Social Security, Medicare facing changes
Most U.S. adults are opposed to proposals that would cut into Medicare or Social Security benefits, and a majority support raising taxes on the nation’s highest earners to keep Medicare running as is. The new findings, revealed in a March poll by The Associated Press-NORC Center for Public Affairs Research, come as both safety net programs are poised to run out of enough cash to pay... READ MORE
REITS offer ways to invest in real estate
With the equity market as volatile as ever, investors are increasingly turning to alternative assets to generate cash flow. One investment vehicle that’s drawing particular attention is real estate investment trusts, or REITs. Research by Nareit shows that investments in REITs have more than doubled over the past 10 years. REITs come in many different forms, with varying criteria.... READ MORE
Many say tipping is getting out of control
Across the country, there’s a silent frustration brewing about an age-old practice that many say is getting out of hand: tipping. Some fed-up consumers are posting rants on social media complaining about tip requests at drive-throughs, while others say they’re tired of being asked to leave a gratuity for a muffin or a simple cup of coffee at their neighborhood bakery. What’s... READ MORE
Credit unions share profits with members
In the past year, the Federal Reserve has employed several interest rate hikes in an effort to stabilize the U.S. economy. Depending on your situation and financial institution, your debt may have gotten more expensive or your savings might have grown. As rates continue to change, it’s worth exploring whether you’re still getting the best offer around. Compared with big banks, a... READ MORE
Keeping up with the federal gift tax rules
Thanks to the gift tax exclusion (a.k.a., the gift tax limit or gift tax exemption), you can give money or property each year to family members, friends and others without having to pay any federal gift tax or even file a gift tax return. The federal gift tax rates range from 18% to 40%, so avoiding the tax can save you a lot of money. And not having to bother with a gift tax return can... READ MORE
Understand the new RMD Rules for 2023
Dear Savvy Senior, What are the new rules on required minimum distributions from IRAs and 401(k)s? I will turn 72 this year and want to be clear on what I’m required to do. —Planning Ahead Dear Planning, Thanks to the SECURE Act 2.0 that was passed by Congress last December, there are several new rules that affect required minimum distributions (RMDs) from traditional IRAs,... READ MORE
Beware scammers impersonating banks
Consumer scams are getting more and more creative with every year that goes by. The Federal Trade Commission (FTC) reported that consumers lost more than $5.8 billion to fraudsters in 2021, an increase of more than 70% over the previous year. And the data for 2022 is expected to be even higher when it’s released, as criminals experiment with more intricate and inventive scams. One of ... READ MORE
Devices that make driving easier, safer
Dear Savvy Senior, Do you know of any car gadgets that can help older drivers? I drive a 12-year-old car and have arthritis in my neck, back and knees that limits my mobility, making it more difficult to get in and out of the car and look over my shoulder to back-up. —Almost 80 Dear Almost, There are a number of inexpensive products you can purchase that can easily be added to... READ MORE
Best places to find a financial adviser
Last month, we wrote about “How to select the right financial adviser.” This month, we complete that article with some good places to look for one: Certified Financial Planner Board (cfp.net). The CFP Board lists vetted advisers — you can sort by criteria such as location, gender, etc. Everyone on this list will have that CFP designation, which means regular training and updated... READ MORE
How to create your retirement glide path
In investing terms, a “glide path” describes how a mix of investments changes over time. Typically, the mix gets more conservative — with fewer stocks and more bonds, for example — as the investor approaches a goal such as retirement. You also can create a glide path into retirement by making gradual changes in your working and personal life in the months or years before you plan ... READ MORE
Money 2024
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