Financial and Legacy News
Financial news that can affect those in your life: seniors, caregivers,and your family legacy.
How to Maximize Your Retirement Accounts in 2016
‘Don’t miss out on these tax breaks for retirement savers.
Contributing to a retirement account qualifies you for tax breaks and employer contributions, both of which will grow your nest egg faster. Here’s how to take full advantage of the 401(k) and individual retirement account perks you’re eligible for in 2016.
Tips for Choosing a 401(k) Plan.
Written by Ashley Huntsberry-Lett
401(k) plans are a common employer-sponsored benefit that enables workers to set aside money from each paycheck towards their retirement. The ultimate goal of 401(k) plans is for employees to put their money in a privileged account that will enable it to grow for years to come. So how do you decide which kind of 401(k) plan is best for you? Very carefully.
Remembering ElderSource in Your Planned Giving.
You can make a gift that costs you nothing during your lifetime.
Planned gifts create unique opportunities for donors to support organizations that share like-minded values such as ElderSource’s. A planned gift balances your desire to support Friends of ElderSource with your overall financial, tax, and estate planning goals. Planned giving may also allow you to make a larger gift than you thought was possible. It is important to determine what gift is right for you. There are many options from which you can choose, depending on what you wish to accomplish for yourself, your family, and your charitable interests in your overall estate and financial plans.
Here are a few ideas to leave a legacy with ElderSource.
Options for Planned Giving:
- Make an unrestricted will/bequest
- Donate your life insurance proceeds
- Gift securities held in your name
- Donate proceeds from a retirement plan
- Create a Charitable Lead Trust
- Create a Charitable Remainder Trust
- Gift title to real estate you own
Donors must consult their tax and legal advisers regarding their specific situation or interest. For more information about making a planned gift to ElderSource, or if you have already made arrangements to do so, please contact us so we may help you with the process. For direct questions contact Heather Corey, Director of Development, at (904) 391-6679 or by email to firstname.lastname@example.org.
10 Ways to Make Your 401(k) Balance Grow Faster
Written by Emily Brandon with USA Today
Boost your balance.
Used correctly, a 401(k) account allows you to take advantage of employer contributions, tax breaks and automatic saving. But you also need to take care to avoid excessive fees and penalties that will reduce your returns. Here’s how to maximize the value of your 401(k) plan.
Having contributions automatically withheld from your paycheck gets money into your retirement accounts in the most efficient way possible, and you don’t have to worry about forgetting to make contributions every month. There’s little temptation to spend the money because it never hits your checking account.
Can I Claim My Elderly Parent as a Dependent?
Written by Marlo Sollitto
It isn’t just time, but money that most caregivers donate to help maintain the ones they love. When tax time rolls around, you may be able to claim your parent as a dependent on your income taxes. This would allow you to get an exemption for him or her.
In order to claim your elderly loved one as a dependent on your taxes, you must meet certain criteria.Any dependent must meet these tests, according to tax experts at bankrate.com:
- You (the caregiver) cannot be claimed as a dependent by another taxpayer.
- They must be a resident of the U.S., Canada or Mexico.
- They cannot file a joint tax return with a spouse.
Relationship- The person who you want to claim as a dependent must be a relative. Relatives who may qualify – but do not have to live with you – include: mother, father, grandparent, stepmother, stepfather, mother-in-law, father-in-law. Elder’s income- Your loved one’s gross income for the year must be less than $3,950. READ MORE here.
Written by Katie Lobosco via CNN.Com -Money news.
Some couples will be getting less from Social Security than they expected after Congress passed a budget deal early Friday that changes the way you can claim your benefits.It could take away tens of thousands of dollars for some couples over the course of their retirement.
Written by Tom Sightings via Yahoo Finance news.The typical retirement dream involves riding off into the sunbelt, golf clubs and beach umbrella in hand. However, the reality is that the majority of retirees never leave home. Most people opt to age in place, or if they do move, they find a smaller house near their old neighborhood.
*NOTE: These articles are a collection of news and updates found online on public website. As always, please consult your personal attorney and/or financial adviser for information that is best for you and your family.