It is very common for Florida  seniors to suffer from a financial crisis. Since so many seniors are on limited income, they will often find it difficult to manage their finances wisely. Unexpected emergencies can often cause financial crisis for seniors. To help deal with these issues, the following information can be very useful.

1. Always take time to evaluate the situation. Do not panic. Determine what has caused the financial crisis. Knowing the cause must be the first step before any type of action can be taken.

2. Make sure to set priorities in regards to expenses. Make lists that detail where money is being spent. Many seniors do not do this and they end up spending money on things that are not necessary. Make a list of the most important expenses and go from there.

3. If you are in debt, try to negotiate with lenders. Many companies will be willing to lower the amount owed if you simply ask. Be sure to call lenders if you know money is tight. It is best to contact them before getting behind on payments.

4. Try to find some extra money. For many seniors, this usually means selling something or asking a family member. During financial crisis, explain your situation and ask for help.

5. There are many type of financial assistance available, especially for seniors. Take the time to do some research and see what kind of help is available.

6. Plan ahead. Even though we never expect a financial crisis, it is always best to be prepared. Save a little extra when possible. This will help offset expenses in the future if there is a crisis.

Source: About.com Finance

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Tax Tips for Florida Seniors on Social Security

The idea of getting Social security benefits is to establish some kind of financial stability after retirement. Many seniors are completely reliant on their monthly checks. However, most of these seniors are also being taxed on up to 85% of their benefits. There are many ways in which seniors can reduce this amount. The following list provides seniors with some useful and important information on reducing taxes on Social Security.

1.    The amount of tax that will affect the Social Security earnings will depend on income and marital status. Many retirees who have investment income, rental income or a pension will be affected by a high tax percentage.

2.    If the income level of the senior is between $32000 and $44000 for a married senior, up to 50% of the benefits will be taxable. If the income exceeds this amount, then up to 85% of the benefits will be taxable.

3.    To reduce the tax, seniors will have to reduce their income levels. One way to help offset the tax is to increase pretax contributions to IRA and 401(k) accounts.

4.    Paying off a mortgage with cash savings will also help preserve benefits from being taxed.

5.    It may also be beneficial to convert a traditional IRA to a Roth IRA. Seniors will get taxed on the conversion for that year, but the one time hit on the taxes may be worth it in the long run.

Kiplinger.com

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Even though some seniors believe they will be financially stable when they retire, many do not plan for the increased cost of many things. When costs go up, it becomes a challenge for Florida seniors who are living on a fixed income. The list that is below contains some of the most common cost increases that seniors will face when they retire.

1. Many seniors believe they will be able to get by on a smaller budget when they stop working. However, if seniors are not careful, they could end up spending even more than they did while they were working.
2. Travel expenses will increase and this is something seniors probably did not plan for. The cost of entertainment will always fluctuate, leaving most seniors unable to budget this expense.
3. Socializing actually cones with a price, especially when it involves eating out or going to theatres.
4. Health insurance premiums will never come down! Seniors may be faces with annual increases. Co-pays and deductibles may also increase.
5. The cost of prescription drugs may also increase. This may not affect those who have an additional health insurance policy that covers their medication.
6. Long term care and household help are expenses that very few seniors prepare for. However, they could be something that must be dealt with and the cost for these is on the rise.
7. Finally, grandchildren are not cheap! Each year, grandparents spend more money on their grandchildren. Again, a cost that increases each year and is not planned for.

Source: http://money.usnews.com/money/retirement/slideshows/2010/10/04/10-costs-that-could-increase-in-retirement/10

It is common for a senior to make some mistakes financially, which is why it is important for seniors to share financial information with spouses and financial advisers. While it can be difficult to ask for outside help, Florida seniors will benefit from having someone help them with financial decisions so that mistakes will not be made. Many seniors who suffer from dementia and Alzheimer’s will experience financial problems. The following list provides 8 tips that can help.

1. Make sure someone else has access to online banking records. This is usually a family member of a financial adviser. By doing so, bank activity can be monitored to see if mistakes are being made.

2. Have a current list of all companies that bills are paid to. This includes utilities, mortgages, insurance and loans.

3. Reduce credit limits on credit cards and make sure others have access to credit-card account records.

4. Investment accounts should be made known to family members and spouses. When another person checks these records, they should be able to see how much is in the account and whether that is the right amount.

5. Tax returns should be filed by a professional. If possible, share the return paperwork with a trusted family member.

6. Have a list of all financial relationships. This means any company or individual the senior conducts financial transactions with.

7. Have important documents in place and accessible. Wills, insurance policies, deeds and any other important document should be accessible by family members.

8. A financial checklist will help seniors with Alzheimer’s stay on track. This will help them manage what bills to pay and will also keep them up to date on all account balances.

Money.USNews.com.com

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Financial Scams Affecting Seniors

There are many financial schemes out there and many people who will target the elderly. Most older people are very trusting and when they are presented with an investment opportunity, they will take it. Unfortunately, most of these investments are scams, leaving the senior with a supposed investment and no money. Below is some more information on how seniors are being scammed.

1.    Seniors who are isolated or have disabilities are often the target of these schemes.

2.    One out of every five retiree over the age of 65 has been a victim of a financial scam. More than 7.3 million seniors have been taken advantage of each year.

3.    Older people are targets because they are more willing to invest in something that is supposed to help them through their retirement years. The elderly are also much more trusting than the younger generation.

4.    Many of the people doing the scamming are retirees as well. This is how they know who to choose for a target. Elderly con artists are more common than most people believe.

5.    Veterans are also a target. There are many groups who offer to help a former soldier. While many of the programs do actually exist, these seniors are being told they must liquidate all of their assets to become eligible for benefits, which is not true at all.

Source: MSNBC

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Florida Home care helps seniors live happy, healthy, and independent lives in their own homes.

When seniors file their taxes, they may be missing some important credits or deductions. If possible, it is best to have a professional prepare taxes for a senior. They will be able to determine what deductibles can be applied and whether the senior can be eligible for tax credits. The following list provides seniors with some useful tips for tax time.

1. Make sure to know about any taxes on compensation. If you are still working, your income will be taxed at the normal rate. However, if you itemize your taxes and make use of exemptions and deductions, you will have a lower tax bill.

2. There are many deductions available for seniors. For example, seniors who itemize their taxes can deduct property tax, charitable gifts and medical expenses. These are only a few of the available deductions.

3. An exemption occurs when an individual is not required to pay a tax. If you are preparing your own taxes, you may want to consult a professional to inquire about exemptions.

4. Most seniors are receiving Social Security payments each month. If the senior has an additional form of income, this income will be used to determine if taxed must be paid on any earnings from Social Security. This usually applies to seniors who have higher incomes than normal.

Source: updatefrom.com

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In the past, some looking to invest in their retirement were skeptical about the AARP’s offerings, because they didn’t seem t cater to a senior lifestyle. In recent years, however, they’ve really made some big changes that make their RRSP products great for seniors because of the following features:

1. Costs are low – high investment costs are not something that seniors are looking for, particularly when living on fixed incomes. With that in mind, the AARP creates RRSPs that have low costs.

2. They are lower risk – all of the AARP’s mutual funds are index funds, which means that they are a lower risk, which is great for seniors!

3. Seniors can discuss needs with financial planners – like many financial institutions, the AARP provides financial planners to help seniors make investment decisions that are right for them. Though, it is important to keep in mind that they are paid staff of the AARP, so it’s never a bad idea to get a second opinion from an involved party!

4. Low minimums – some RRSPs require seniors to make large deposits and have a big lump sum of money to invest initially. All of the AARP’s RRSP plans require only $100 to open an account and deposits of at least $25 at a time

Via: MoneyWatch

Image source: sxc.hu

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In most families, money is a taboo subject; earlier on in life, most of you out there would never dream about asking a parent how much they make or what’s in their savings account. But money becomes a whole different matter once your parents are in their senior years, especially if you intend on having them live with you.

When moving a senior parent into your home, all bets are off. Forget about the days when they helped you through college, or assisted you with a down payment on your home; when living together, you’ve got to rewrite the rules, or money might just come between you. Have the money talk before you bring them to live with you, and keep these guidelines in mind:

1. Bridge the topic gently – ensure that finances are discussed before the move happens, but don’t approach it like finances might change your motivations or your ability to care for your loved one

2. Set the standards – discuss what percentage of the household bills your senior will be responsible for. It might not be fair to ask an elderly parent to pay half of the mortgage and utility bills if there are 4 people in your immediate family, and they are just one; but you can ask them to pay one-fifth, or another number that is agreeable to everyone

3. Keep separate bank accounts, but create a common fund – don’t expect that a senior living with you is going to merge their bank account; having their own finances maintains their sense of independence and purpose. However, you can create a joint fund that all contributors can add to in order to make monthly bill payments easier

Via: Guide for Seniors and Boomers Who Live With Them

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The economy is still suffering and the holidays are approaching; and for seniors on a limited income, this can be a difficult combination and learning how to make money go further is essential for success! Here are 10 smart spending habits for seniors to follow:

1. Talk to a professional – talking to a financial planner, either by using a service or speaking with one provided by a local branch of your bank can help you make sure you plan to meet your financial goals and needs. For example, they can help you get on track saving for future medical or care needs.

2. Don’t be afraid to ask for help – if you’re struggling to cover your basic needs then your local Area Agency on Aging can connect you with resources that can help

3. Find ways to reduce utility costs – keep blinds down and windows and doors closed to preserve optimal temperatures for your house

4. Walk, don’t drive – taking a car or public transportation can be more costly, so walk when possible and benefit your health and your wallet

5. Never make fast financial decisions – always ask for a second opinion before making decisions

6. Grow your own produce – plant a garden in your yard, a family member’s garden, or in a community plot to grow your own produce and cut down on food costs

7. Buy healthy items – convenient, pre-prepared items might be fast and easy, but they are less healthy and often  more expensive

8. Buy generic – generic brands are less expensive, purchase them for foods and for your medications

9. Carpool – it’s more fun to travel places with company anyways; share transportation costs by carpooling!

10. Plan to stay at home – aging in place is the more desirable option for most seniors, and it can be more cost-effective too

Via: Home Instead Senior Care

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Sad but true, money rules the world, and in order to ensure your financial future and security as a boomer woman, you need to take matters into your own hands. Follow these 6 tips for controlling your financial future, so your life heads down a path that brings you comfort and satisfaction:

1. Let go of the idea that it’s too late – you might feel that as you approach your senior years, it’s too late to get yourself out of any financial mess you’ve made or learn new methods when it comes to managing your finances. When it comes to financial planning, it’s never too late to start!

2. Learn about money – this may sound obvious, but start doing your homework and research about all things finance. Learn about investment options, about financing available, about interest rates, and about anything that’s likely to apply to your situation before you even make your next move. Books and the internet are both great resources

3. Talk to a financial planner – you can hire a personal money adviser or speak to one that’s already available to you at your Florida bank (although someone independent might be more impartial) in order to keep you informed and help you make financial decisions

4. Support yourself – if you don’t have the means to save, invest or pay off debts, you might need to get a job. Find something you love, but ensure you have a set goal for earnings that will help you reach your financial goals

5. Pay off debts – don’t put it off, find a way to start paying off credit cards and loans right away

6. Save and invest – put money away every month without fail, every little bit will help you reach your financial goals and bring financial security

Via: Let Life In

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