Ways to avoid or respond to identity theft
Eva Velasquez is president and CEO of the Identity Theft Resource Center (ITRC), a nonprofit that supports victims of identity theft. Here, she talks about key identity theft problems to know about in 2025. What are the most common identity theft schemes? Our most recent contact center data shows that 51% of personally identifiable information (PII) compromises — which take place... READ MORE
The best ways to help your adult children
There is definitely a sweet spot when it comes to family wealth. Not enough money comes with problems. Too much money comes with different problems. The numbers are different for everyone. One thing I’ve seen among the wealthier families we work with is a hesitation to give money to their kids for fear they will run into the problems that come with too much. I often tell these folks ... READ MORE
SSI provides funds to needy older adults
Dear Savvy Senior, What can you tell me about the SSI program, and what are the eligibility requirements for seniors? I’m trying to help my elderly aunt who is very low-income. —Searching Niece Dear Searching, The SSI ... READ MORE
New rules boost worker savings in 2025
The Setting Every Community Up for Retirement Enhancement (SECURE) Act 2.0, enacted in late 2022, contained a long list of provisions that are scheduled to roll out over several years. Here’s a look at how the legislation could affect the retirement savings of those working in 2025. Larger catch-up contributions for those in their early 60s Starting in 2025, participants in 401(k)... READ MORE
Medicare 2025 premiums and surcharges
Dear Savvy Senior, I know there will be a small 2.5 percent cost-of-living increase in Social Security benefits next year, but what about Medicare? What will the Medicare Part B monthly premiums be in 2025, and when do the surcharges kick in for higher income beneficiaries? —Medicare Beneficiary Dear Beneficiary, The Centers for Medicare and Medicaid Services... READ MORE
Tax strategies to help your savings last
The intricacies of tax planning are a critical component of your overall retirement strategy. Minimizing taxes in retirement isn’t just about reducing today’s tax bill — it’s about ensuring that your hard-earned money lasts longer and that you can draw from your assets efficiently. By applying a logical, data-driven approach, you can create a retirement tax strategy that... READ MORE
AI catches tax cheats and saves billions
The U.S. Treasury Department is harnessing AI to combat taxpayer fraud, successfully recovering $4 billion in fraudulent and improper payments. This success is primarily due to advanced machine learning (ML) techniques that analyze data to identify tax non-compliance. In a recent release, the Treasury noted plans to equip other federal agencies with AI tools, data and expertise to... READ MORE
When to consider a donor-advised fund
Too often we think about charitable giving in the context of the rich and powerful, where, it seems, the rich keep getting richer via some complex charitable strategy. While there are significant tax benefits to properly structured charitable giving, the reality is much less exciting. You will save some percentage of your gift if you do it properly, but you’ll always end up with... READ MORE
Reasons to file an amended tax return
After filing their annual tax return, most Americans — especially those whose employers withhold payroll and income taxes from their paychecks — needn't think about tax filing for many months. Some taxpayers, however, will find themselves in a situation where they should file an amended return. The reasons for doing so include: —The income reported on the original return was ... READ MORE
Help for surprisingly high medical bills
Unexpectedly high medical bills are common in the United States, but there are ways to get relief. While the process of fighting high medical bills can be time-consuming and frustrating, advocates stress that patients shouldn’t be intimidated by the system. If you’ve received a surprise medical bill, here’s what you should know: You may qualify for charity care When... READ MORE
