Tax day for 2016 returns is April 18, 2017
By midnight on April 18, millions of Americans will have hit the File button in their tax preparation apps or dropped their tax returns in the mail. With 2017 tax season almost behind us, it’s a good time to take a look at taxes as they relate to Americans over 50 — specifically, older Americans’ impact on the federal coffers as well as the impact taxes have on their own wallets. And there’s another reason to look at this issue now: In the coming months, tax reform promises to be a hot topic of discussion in Washington, D.C.
aspirins make a sad face on a tax form
It may not seem like it for many Americans, but recent health care spending in the United States has been growing at historically low levels. Between 2000 and 2007, per capita health spending grew at an average annual rate of 7.55 percent. Then we saw a steep decline between 2008 and 2014, when the rate dropped to an average 3.2 percent per year.
Paperwork clutter
As a financial adviser, I’ve seen a lot of clutter in people’s financial lives. I know people who have dozens of financial accounts. Problem is, the more accounts one has, the harder — and more time-consuming and stressful — it is to keep track of everything.
Ways to grow your nest egg
Soon we’ll be looking at tax day in the rearview mirror, which is the perfect time to plan for future tax consequences. One strategy that’s especially good for recent retirees is converting part of a traditional IRA to a Roth IRA.
Scrabble pieces spell out 'tax' on dollar bills
As tax season draws to a close for another year, you may be among those feeling the pinch from taxes paid on investments. I admit that paying taxes is not exactly my favorite thing, so I always look for ways to be more tax-efficient. Here are three things you can do to keep more of what you earn:
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Sometimes it takes a village to help a neighbor, and retiree Robert Bennett is mighty grateful for folks in his town on the banks of Maryland’s Chesapeake Bay.
healthcare symbol
The Obama administration said Friday it will allow a special health law enrollment period from March 15 to April 30 for consumers who realize while filling out their taxes that they owe a fee for not signing up for coverage last year.
Portrait Of Happy Senior Couple At Home
Some people aspire to retire at 60, 62 or 66, reducing the amount of their Social Security payment by 20 percent. Others are in it for the long haul, planning to work to 70 and beyond.
Insurance risk compass
I’ve been pretty critical of many annuities in the past, but there is one out there that might be worth a serious look. It’s called a Qualified Longevity Annuity Contract (QLAC) — yes, that’s a mouthful. Recent technical changes to this annuity OK’d by the U.S. Treasury offer a partial solution to the not-outliving-your-money challenge.
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President Barack Obama calls them loopholes, although investors consider them playing by the rules.
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