Reducing financial abuse of older adults

By Trina Walton
Posted on November 27, 2023

Financial crime against older Americans is a growing problem. Victims of fraud who are 80 and older lose an average of $39,200 every year. People living with dementia are at an especially high risk of becoming victims. As their memory and other thinking skills decline, people with dementia may struggle to make financial decisions. They may not remember or report the abuse — or... READ MORE

Own Series I Bonds? Consider cashing in

By Sandra Block
Posted on November 16, 2023

In 2022, a spike in inflation made normally staid Series I [inflation-protected] savings bonds almost as popular as tickets to Taylor Swift’s Eras tour. I bonds issued between May and October 2022 earned a six-month composite rate of 9.62%, creating a surge in demand from yield-hungry investors that briefly overwhelmed the TreasuryDirect website where they’re sold. I bond rates... READ MORE

Give to charity from IRA for max tax benefits

By Joy Taylor
Posted on November 14, 2023

Many Americans donate to charity each year. Knowing that the money can help an organization that is near and dear to your heart helps you feel warm and fuzzy inside. Getting a federal tax break for the contribution might be an added bonus. However, these days, most people who donate can’t write off their gifts. That’s because only individuals who itemize deductions on Schedule A of... READ MORE

Medicare Advantage — pitfalls to avoid

By Kate Ashford
Posted on November 10, 2023

[Ed. Note: We are currently in the thick of Medicare’s annual “open enrollment period,” which runs from October 15 to December 7 every year. That’s the period during which you can a) switch from Original Medicare to a Medicare Advantage plan, or vice versa, b) join, drop or switch to another Medicare Advantage Plan, and c) add, drop or change prescription drug coverage. It is... READ MORE

Leave your heat on all day or turn it off?

By Erin Bendig
Posted on November 09, 2023

With energy prices increasing, heating your home is proving difficult for many to afford. This peak in prices is leading many to search for alternative ways to save on energy bills during the winter. Fortunately, the solution can be easier than you think. If you’ve ever wondered whether or not you should leave your heat on low all day or turn it off when you’re gone, keep... READ MORE

Protecting your pets after you’re gone

By Jim Miller
Posted on November 02, 2023

Dear Savvy Senior, What is the best way to ensure my pets are taken care of after I’m gone? I have two dogs and a cat that are my four-legged family, and I want to make sure they’ll be well taken care of after I die. —Solo Senior Dear Solo, It’s a great question. Every year, approximately 500,000 cats and dogs enter shelters when their pet parents experience an emergency or ... READ MORE

Safer investments for earning high yields

By Elliot Raphaelson
Posted on October 27, 2023

Because the Federal Reserve has been increasing interest rates, there are many conservative alternatives available for investors now who want to take advantage of high returns with minimum risks. Here are some of the alternatives available to you and the associated tax issues: Certificates of deposit The returns associated with certificates of deposit (CDs) are much higher than they were... READ MORE

How to reduce taxes on Social Security

By Liz Weston
Posted on October 17, 2023

Social Security benefits were once tax-free. That changed in 1983, when Congress decided to tax a portion of benefits for the highest-income recipients. Back then, fewer than 10% of beneficiaries were affected. However, lawmakers failed to update the law to account for inflation, so today most Social Security beneficiaries have to pay federal income tax on at least some of their... READ MORE

How investors can get on AI bandwagon

By Tom Taulli
Posted on October 13, 2023

AI investing has been the megatrend in 2023 — Goldman Sachs economists expect “AI investment could grow rapidly in the next couple of years, approaching $100 billion in the U.S. and $200 billion globally in today’s dollars by 2025.” There’s good reason for the bullishness. Goldman Sachs economists believe generative artificial intelligence will boost global labor productivity... READ MORE

Selecting or changing a Medicare plan

By Elliot Raphaelson
Posted on October 05, 2023

[Ed. Note: The annual Medicare open enrollment period, during which all beneficiaries can change Medicare plans and drug coverage, runs from October 15 through December 7. This article addresses how to first sign up for Medicare as well as sources to help existing Medicare beneficiaries make changes.] Selecting a Medicare plan is complex. I will discuss some of the important factors and... READ MORE