Month: November 2021

I read this article from Chris Kissell and just had to share it. It was pretty eye opening to me as I save for retirement.I had no idea that there were these sneaky ways federal and state governments lay claim to your hard-earned savings..Here are five ways… were you aware of these? I knew a couple but not all!Be Well,Anisa 1. Taxes On Social Security Benefits… For decades, Uncle Sam has been siphoning a portion of your pay to help fund Social Security. When retirement arrives, it will be your chance to cash in as the money flows the other way. But be careful: There is a good chance that taxes will be due on a portion of those benefits. As we recently reported, if you have enough retirement income coming in, up to 85% of your Social Security benefits may be taxable. According to the Social Security Administration, individual filers with a combined income between $25,000 and $34,000 may have to pay income tax on up to 50% of their benefits. Earn more than $34,000, and up to 85% may be taxable. For those filing joint returns, a combined income between $32,000 and $44,000 may result in paying income...

Scams have been a part of our lives since I can remember. Years ago it may have come in the form of a Con Man and it wasn't very prevalent.Since the Internet it has gotten worse and now the level of sophisticastion is astounding. From phone calls, to phishing every day we are hit with some sort of scam.Most of us are convinced we will not fall for one, but the reality is a good portion (more than 50%) of us will.Let's explore more with a research study that breaks it down to a simple 4 beliefs you may have that make you susceptible to a scam.Be Well,Anisa A New Study… A new study looks at how the attitudes and beliefs that shape how we view the world - a concept known as "mental frames" - might influence how likely we are to fall prey to a scam, according to a two-year study by the FINRA Investor Education Foundation, the Better Business Bureau Institute for Marketplace Trust and the University of Minnesota. The researchers identified and interviewed 17 study participants. They came from a pool of people who filed reports with BBB Scam Tracker, an online fraud reporting tool. Ten...

Many of you are already in retirement and others, like me, are dreaming about it!One thing for certain is it is important to do your homework or you could be in for an unpleasant surprise.Some people buy into myths about retirement… such as how much they'll spend and where they'll live… without realizing that reality can be much different. By the time they discover the truth, it could be too late to make adjustments to their retirement plan.Don't get caught off-guard. Make sure you don't fall for these common retirement myths I found from an article form Money Talk NewsBe Well,Anisa 1. You can always work longer if you don't have enough savings… It's not unusual for people to think they can simply delay retirement or work part-time if they have meager savings. In fact, 72% of workers think they will continue to work for pay after they retire, according to the 2021 Retirement Confidence Survey from the nonprofit Employee Benefit Research Institute. The reality: While most workers think they will still earn a paycheck after retirement, the truth is only 30% of retirees have actually worked for pay, according to the EBRI survey. What's more, the survey found nearly...

We've explored Dementia many times. It's a disease that is rising at an alarming rate. To make matters worse, future numbers of how many people will be affected are downright scary.That begs to aks. How can we spot early indicators that our loved one may have Alzheimer's or dementia?I found this insightful article by Patrick J. Kiger who wrote this for AARP.From age 50 on, it's not unusual to have occasional trouble finding the right word or remembering where you put things.But persistent difficulty with memory, cognition and ability to perform everyday tasks might be signs that something more serious is happening to a loved one's brain.A loved one showing symptoms of dementia needs to see a medical expert who can conduct tests and come up with a diagnosis. If a loved one has dementia, you'll want to plan how you will manage that care, especially as the condition progresses.Below is a list of 7 things to watch out for.Be Well,Anisa Difficulty With Everyday Tasks… Everyone makes mistakes, but people with dementia may find it increasingly difficult to do things like keep track of monthly bills or follow a recipe while cooking, the Alzheimer's Association says. They also may find...

Did you realize all these tax credits and deductions exist… or that they apply to retirees?How does the adage go? With age comes… new ways to save on taxes.While you can't stop filing taxes just because you retire, being a retiree often means you can claim some worthwhile tax credits and deductions.In some cases, these tax breaks are available to both workers and retirees, so the latter often don't realize they might be eligible. In other cases, these tax breaks are effectively reserved for older taxpayers, meaning taxpayers may not hear about them until later in life.In this article from Money Talk News we will explore several examples of federal income tax breaks that retirees often overlook.Be Well,Anisa 1. Bigger Standard Deduction… For seniors who don't itemize their tax deductions, a higher standard deduction is a free potential reduction in your tax bill. Seniors generally get an increase of $1,300 per married person or $1,650 per single person from the usual standard deduction. For the 2020 tax year - meaning the return that's due in April - the IRS defines "senior" as someone born before Jan. 2, 1956. For two married seniors, for example, that's an extra $2,600 they get...