Con artists target people who owe taxes
With tax season under way, the IRS is once again warning taxpayers to be wary of “Offer in Compromise” scams. These promotions claim that they can help taxpayers pay back taxes for just “pennies on the dollar.” But victims often end up paying the promoters thousands of dollars in fees and still end up owing money to the IRS. While the IRS’s Offer in Compromise (OIC)... READ MORE
Retirement can entail mental health risks
Pamela Hixon of Leipsic, Ohio, was eager to retire from her job running a hospice agency. Soon after she quit, however, Hixon spiraled into depression and anxiety. “She lost purpose, she lost significance, she lost a sense of meaning in her life,” said her son Tony Hixon, an Ohio-based wealth manager who wrote about the experience in a book, Retirement Stepping Stones: Find Meaning,... READ MORE
Take a free course at Harvard from home
The first time I heard about MOOCs, I thought it must be some kind of hybrid cow. The name caught my attention, so I did what I always do when I want to know about something: I Googled it. Turns out MOOC stands for Massive Open Online Course. What’s that? Massive — thousands of students. Open — anyone can participate. Online — over the internet. Course — college... READ MORE
Some bond alternatives to consider now
Most people think bonds are safe, but in today’s volatile climate, they are not. In the not-too-distant past, bonds were portrayed as a safer investment than stocks. Investors looked to government bonds as the bedrock of a stable retirement income. But bond yields are extremely low these days, prompting some investors to seek alternatives. This has sparked renewed interest in... READ MORE
TIPS for investing in a time of inflation
Many investors are looking for conservative investments that will protect them against inflation. The recent fall in the stock market has many investors on edge, so they are looking for safe investments that will provide some protection of their asset base. There are a few investments that investors expect will provide them some protection, namely Series I savings bonds [see “A good... READ MORE
This book will help you meet your goals
If you are contemplating retirement, or are in the early stages of retirement, I highly recommend a new book published last month: Money Magic: An Economist’s Secret to More Money, Less Risk, and a Better Life by Laurence Kotlikoff. The author, a professor of economics at Boston University, has written 20 books and hundreds of articles in major publications, and this ranks as one of ... READ MORE
How your parents’ debt could outlive them
Many people believe one of two common myths when a parent dies in debt, said Chicago estate planning attorney Michael Whitty. The first myth is that an adult child will become liable for their parents’ debt. The second myth is that they can’t. Adult children typically don’t have to pay their parents’ bills, but there are exceptions. And even when a child doesn’t have to pay... READ MORE
How to write an obituary for a loved one
Dear Savvy Senior, Can you provide any tips on how to write an obituary? My dad, who has terminal cancer, has asked me to write his obituary, which will be published in the funeral program and run in our local newspaper. —Not a Writer Dear Not, I’m very sorry to hear about your dad’s prognosis. Writing your dad’s obituary now would be a nice way for you to honor him and sum ... READ MORE
Life insurance with long-term care rider
Did you purchase a life insurance policy years ago to protect your loved ones? Just over half of adult Americans have a life insurance policy, and more say they’re interested in purchasing one. However, needs can change later in life when the kids are grown up and a retirement nest egg seems big enough to absorb financial shocks. Those nearing and in retirement may see less reason... READ MORE
Some can file their income taxes for free
Tax software can alert you to money-saving tax deductions and credits, help you avoid costly errors, and file your tax returns electronically, which will reduce the wait for your refund. But depending on the complexity of your return, tax software can cost you $100 or more. Before you shell out any money, though, find out whether you can file your federal tax return — and in some... READ MORE
