1. Articles from Maurie Backman

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    1. 5 Ways to Cut Costs in Retirement and Stretch Your Savings

      5 Ways to Cut Costs in Retirement and Stretch Your Savings

      5 Ways to Cut Costs in Retirement and Stretch Your Savings (Maurie Backman) Save Many seniors worry about running out of money in retirement. And that's a valid concern. The truth is, you can save diligently throughout your career, but if you're not careful about how much you spend as a senior, you nest egg can quickly get depleted. That's why it's important to not only follow a retirement budget, but aim to keep your expenses as low as possible. And here are a few ways to accomplish the latter.

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    2. 36% of Retirees Fear Falling Victim to Financial Fraud. Here's How to Avoid It.

      36% of Retirees Fear Falling Victim to Financial Fraud. Here's How to Avoid It.

      Following a few simple rules could spare you a world of trouble.  Author Bio Maurie Backman is a personal finance writer who's passionate about educating others. Her goal is to make financial topics interesting (because they often aren't) and she believes that a healthy dose of sarcasm never hurt anyone. In her somewhat limited spare time, she enjoys playing in nature, watching hockey, and curling up with a good book.

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    3. 5 Commonly Asked Stimulus Tax Questions

      5 Commonly Asked Stimulus Tax Questions

      The COVID-19 outbreak has hurt the U.S. economy to a degree beyond what many of us could have imagined. Thankfully, the $2 trillion CARES Act has already been providing relief in the form of $1,200 stimulus payments that started hitting Americans' bank accounts in April. But there's still a lot of confusion surrounding those stimulus checks, so if you're in the dark, here's some information that may help clear things up.

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    4. Only Half of Americans Are Confident They'll Be Able to Afford Long-Term Care in Retirement

      Only Half of Americans Are Confident They'll Be Able to Afford Long-Term Care in Retirement

      It's estimated that 70% of seniors aged 65 and older will need some amount of long-term care in their lifetime. That care might entail a two-year nursing home stay or a few months of home health aide visits.

      Without a crystal ball, it's impossible to predict to what extent you'll need long-term care and what your costs associated with it will look like. But in a recent survey by the Employee Benefit Research Institute, nearly 50% of workers today aren't confident in their ability to pay for long-term care during retirement.

      If you're one of them, it's imperative that you take steps to get ahead of what could be the most substantial expense you'll face as a senior.

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    5. Chose the Wrong Medicare Plan for 2020? Relief May Be Available

      Chose the Wrong Medicare Plan for 2020? Relief May Be Available

      The chance to choose a better plan

      If your new Medicare plan is more expensive than you thought it would be, and the reason boils down to bad information you received from Medicare's plan finder, you're not necessarily out of luck. While you'd normally need to wait until this fall's open enrollment period to change your coverage, and wait until 2021 for your new plan to take effect, because of widespread problems with the plan finder, Medicare is making exceptions this year. Specifically, it's giving seniors who show that they were misled by the plan finder a special enrollment period to change their coverage.

      Normally, you'll only qualify for one of these periods under limited circumstances, such as if you move outside your plan's service area, move back to the U.S. after living abroad, or lose Medicaid coverage. But this year, you ...

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      Mentions: Medicare
    6. 3 Year-End IRA Moves You Must Make

      3 Year-End IRA Moves You Must Make

      IRAs are an important tool for retirement savings , and as the end of the year approaches, it's time to pay yours some attention. Here are a few key IRA moves to make in the next few weeks.

      1. Max out your annual contribution The more money you put into your IRA, the more you stand to retire with. It's that simple. And if you're saving in a traditional IRA, as opposed to a Roth, ramping up your contributions means saving more money on taxes at present.

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    7. 3 Tax Mistakes You're Probably Making Today

      3 Tax Mistakes You're Probably Making Today

      If you're falling victim to these blunders, you're throwing money away or opening the door to problems you really don't need. Dec 9, 2019 at 8:18AM Author Bio Maurie Backman is a personal finance writer who's passionate about educating others. Her goal is to make financial topics interesting (because they often aren't) and she believes that a healthy dose of sarcasm never hurt anyone.

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    8. Social Security Is Not the Lifeline You Think It Is

      Social Security Is Not the Lifeline You Think It Is

      Millions of seniors today collect Social Security in retirement and use those benefits to help pay their living costs. But if you're nearing your senior years without much or any savings, you should know that those benefits can't bail you out as you might expect them to. And the sooner you recognize that, the sooner you can take steps to improve your financial picture -- and avoid a cash-strapped existence once your career closes out.

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    9. Social Security's Latest Raise Is Nothing to Write Home About

      Social Security's Latest Raise Is Nothing to Write Home About

      Sorry, seniors -- looks like you won't be getting a big boost for 2020. Maurie Backman Oct 11, 2019 at 7:01AM Each year, millions of Social Security recipients eagerly await news of a cost-of-living increase, or COLA . The COLA has been around for decades, and its purpose is to help seniors on Social Security retain their buying power in the face of inflation.

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    10. Older Workers Are Grossly Underestimating Their Retirement Healthcare Costs

      Older Workers Are Grossly Underestimating Their Retirement Healthcare Costs

      It's no secret that healthcare is a major expense -- and burden -- for seniors. In fact, in a recent Nationwide survey, healthcare costs topped future retirees' list of financial concerns. Yet many older Americans are underestimating those costs in a very big way.

      The average pre-retiree aged 50 and over expects healthcare in retirement to cost $7,000 a year. But in reality, that figure is $10,739, according to data cited by Nationwide.

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    11. 3 Reasons Today's Workers Work Longer

      3 Reasons Today's Workers Work Longer

      And they're all good ones. Many seniors wind up working longer than expected, and often, it's not by choice. In fact, according to Northwestern Mutual's 2019 Planning & Progress Study , those who expect to work past the age of 65 out of necessity don't have feel they have enough money saved to retire comfortably, are worried about Social Security , and fear the financial impact of rising costs such as healthcare .

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    12. 4 Things You Must Do the Year Before You Retire

      4 Things You Must Do the Year Before You Retire

      4 Things You Must Do the Year Before You Retire  Retirement is an exciting milestone, but one you really need to prepare for extensively. If you're planning to retire in about a year's time, make sure to check these critical items off your list. 1. Evaluate your savings You're probably aware of how much savings you have in your IRA or 401(k) plan. But do you know how much annual income your savings will provide you?

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    13. Tax Season May Be Over, but You Can Make These 4 Moves to Lower Your 2019 Taxes

      Tax Season May Be Over, but You Can Make These 4 Moves to Lower Your 2019 Taxes

      Tax Season May Be Over, but You Can Make These 4 Moves to Lower Your 2019 Taxes  Save Now that summer is kicking into gear, many of us are more focused on barbecues and beach days than potentially tedious matters like taxes . And with your next return not due until April 2020, you may not have the patience or desire to deal with tax matters anytime soon.

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    14. 5 Steps You Can Take to Avoid Being Cash-Strapped in Retirement

      5 Steps You Can Take to Avoid Being Cash-Strapped in Retirement

      5 Steps You Can Take to Avoid Being Cash-Strapped in Retirement  Many workers worry about not having enough money in retirement, and that's certainly a valid concern. If you have a fear of struggling financially during your golden years despite making a solid effort to save, make these moves to lower those chances. 

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    15. Did You Owe Money on Your Taxes This Year? You're in Good Company

      Did You Owe Money on Your Taxes This Year? You're in Good Company

      Did You Owe Money on Your Taxes This Year? You're in Good Company A large number of filers got an unpleasant surprise in 2019: a whopping tax bill.  Each year, the majority of people who file a tax return wind up getting a refund . And while that still held true for the 2019 tax season, a significant number of filers wound up in the opposite situation: They owed money to the IRS.

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    16. What Happens If You Sign Up for Medicare Before Social Security?

      Seniors are allowed to file for Social Security as early as age 62, and many are quick to exercise this option. In fact, 62 is actually the most popular age to file for Social Security, even though seniors have between then and age 70 to sign up for benefits. Medicare eligibility, meanwhile, begins at age 65, and as such, it's not uncommon for seniors to be on Social Security already by the time their initial enrollment window opens.

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      Mentions: Medicare retirement
    17. 3 Ways to Legally Get Out of Paying Taxes in Retirement

      3 Ways to Legally Get Out of Paying Taxes in Retirement

      Let's face it: Taxes are a drag at any time in life. But in retirement, they can constitute a major strain on your limited financial resources. As such, it pays to find ways to lower your tax burden as a senior, and here are three ways to do it. 1. Save in a Roth IRA or Roth 401(k) IRAs and 401(k)s come in two main varieties: traditional and Roth. With the former, contributions go in tax-free, and workers get an immediate tax break for funding their accounts.

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    18. Can I Get on Medicare as Soon as I Retire?

      Can I Get on Medicare as Soon as I Retire? newsfeedback@fool.com (Maurie Backman) Save Millions of seniors rely on Medicare to pay for their health-related needs. But many near-retirees make one dangerous assumption: that they'll be eligible for Medicare coverage the moment they leave the workforce. If you're wondering whether you can get on Medicare as soon as you retire, the answer is that it depends on when you decide to bring your career to a close.

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    19. Your Retirement Countdown: 5 Moves to Make Before Calling It Quits

      Your Retirement Countdown: 5 Moves to Make Before Calling It Quits

      If you're nearing retirement, you're most likely excited for what lies ahead. But before you say goodbye to the workforce, there are a few steps you'll need to take to ensure that you're ready for this giant milestone. 1. Assess your savings Unless you have a pension or another steady source of retirement income, once you stop working, you'll probably come to rely on your nest egg, coupled with Social Security, to pay the bills.

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    20. How to Save Money on Healthcare in Retirement

      How to Save Money on Healthcare in Retirement

      Of the various expenses retirees face, healthcare is among the most burdensome. From Medicare premiums to prescription drug costs, healthcare expenses can eat up a huge chunk of your retirement savings. In fact, the latest projections tell us that the typical 65-year-old man today will spend $189,687 on healthcare expenses in retirement, while the typical 65-year-old woman will spend $214,565. And these figures don't even include long-term care like nursing home expenses.

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    21. What Is a Family Limited Partnership?

      What Is a Family Limited Partnership?

      What Is a Family Limited Partnership?  We all want to avoid taxes, and not just the kind imposed on our weekly or monthly income. The fact of the matter is that any time you receive money, even if it's in the form of an inheritance, the IRS tries to get a piece of it. If your family has amassed a substantial amount of wealth, it might pay to look into a family limited partnership.

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    22. 5 Retirement Expenses Most People Underestimate

      5 Retirement Expenses Most People Underestimate

      When we think about retirement, many of us are wired to assume that our costs will naturally drop as a result of no longer working. But we may be overestimating the extent to which that might happen. While it's true that some expenses, like commuting, go down in retirement, others are, in fact, likely to climb. Here are five in particular that tend to catch retirees off guard. 1. Healthcare Healthcare is probably the one expense with a higher tendency to go up rather than down in retirement.

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      Mentions: Medicare retirement
    23. 5 Smart Things to Do With Your Tax Refund

      5 Smart Things to Do With Your Tax Refund

      Close This article originally appeared on the Motley Fool. Though it's too early to say what the typical refund will look like for the 2016 tax year, the average American last year received $2,860 back from the IRS. Getting a refund is actually a negative thing, as it means having lost out on more of your money up front. But if you are expecting an influx of cash, here's how you can put it to good use. 1.

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    1-24 of 43 1 2 »
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