 and older to share their perspectives on personal finances, retirement decisions

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10 Job Roles For Aging Parents

Senior gardener selecting a tree.

Many people believe that they are now old and don't have to work anymore, but this isn't the case anymore. With growing age, you learn many lessons, and one of these is to work as long as you can and put your experience to good use. It is best if you never relied on others, not even your children. Moreover, working elders are more likely to stay fit and healthy for longer because their brains and bodies are active. According to a research report by the Bureau of Labor Statistics (BLS), more than 40% of old age people ranging at

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How to Convert Your Life Insurance to an Annuity

Elegant senior lady

If you want to convert your life insurance policy to an annuity—or are thinking about it—there are some key things to take into consideration. Imagine this scenario: Tom will retire in a few years. Decades ago, he opened a life insurance policy to provide security for his young family. His children are grown now and financially secure. He continues to pay the insurance premium but feels the policy is more than he needs. He’s considering transferring the policy to an annuity to provide a stream of income for his retirement. But he knows annuities can be complicated—mostly because there are

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How to avoid mistakes with online bill payments

How to avoid mistakes with online bill payments

Donny sat down at his desktop computer at the end of the month as usual and began the process of paying his bills. Time was not on his side this day as his favorite football team prepared to take the field in 20 minutes. Soon, his friends would arrive to watch the game with him on television, and he still had to prepare game time snacks. With his mind on the upcoming event, Donny quickly moved through the bill payment motions. He opened up a web browser and sent one payment after another, including electricity, gas, water, telephone, and then

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Our Term Life Insurance Is Expiring. Now What?

Senior businessman working with laptop in office

Your term life insurance is about to expire, you’re retiring, and the kids are gone. This is a good time to determine your insurance needs and weigh your options. Here’s how to choose the best course of action for your ending-soon term life policy. Start with these 3 questions: Do loved ones need your financial support? People often buy a term life policy when they get married, buy a house or have their first child. This type of cost-effective policy provides financial security for your family in the event of your passing. Now that your children are grown and independent,

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Final Expense Insurance: Is It Right for You?

Close-up shot of Insurance broker is introducing a health insurance program with his tablet.

Final expense insurance is an option you may consider as you organize your retirement details. In the event of your death, having a plan in place can help family members take care of your funeral and related expenses—without financial stress. But where do you start? There are many options to cover end-of-life costs. Additionally, talking to loved ones about death can be difficult. Here are some tips to get you started: What is final expense insurance? Final expense insurance is a policy that you purchase to cover any expenses related to your death. That includes medical fees and funeral costs

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