Elderly Feed

Photo by Katina Rogers via Flickr CC Most of us will spend time with family this Thanksgiving. If the gathering includes an aging parent (or two), it's a good time to gauge how they're doing. Now I'm not advocating a full diagnostic discussion. That's not only a bit intrusive, but such conversations probably will start fights if your family is anything like mine. My 80-something mom simply refuses to acknowledge that she's 80-something and that entering her eighth decade presents some limitations. And by refuses to acknowledge, I mean she dives head-first into vehement and lengthy denials. This is not... Read more →


Life is a carousel, at least for a while, for this youngster and her grandmother. Once play time is over, financially secure grandparents have some tax-favored ways they can help ftheir grandchildren. (Photo by Rob Bixby via Flickr Creative Commons) Happy Grandparents Day! If your pop-pop and mam-maw (insert your own personal and/or regional affectionate nicknames here) are still around, take some time to tell them how much you love and appreciate them. Most of the time, younger — and that's definitely a relative term — folk think of grandparents as ancient. In many cases, elderly grandparents (and parents) do... Read more →


The annual tax filing due date is the big day each April. Instead of falling on the usual April 15, the deadline for getting your taxes to the Internal Revenue Service this year is April 18. But some older taxpayers, specifically that first big batch of Baby Boomers who turned 70½ last year, are facing a key April 1 tax deadline. April Fools' Day is the deadline to take your first required minimum distribution, or RMD, from certain tax-deferred retirement accounts if you didn't do so by the end of last year. No kidding. If you miss the April deadline,... Read more →


Time is rapidly running out to make year-end tax moves, but if you're a septuagenarian, here's one that you definitely cannot afford to overlook. If you're 70½ or older, congrats and happy, happy on all those full and half birthdays! Remember, though, that now you must take out at least an IRS-specified amount from your tax-deferred retirement account(s) by the end of the year. Miss the deadline and you'll owe a major tax penalty. (Birthday party photo courtesy Today's Senior Network) Half birthday tax trigger: If you're 70½ and have a traditional IRA (or more than one of these accounts)... Read more →


NOTE: This post was updated Nov. 22, 2017. Millions of us will be seeing our parents during Thanksgiving. For many, it's the first they've seen of mom and dad in months. Thanksgiving traditionally is a multi-generational celebration. But adult children might need to pay special attention to their aging parents over the holiday to gauge whether mom and dad now need some extra help. (Photo courtesy NealeA via Flickr Creative Commons) If you're heading to your parents' place this holiday and they're getting up there in years, it's a good time to make sure they're doing OK when you're not... Read more →


New York City handed out more than $59 million in residential tax breaks to thousands of deceased individuals and corporations between fiscal years 2011 and 2017. The improper tax benefits were supposed to go as property tax exemptions for senior citizens, according to an audit by the New York City comptroller's office. Around $36 million in tax revenue was lost when the city granted more than 3,000 Senior Citizen Homeowners' Exemptions (SCHE) to older property owners who had died, according to NYC Comptroller Scott Stringer. The same properties, Stringer said during a July 7 press conference announcing the audit findings,... Read more →


The United States of America tomorrow will celebrate 240 years since independence was declared. Here's wishing all my fellow Americans a safe and fun July 4, especially since our break from Britain was based in large part on the battle cry that "Taxation without representation is tyranny." But another important date arrived just a few days earlier. On July 1, the first of the Baby Boomers turned 70½. Judging by this cake's flames, this guy looks to be a bit older than 70½. That half birthday date is crucial because it means owners of tax-deferred retirement accounts like traditional IRAs... Read more →


The hubby and I have no children. We often, however, seem to find ourselves at places and events chock full of families. For the most part, that's OK. Although we're child-free, we get a kick out of kids in small doses. They often provide some chuckles. Or as in the case of the poor baby pictured below, literal out loud laughs. Sorry, kiddo, but peas are good for you. Really! Plus, it always helps to know that when we get in our car and head home, it's just the two of us! Families still rule: We're in the minority. Most... Read more →


How are those Thanksgiving leftovers holding up? While you might be sick of the excess turkey, dressing and countless side dishes, too many people face the opposite problem. They don't have enough to eat every day. Food pantries and soup kitchens get a lot of attention during the holidays, and that's good. But they welcome help throughout the year. And some are getting it from nontraditional sources. Many hunters and the organizations that support them have charitable offshoots through which game meat is donated to help feed the hungry. A volunteer serves game meat at soup kitchen. Click image to... Read more →


Life. It just keeps keeping on (if we're lucky!). For most of us, our day-to-day activities fall into a predictable routine. Sometimes, though, the daily route detours. That's what happened yesterday, as the hubby had an unexpected day off. So I took time off, too, to enjoy the down time with him ... not, as he jokingly -- I'm pretty sure he was joking! -- said, to make sure he didn't have too much fun! Click image to watch a video of Ferris Bueller's sage advice about enjoying a day off. And that meant that I didn't get around to... Read more →


This post was updated March 27, 2017. Original text can be found here. Uncle Sam encourages us to save for retirement by offering a variety of tax breaks. However, in the case of tax-deferred retirement plans, such as traditional IRAs and 401(k) workplace retirement accounts, he eventually wants his share of tax on our nest eggs. Are you comfortable enough in your golden years to share some of your IRA money with your favorite charity? That option now is a permanent part of the Internal Revenue Code. This is accomplished via required minimum distributions, or RMDs. But the tax code... Read more →


For the last few years, my mother has lived just up the road from me. So not only do I get to see her more often, I've also become well-acquainted with the issues that are important as we age Among the tax-related concerns of older folks is meeting the withdrawal requirements of traditional IRAs and other tax-deferred retirement accounts, such as 401(k)s and similar workplace plans. Most folks who are 70½ or older -- we'll get back to those in this age group who aren't affected shortly -- must take payments from their individual retirement arrangements and similar saving vehicles... Read more →


I am a firm believer in the cliché adage truth that you're as young as you feel. Age is an artificial construct, devised by humans to set limits. I realize that sometimes age requirements are necessary -- driving, voting, drinking. Don't combine these dangerously! Personally, I don't celebrate birthdays. I don't hate them, but making a big deal of the day on which you just happened to appear screaming into (at?) the world seems silly. As a friend from Washington, D.C., (miss you, Maxine!) once said and I repeat often: Age only matters if you're wine or cheese. "Is the... Read more →


This post updated 3/17/17 to reflect 2016-2017 tax data. It's the Tuesday after the long Labor Day holiday weekend, so you knew it had to happen. Tuesday apparently was so jazzed about getting to start the work week, it did its best Monday impression, piling on early in this already shortened week. Specifically, while trying to catch up after three days off, I had to spend a couple of hours dealing with family issues. Before my friends and sympathetic readers freak out, not to worry. It wasn't an emergency, medical or otherwise. My mom just needed some help taking care... Read more →


Almost 40 million people age 65 or older currently collect Social Security benefits. Vice President Joe Biden is one of them. The 71-year-old veep also is among those who pay income tax on at least some of their federal retirement benefits. Vice President Joe Biden meets with the original six "Rosie the Riveters" who worked in a shipyard during World War II. They, like the veep, are eligible for Social Security benefits. (Office of the Vice President photo.) That revelation was one of the things we learned with the release of the president's and vice president's 2013 tax returns. Barack... Read more →


Age and wisdom, it is said, triumphs over youth and enthusiasm. With every passing day, I hope that is true! My mom, the lovely lady in red, celebrating birthdays with her friends at her local Seniors Center. One thing, however, I do know about getting older. It offers some tax advantages not available to younger filers. Today's Daily Tax Tip actually is a look at four tax breaks just for us older folks. Don't feel left out. You'll get to join our august group one day! 1. Contribute more to retirement accounts As long as you're earning money, you can... Read more →


And so it has happened again. Another month arrives and I am totally unprepared. Regular readers of the ol' blog know I (try to) start each month with some tax-saving, tax-planning thoughts. But March arrived on a Saturday that I spent with my mom. And Sunday, March 2, was Oscars day ... and a Sunday, day of rest and all. That left Monday as the day to highlight some tax moves to make in March. By now you've figured out where this story is going. Today kind of slipped by me, too. But I realized it with just enough time... Read more →


I'm a sucker for Christmas. The food, the movies, decorating the tree and the mantel and, of course, the songs. I look forward to them for 11 months of the year. So if the seasonal time-honored trappings are so important to me, why does a novelty song make my holiday listening list? Because sometimes even the strictest traditionalist needs to get a little goofy. That's why this season's third Christmas Tax Tip Tune is Grandma Got Run Over by a Reindeer. I know, despite its upbeat tempo, it's a bit of a downer. But you can always opt instead for... Read more →


When I started working, a handful of companies still offered their workers a pension plan. I'm talking a real pension plan, one where the business alone set aside some money that you could collect each month after you retired. Back then, financial planners regularly referred to pensions as one leg of the three-legged retirement planning stool: pension payments, personal savings and Social Security benefits. Those three retirement components account for this week's By the Numbers figure. But retirement planning has gotten much more complicated in recent years. Two wobbly legs: We continue to hear about Social Security's financial troubles. Whether... Read more →


The ringleader of a South Florida identity theft ring that filed $11.7 million worth of fraudulent federal income tax refunds was sentenced last week to more than 26 years in prison and $1.9 million in restitution. At the sentencing of Alci Bonannee, 36, of Fort Lauderdale, federal prosecutors said the scheme was one of the biggest and most successful they've seen. It was so convincing, noted the trial judge, that the Internal Revenue Service approved some $4.5 million of the requested refunds. It also is a prime example of what federal proscutors called a tax fraud "epidemic" that is more... Read more →