When the Tax Cuts and Jobs Act of 2017 took away Georgians’ ability to deduct their paid state income taxes on their 2018 returns, it sent filers scrambling to maximize the deductions that remain. A new deduction which debuted this year offers a maximum tax credit of $10,000 and a chance to help save Georgia’s financially struggling rural hospitals.
Author: Julianne F. Andrews, MBA, CFP®, AIF®
With the start of a new year, most of us begin making plans in all aspects of our lives for the year ahead – and beyond. One area we should all consider is financial well-being -not only our tax outlook, but also investment and retirement strategies, property and personal insurance coverage, and more. In this article, we provide a helpful list of actions you can take now that will cultivate a more fruitful 2018.
Many of us have tightly-held beliefs about what should and should not be during retirement. A common one is “I should not have any debt when I retire.” This may be a lesson handed down by parents that is carried through the years or it may be a concern of a conservative investor who wants to make sure that their retirement is as worry-free as possible.
For many years, I have worked with a couple that had a very specific retirement dream. They wanted to travel the country in their camper. At first, I thought this was something that would be a passing fancy. Over the years, many clients have expressed visions for retirement and yet many of them evolve over time to something entirely different. This couple was unique. They were very consistent and in sync with their dream. Don’t get me wrong. They loved their careers in medicine and education and were dedicated and true professionals. But, when they talked about riding through the country without an agenda or a definite plan but instead stopping wherever they found something interesting, they always lit up with smiles.
Would you be surprised to learn that identity theft is the fastest growing crime in America?1 In 2014, the year for which the latest figures are available, 17 million Americans had their identities stolen. With an average loss to the affected victim estimated at $2,000, that’s $25 billion in financial losses in the U.S. alone.
For retirees of all ages, adequate health insurance continues to be a chief concern.
Healthcare coverage has become an annual decision and, for most, there is a single enrollment period, generally in the fall/winter. Typically, only those with a “qualifying event” (divorce, death, etc.) are allowed to secure coverage outside the annual enrollment period.
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