Elderly Feed

The hubby and I, like every other person, are getting older every day. That means we're getting closer to claiming Social Security and Medicare benefits. Two recent reports on the status of those federal programs make me glad to be closer to our collection dates. Both Social Security and Medicare, according to the programs' trustees, will run out of money to pay beneficiaries in 16 years and 8 years, respectively. At least the grayer-every-day hubby and I will get some of the full payouts. Sorry about all you youngsters! OK, I'm really not that selfish. But we are a bit... Read more →


A tropical system off of Mexico's Yucatan peninsula is expected to move north over the Memorial Day weekend. (The Weather Channel screenshot) The 2018 tropical storm season has arrived a bit early. Officially, the Atlantic (and Gulf of Mexico) hurricane season doesn't start each year until June 1. But the weather gods operate on their own schedules, so we often get early forming storms. That's the current situation. A tropical system has developed off the eastern coast of Yucatan, Mexico, and is expected to move north, ruining the Memorial Day weekend for thousands of Gulf Coast residents and vacationers. Depending... Read more →


Kids all across the country, including those in my neighborhood, spent Saturday hunting for brightly colored eggs. Or, if they're in the Washington, D.C. area, perhaps they're getting ready to participate in tomorrow's (Monday, April 2) 140th annual White House Easter Egg Roll, like the youngsters in the photo above did last year. Their parents, however, are more likely this weekend to be hunting for tax breaks as the April 17 filing deadline nears. Every tax season, lots of taxpayers overlook some deductions, credits or other tax moves that can reduce their eventual Internal Revenue Service bill. Here are some... Read more →


If you celebrated your 70½ birthday last year, you could be facing a retirement plan withdrawal deadline in a few days. (Photo by Kay Bell) Tax-favored retirement plans are a big part of millions of Americans' nest eggs. Many individuals still contribute untaxed dollars to traditional IRAs. They opt for this original IRA option because their contributions also allow them to take an immediate deduction on their tax returns. Others put money into workplace defined contribution plans. These automatic contributions are made before taxes are taken out of their paychecks. This lowers the amount of money subject to payroll withholding.... Read more →


Grandparents who are raising their grandchildren might benefit by claiming the Earned Income Tax Credit (EITC). The IRS has additional information for these taxpayers and other special groups and situations where the EITC could help. Friday, Jan. 26, was EITC Awareness Day, the 12th annual event during with the Internal Revenue Service makes a special effort to get the word out about this tax break that millions of filers ignore each year. Actually, the tax agency made special efforts, plural, yesterday. There were more than 250 total outreach events and activities around the country to promote the Earned Income Tax... Read more →


Free tax-preparation and filing help, like that shown here at a Rutherford Country, Tennessee, VITA office, is available at thousands of sites across the country. You need help with your taxes but you can't afford a professional. A couple of community-based, Internal Revenue Service endorsed and, best of all, free tax filing help options may just be the answer. If you earn around $54,000 or less, have a disability, are elderly or speak limited English, you may qualify for free tax help from IRS-certified volunteers at Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) locations nationwide.... Read more →


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 →