The Tax Cut and Jobs Act of 2017, which became effective for tax years starting in 2018, significantly impacted many taxpayers. The change impacting the most taxpayers was the enhanced standard deduction and loss of many itemized deductions. Tax forms were also presented differently making it difficult for taxpayers who reviewed their returns in detail to compare year-to-year. While there were many changes, there are still some important tax savings strategies that may help you pay less in taxes. Which ones apply to your situation? Ask yourself the following questions…
Atlanta Financial Blog
Navigating Health Insurance After Retirement
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.
Those who retire before they turn 65 are particularly vulnerable to being caught in a healthcare coverage no man’s land. If you are in this category, you will need to secure coverage on your own because you won’t be eligible for Medicare. Without coverage, not only will you be personally liable for the cost of healthcare, you may have to pay a penalty for not having coverage as well.
Even before you turn 65, you will need to understand what Medicare covers – and what remains your responsibility. It is wise to consider the interplay between Medicare Parts A and B and to potentially opt for a privately held Medigap policy to cover expenses not reimbursed by Medicare.
If you have a pre-existing condition, The Affordable Care Act ensures that you can obtain coverage from health insurance carriers participating in the exchanges. However, as changes to The Affordable Care Act are contemplated by Congress, this may change.
Because there are so many options to consider, we recommend you meet with an experienced health insurance consultant who can assess your situation and suggest the options that might best meet your needs.
Divorce can be one of the most painful transitions an individual or family can experience. And once the litigation is done, family members often continue to suffer. Adults often experience a decline in their physical and emotional well being, with a heightened rate of stress-induced illnesses, depression and a loss of identity and social connections¹. Children often suffer in less obvious ways, with educational and adjustment problems in early childhood, and emotional problems related to the divorce increasing in young adulthood². Many couples fight hard for their marriage and family, but simply aren’t able to overcome their differences. What are the top causes they report for ending their marriage? Most of us know…
We’ve all experienced this in one way or another: the paycheck lands, we think that we have recommitted our mind to being thrifty and frugal, but then something (or someone, reflection in the mirror included) happens to derail the process. We know it is necessary. We understand the benefits. But it isn’t fun! YOLO, right?! Sure, denying ourselves today the zeal of instant gratification is NOT enjoyable, but it IS responsible.
Whether you are just beginning the “adulting” journey and are trying to get a handle on what having personal, financial accountability means, or you’re a cashflow veteran and you’re pushing forward with a much needed over-haul of your money management repertoire, these 5 tips are essential to remember when taking command of our favorite 6 letter curse word… the BUDGET…
Recently, I ran across an article about the best (and worst) states for retirement. It caught my attention because the “best” state turned out to be …. Nebraska! Many would be surprised at this. After all, who would retire in such a cold place in the middle of the country? Actually, I was not at all surprised. I was born in Lincoln, Nebraska and spent the first twelve years of my life there. I still visit relatives in the Cornhusker state and enjoy the wonderful people, slower pace and beautiful scenery the state has to offer.