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.
Home Care Jacksonville, and Home Care Fort Myers FLprovides home care for the elderly, aging, and seniors in Jacksonville, St. Augustine, Destin, and Palm Coast. Call us today at 904-363-6699 or 850-243-6464.
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.
Home Care Jacksonville, and Home Care Fort Myers FLprovides home care for the elderly, aging, and seniors in Jacksonville, St. Augustine, Destin, and Palm Coast. Call us today at 904-363-6699 or 850-243-6464.
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.
For today’s seniors, retirement doesn’t come at the same time it used to. While decades ago, seniors could look forward to retirement in their mid-60’s, some older adults are now remaining in the workforce until age 70, 80, or 90. Retirement is changing, and there are a number of factors that contribute to it, including the following:
• While the average age to claim Social Security Benefits is 63.9, many need additional income on top of it to be able to afford basic aspects of daily living, like housing and food
• Many seniors would love to retire and just focus on their family and relaxing, but based on the numbers of seniors aged 65 and older which are rising higher than ever before, this isn’t a reality for everyone. The number of older works, aged 80+ has had the most substantial increase at 67% to 500,000 Americans
• With people living longer, money doesn’t go as far as it used to, and as time goes on this might increase even more, keeping more and more seniors in the workforce longer than planned
• Government benefits, which were initially defined in 1940 certainly weren’t designed to support 30 or more years of retirement, which means seniors need a fairly substantial nest egg to make it through
Home Care Florida and Senior Home Care Florida provides home care for the elderly, aging, and seniors in Jacksonville, Fort Walton Beach, Panama City, St. Augustine, Tallahassee, Destin, and Palm Coast. Call us today at 904-363-6699 or 850-243-6464.
Want to maintain your health well into your senior years? Who doesn’t. While we can’t promise these tips will keep you free from every illness or ailment, there 5 tips will help you to stay young, body and mind!
1. Combine fiber with water –a diet of fiber with water can help with the digestive process and put limited pressure on the intestines. Fiber and water can also help you to feel full so you don’t overeat. Choose vegetables, whole grains, oats, beans and fiber-filled cereals
2. Sweat it out – don’t be afraid to sweat, the harder you’re working the better the favor you’re doing for your cardiovascular health. Walk everyday for at least 30 minutes, but try to break a real sweat for at least an hour a week
3. Focus on calcium – most older adults require additional calcium in their diets for strong bones and great health. Choose calcium rich foods, but also take chewable calcium supplements
4. Improve balance – to prevent falls, work on improving your balance. Lift dumbbells or try activities like yoga to help build strength and improve posture and balance
5. Step back – time to relax is so important. Take a few minutes, sit back and breathe, whether you’re feeling overwhelmed or not
Home Care Florida and Senior Home Care Florida provides home care for the elderly, aging, and seniors in Jacksonville, Fort Walton Beach, Panama City, St. Augustine, Tallahassee, Destin, and Palm Coast. Call us today at 904-363-6699 or 850-243-6464.
Q – My father was recently diagnosed with dementia. While we all saw it coming in a way, it has come as a shock, especially for him. What can we do to help keep him in positive spirits and cope with the emotional aspects that come with such a diagnosis?
A – While you may have suspected a diagnosis like dementia in your father’s future, actually hearing the words and having your fears reinforced can be shocking for everyone.
At this stage, your father may feel as though his mind and body are letting him down, and he may fear an inevitable loss of independence. In the early stages, your father should seek support from Florida community groups for those suffering from Alzheimer’s and dementia, and learn as much about his condition as possible. Planning early on for the future can also help ensure that his wishes with regards to care and medical treatment are met, if he reaches the point where he is able to voice what he wants. Encourage your father to create a living will, appoint a future Power of Attorney, and generally get his affairs in order. By researching care options in Florida, he can choose the best fit for him if it’s needed in the future. Encourage him to maintain his lifestyle, but refrain from activities that are too stressful or demanding.
Home Care Florida provides home care for the elderly, aging, and seniors in Jacksonville, St. Augustine, and Palm Coast. Call us today at 904-363-6699 or 904-794-9450.
Q – My mother recently decided to formalize her will and get her estate in order and has asked me if she can name me as estate executor on her will. I’m open to taking responsibility for her affairs after her death, but I don’t know much about the process. What are the responsibilities of an estate executor in Florida?
A – While it’s not uncommon for adult children to be appointed estate executors for their aging parents because there is already a strong element of trust in the relationship; you should first know that it won’t be an easy job. If your mother’s affairs are in good order, the estate executor process itself could go smoothly, but dealing with the emotional repercussions of losing a parent while managing all the responsibility can be a challenge. But, if you are sure you’re up to the job, here is a lists of tasks you may be responsible for carrying out:
• Beginning the probate process – filing the will and petition for probate. Specific probate laws apply for the process in Florida and may vary between states.
• Notifying the family – close family members can be notified that their loved one has deceased.
• Obtaining death certificates and EIN (Federal tax number for the estate)
• Determining and collecting the deceased assets (locating documents that verify value of the estate and make an inventory list)
• Letting people know who the executor is – family members and friends with claims will need to get in touch with the estate executor
• Managing the property of the estate – paying bills, taxes and other legalities
• Settle Finances – filing income tax returns on behalf of the deceased
• Distributing assets – distribute assets to those named on the will
• Be removed as executor – once the estate is settled, petition the courts to be removed as executor
Home Care Florida provides home care for the elderly, aging, and seniors in Jacksonville, St. Augustine, and Palm Coast. Call us today at 904-363-6699 or 904-794-9450.
Identity theft insurance can be obtained by seniors as part of their home owners insurance or they can acquire a separate policy. While it does offer peace of mind for the elderly, by offering reimbursement for any expenses incurred following identity theft, it can still be difficult to evaluate whether or not identify theft protection by way of insurance is really worth it.
Since the elderly demographic tend to be the main victims of fraud, fraud insurance may be tempting. But seniors need to weigh the costs against the benefits. From a monetary perspective, identity theft insurance can be quite costly ranging from $20-$150 per year for $15,000-$20,000 in coverage and like any insurance plan, offers maximum claim amounts for specific elements related to the recovery from identity theft. For example, a maximum benefit amount for lost wages may be $2,000 and legal fees covered may range from $5,000 to $15,000. Unlike insurance policies that the aging population may have grown used to, identity theft insurance cannot recover the effects of the fraud; having fraud insurance will not rebuild damaged credit, it will simply cover costs related to proving the identity theft and trying to secure lost finances.
Provided identity theft insurance works within a seniors budget, and they understand the coverage available should they become a victim of fraud, the right insurance policy can help protect the elderly from fraud, but should not create the impression that they can drop their guard.
Home Care Florida provides home care for the elderly, aging, and seniors in Jacksonville, St. Augustine, and Palm Coast. Call us today at 904-363-6699 or 904-794-9450.
Grants for seniors in Florida are available from the Federal Government and foundations that provide financial assistance for seniors relating to housing, education and more. There are Federal Grants for seniors that cover a number of areas like housing, volunteerism, nutrition and housing.
Popular Federal Grants for Seniors Include:
• Capital Assistance Program for Elderly Persons and Persons with Disabilities provides funds to provide transportation to elderly persons in areas public transportation services are not available, or when they are inappropriate due to a senior’s physical or mental condition.
• The Foster Grandparent Program encourages seniors to volunteer in their communities, specifically with special needs children, through funding which is available for seniors 60 and older who have limited incomes.
• Mortgage Insurance-Rental Housing for the Elderly - this grant insures mortgage lenders against loss, to increase the number of quality and affordable rental properties available for seniors.
• Retired and Senior Volunteer Program encourages community service by seniors 55 and older by offering reimbursement
• Nutrition Services Incentive Program works with the Department of Agriculture to provide nutritious foods to senior meal delivery programs and other nutritional-focused organizations.
To apply for senior grants provided by the Federal Government or foundations, Florida seniors must write a proposal, demonstrating the benefits that they would receive, or be able to dispense to others were they to become an approved recipient of the grant.
Home Care Florida provides home care for the elderly, aging, and seniors in Jacksonville, St. Augustine, and Palm Coast. Call us today at 904-363-6699 or 904-794-9450.
Q – My mother is very ill, and I know that she has debt that was acquired by her and my father before he passed away. Will her children be responsible for paying off her debt when she passes away?
A – In your mother’s case, any shared debt with your father, would have been passed along to her in probate; especially if she was the sole beneficiary of his estate (or all assets were shared). Children are not directly responsible for the debts of their senior relatives, however, debts owing may first be deducted from the senior’s estate before distribution during probate, decreasing or eliminating completely the assets left to beneficiaries of the will or trust because when creditors are unable to collect debts during a senior’s life, seniors remain responsible even after they are deceased. If after your mother’s death, her estate demonstrates insufficient assets to pay off her debts, the creditors will be forced to take a loss; however, you and your siblings will not be responsible for paying her debts.
The only other situations where the survivors of a senior’s family may be responsible for the debts, are if they co-signed on a loan, or guaranteed payment to a creditor.
Home Care Florida provides home care for the elderly, aging, and seniors in Jacksonville, St. Augustine, and Palm Coast. Call us today at 904-363-6699 or 904-794-9450.
