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August 2017
Dollar Sense

Consider a Health Savings Account to Boost Your Retirement Savings

You can only contribute to an HSA until you become eligible for Medicare Part A benefits, generally 65 years old. You can still have an account and take distributions from it, but you can no longer contribute to it.

Dollar Sense

Life Insurance Is a Flexible Tool

If giving to your favorite charity or your church is important to you, life insurance adds flexibility in how you do it.... One note of caution: don’t cash in the policy and donate the proceeds, or you could end up owing taxes on the gain. Instead, consider transferring ownership of the policy to the charity of your choice.

Dollar Sense

Potpourri: Stuff You Should Know to Keep Your Money Safe from Scams, Schemes, and Scoundrels

The fake email will tell you the FTC is trying to distribute the money from the recent huge government settlement with Western Union. And, they say, they’re trying to ensure you get your share, if you’ll just be so kind as to provide them access to your bank account and other financial information.

Legal Ease

You’ve Got to Name Names to Make Your Wishes Clear

If you simply tell your children that you want them to give a portion of their inheritance to their children, there is no guaranty that they will actually do that and they are not legally required to do so.

Financial Fortitude

From Job Loss to Financial Lemonade

Ageism does exist and is difficult to maneuver. However, your enthusiasm and willingness to stay current with your field’s technology and jargon will allow a prospective employer to feel your wisdom without thinking about your age.

July 2017
Dollar Sense

Potpourri: Miscellaneous Stuff You Should Know to Protect Your Retirement Funds, Your Investments, and More

What if your creditor is Uncle Sam? The IRS can levy your IRA if you owe them money. Typically, the IRS will go after other assets first, but you should know your IRA is not off limits. And to add insult to injury, the distributions levied will be taxable income to you.

Dollar Sense

Tax Deferred Is a Great Advantage… That Can Blow up in Your Face Tomorrow

It’s also common for working people to assume that when they retire, their tax rate will be lower. That might be true, but not always. So when you retire, or when you begin taking required minimum distributions beginning at age 70 ½, or after you pass away and your heirs inherit your accounts, there could be a nasty tax surprise waiting.

Legal Ease

Financial Elder Abuse: Sometimes It’s All in the Family

Since I no longer receive bank statements, I called my bank to check on my balances and was shocked to find out one of my accounts had been reduced to approximately half of its value since my son started acting for me.    

June 2017
Dollar Sense

Potpourri: Stuff You Should Know about an Important Resource and the Latest Scams to Avoid

You should know, playing a foreign lottery is illegal, by phone or by mail. If you are told you won a prize but you must pay for it in any way (by wiring money, by gift card or prepaid card) you are being scammed, says the FTC.

Dollar Sense

Stuck with Student Loan Debt? You’re Not Alone: Grandma, Will You Cosign a College Loan for Me? I Promise I’ll Make the Payments!

A lot of parents and grandparents do cosign. Between 2005 and 2015, consumers age 60 and up became the fastest growing group of student loan borrowers...Unfortunately, as a result, an increasing number of people age 65 and up have defaulted on their federal student loans and now they’re finding their Social Security checks docked to repay the debt.

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