As we mature, our financial needs and spending habits evolve simply as a matter of course. But having to live on a fixed income can be intimidating, making it vital for older adults to stay informed about how they can ensure their money is working hard too – from utilizing senior discounts and tax credits/deductions available to them, right through to building retirement portfolios that sustain long-term security in later life. This guide provides comprehensive advice around this topic, so you feel more financially prepared now – and secure your future with peace of mind!
Financial Planning Resources
With so much to consider, savvy financial planning can be the key difference between worry-free retirement and a struggle for everyday expenses. To maximize your long-term potential, it’s important to stay current on Social Security benefits that you qualify for as well as tax credits & deductions available in order to minimize costs wherever possible.
Trusts, Wills, and Estate Planning Resources
Having a trust, will and estate plan in place can give you peace of mind that your family is cared for- no matter what life throws their way. It’s the smart move to make today so your loved ones are secure tomorrow.
Social Security
More than 65 million Americans count on Social Security each year to supplement their retirement income. But is this enough? While it can be a great resource, financial experts advise that relying solely on Social Security benefits could lead to “big sticker shocks” during your golden years. To ensure you are financially safe and secure in the future, there are several strategies for understanding how exactly Social Security fits into overall savings and investment goals – join us as we dive deeper into these options!
Know Your Social Security Benefit Options
For married couples, widows/widowers, and former spouses, it’s important to note there are special considerations that can drastically affect Social Security benefits. It is essential for you and your family to gain an understanding of all the benefit options available, such as: survivor’s insurance; retirement income; spousal benefits; dependents’ benefits – so everyone has access to a secure financial future!
- Social Security spousal benefits
- Divorced spouse Social Security benefits
- Social Security survivor’s benefits
- Social Security Disability Insurance (SSDI) benefits
Tax Credits and Deductions for Seniors
As seniors, you may experience an increase in health and medical needs throughout your golden years. While this can be costly on its own, the tax burden that comes along with these expenses doesn’t make it any easier. To help ease the financial strain of being a senior citizen, take advantage of all applicable credits or deductions available to relieve some of that additional expense!
Health Care Tax Deductions
It may pay to take a closer look: if you itemize healthcare deductions, the IRS allows for potential tax credits and/or deductions on medical or dental costs incurred by yourself, your spouse, and dependents. Give yourself the benefit of financially-sound advice before filing this year’s taxes – it could save you money!
Tax Credits
- Health care credits
- Family and dependent credits
- Income and savings credits
- Homeowner credits
- Education credits
Tax Deductions
- Health care deductions
- Investment-related deductions
- Work-related deductions
- Itemized deductions
- Education deductions
For senior citizens living on a budget, there may be options to drastically reduce or even eliminate your yearly tax burden. Don’t miss out – check today and find the relief you deserve!
