Obama Floats New Options for Retirement Savings

Small businesses would be able to band together to create a joint 401(k) retirement plan, and some part-time workers could participate in their employer’s plan, under proposals to be included in President Obama’s final budget to Congress. An outline of these and other proposals to expand access to retirement accounts to more than 30 million people was released Jan. 26. More details, along with cost figures, will be available when the president submits his budget next month. Some ideas are …

Tax Breaks Brought Back From the Dead

Federal lawmakers will simplify tax planning for many by making certain tax breaks permanent — including one for charitably inclined older investors. Many tax breaks expire after a year or so, requiring an act of Congress to briefly extend them again. That has made tax strategizing difficult, because people don’t know if Congress will let an expired deduction or credit lapse for good or revive it at the last minute. As part of the omnibus spending bill that the U.S. …

Supreme Court Hears Challenge to Health Care Law

For the second time in three years, the federal Affordable Care Act went before the Supreme Court on Wednesday. And before a packed courtroom, a divided group of justices mostly picked up right where they left off the last time. Once again, commentators and experts were left to wonder where Chief Justice John Roberts and Justice Anthony Kennedy, considered swing votes in the case, stand. A decision is expected by the end of June. Unlike in 2012, the current case, …

Will You Get an Insurance Subsidy? How Much?

By Julie Appleby, Senior Correspondent, Kaiser Health News If you buy your own health insurance, you’ve no doubt heard that subsidies will be available next year to help pay the premiums. But will you get a subsidy and how much? A report from researchers at the Kaiser Family Foundation provides some insight. Based on their analysis, about 48 percent of adults currently purchasing coverage for themselves will be eligible for subsidies next year – and those subsidies will average $5,548 …

Some Tax Tips to Heed Ahead of the Deadline

The deadline to file your tax return is approaching, so it’s important you know how to get every refund, credit and deduction you can. Here are some to consider: Long-term care insurance premiums. The older you are, the higher the portion you can claim. Here’s the scale: Age 41 to 50, $660; 51 to 60, $1,310; 61 to 70, $3,500; 71 or over, $4,370. Medical necessities. Did you know you can deduct expenses for things like hearing aids and batteries, …