Widow(er)s are eligible to file a joint income tax return with your deceased spouse for the year the death occurred (assuming you have not remarried). Also, for the next two years, you may be eligible for special benefits as a “qualifying widower” See IRS Publication 501 for details. https://www.irs.gov/forms-pubs/about-publication-501 About Publication 501 | Internal Revenue…
Difference Between Socially Responsible Investing (SRI) and Environmental, Social and Governance (ESG) Investing
Samual Adams, writing for Advisor Perspectives (12/17/18), explains the difference between SRI and ESG: “SRI was originally developed to allow investors to avoid companies they disliked for ethical or values-based reasons. This original form of SRI is now called “exclusions” or “negative-screen” investing. Other SRI strategies have been developed, including positive screen or thematic investing,…
Which generration has the highest student debt load?
Millenials? Gen-X? Guess again!Boomers age 45 to 74 “now owe more money in education-related debt, on average, than do younger college graduates.”“People under age 35 with student debt owe $32,900 on average, according to data from the Fed’s 2016 Survey of Consumer Finances. That debt number is higher for every other 10-year age bracket up…
Trump eviserates the Consumer Financial Protection Bureau
Does anyone remember the 2008 financial crisis? Do you recall that one of the major causes of the global financial meltdown? Mick Mulvaney, White House budget director and acting director of the Consumer Financial Protection Bureau, stated that when he was a member of Congress, he would only talk with lobbyists who were donating money…
How NOT to spend your income tax refund… IF you receive a refund
“Gambling, investing in cryptocurrency or backing a friend’s new venture are among the worst possible ways to spend a tax refund, writes Geoff Williams” in US News and World Report.See; The 5 Worst Ways You Can Spend Your Tax Refund https://money.usnews.com/money/personal-finance/taxes/articles/2018-03-20/the-5-worst-ways-you-can-spend-your-tax-refund Much better options: pay down credit card debt, pay down other debts like car…
Change in medical expense federal tax deduction for 2018
The threshold for claiming the medical-expense deduction is 7.5% of adjusted gross income for 2017 and 2018, potentially letting more people qualify. Sarah O’Brien explains A taxpayer with adjusted gross income of $50,000 would need a minimum of $3,750 in medical expenses to reach the temporary 7.5 percent threshold. That compares with $5,000 — $1,250…
Is your college student using federal student loans to finance spring break?
The Squared Away Blog reports: New Use for College Loans: Spring Break! “Yup, more than half of college students are using some of their student loan money to pay for spring break.” See: http://squaredawayblog.bc.edu/squared-away/new-use-for-college-loans-spring-break/Even if college students are paying their own way (with earned income) for fancy week-long get-aways… should they be using funds in…
Looking for savings options that pay more than 1/10th of 1%?
Check out Jean Chatzky’s advice on where to find the best savings options today, “How to grow your savings and reach your short term goals faster,” at: https://www.nbcnews.com/better/business/how-grow-your-savings-reach-your-short-term-goals-ncna857871 “Although the average savings accounts are (as we noted) paying peanuts, the best are paying almost 20 times that much. You just have to search for them…
Unauthorized charge for Amazon Prime?
I was surprised to find a charge for Amazon Prime membership on my credit card. I occasionally order from Amazon but never joined Prime. When I called my credit card company to dispute the charge I was told that this happens all the time to Amazon customers. The credit card rep told me to call…
If your retirement funding plan is to keep working… reality check needed!
Think the solution to inadequate retirement savings is to keep working? That’s what a lot of people thought until… poor health, layoff, age discrimination, or caregiving needs interfered. Fully 61% of retirees left the paid workforce before they planned… and not on their own terms. Even part-time work may be unrealistic; only 29% of retirees…