Money & Retirement_Now is the Time

New experiences, give it a try! After 40 years on the job what is holding you back from working or experiencing dream level opportunities including travel, volunteering, or just venturing out? It is best to begin 5 years out from an agreed upon established age to begin that new experience, or at least retirement from past work. At 5 years before retirement Establish a budget for the first year or two of retirement, develop a written/digital bucket list. Identify which job related expenses (commuting, clothing, tools, computer equipment) may not be necessary. Identify possible income sources (social security, retirement plan ...
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Tax Tips 2017_2016

Tax filing season begins January 23, 2017 (for year 2016 tax returns) The regular due date is April 18, 2017 (individuals) and March 15, 2017 (most business returns including partnerships) Extensions of time (for filing forms only, no payment delays are allowed) are granted for six months, There are not many substantive tax law changes but the penalty for non compliance with health care law is $695 for each adult and $347.50 for each child subject to some calculations on household income and changes in marital status during the year. Items extended through year 2016 by the 2015 Tax Act ...
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CALLING THEIR BLUFF – SUZANNE BLANKENSHIP (THE ELDERCARE NAVIGATOR)

Calling Their Bluff Author Suzanne Blankenship, http://theeldercarenavigator.com There is a time when we will need to become more involved in our parent’s lives, to assist them in either a minor or major way. It is the start of a journey called eldercare. Sometimes, we leap from the high dive into the deep end and sometimes we just put a toe into the pool by the steps. Each personal journey is different. But, how do we tell what they need help with and when we need to step in? Well, like your second grade teacher always told you, you have to ...
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MONEY_AGING_WHO IS THERE?

Confronting the limits of our own mortality... it is painful - Thomas Mierswa, Executive Director at Morgan Stanley The aging of America is creating a societal issue not present in large numbers of prior generations and that problem is diminished mental capacity making it impossible to manage financial affairs effectively. Financial advisors have significant limitations when attempting to advise clients exhibiting diminished mental capacity. The legal and compliance departments within many investment advisory firms now provide increased oversight on advisors working with older clients. You can act now to address this inevitable consequence of growing older. Rose Watson, JD, MSEL, ...
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MONEY TIPS ON ANNUITIES

Annuities (information supplied by Jackie Johnson at RBC Capital Markets, the Johnson Host Investment Group in Denver, 303.595.1102) Annuities are contracts. There is much fine print on these contracts and it is appropriate to take an extra moment or two before signing. Here are some money tips: First - most earnings on an annuity are tax deferred. Purchasing an annuity inside a retirement plan provides no additional tax deferral savings. Other annuity contract features available for purchase - lifetime income, death benefits may warrant consideration when purchasing within a retirement account, but generally annuity contracts are not attractive retirement plan ...
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SOCIAL SECURITY CHANGES

Thank you to Randy Anderson - AXA Advisors and Jim Loquai - Excel Financial for the following Social Security retirement benefit changes. Key Social Security Claiming Strategies Are Going Away! President Obama signed into legislation yesterday morning the Bipartisan Budget Act of 2015 which will essentially eliminate two key Social Security claiming strategies over the next 6 months to 4 years. Two key claiming strategies – File and Suspend, and Filing a Restricted Application – will be a thing of the past. Millions of Americans will be affected by these changes. These strategies are complicated and I will try to ...
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MEDICARE/MEDICAID – becoming a paid family member caregiver

Special thanks to Liz Tredennick (lizknowsmedicare.com, 303-359-1136) for the following information-- When a person applies and is accepted for Long Term Care - Home and Community Based Services (HCBS) they will receive a list of Medicaid approved agencies that can come to the home and provide care. If they want to choose their own self, not on the approved agency list, than can do one of two things: Apply to one of the approved agencies to become employed with the agreement that they will be assigned to only their family member's case. PASCO is a good agency to contact. PASCO ...
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MONEY SAVING OPPORTUNITY – Reduce your Health insurance with income tax credits

By John Moran, CPA, Moran & Long CPAs, 5990 Greenwood Plaza Blvd, Ste 330, Greenwood Village, Colorado 80111, www.moranlong.com, 720-635-3180. No charge for the initial consultation. Tax credits are not new having been a part of tax law for 50 years or more. A tax credit is a dollar for dollar reduction of your tax liability (as opposed to a tax deduction which reduces your income in arriving at taxable income, the amount upon which the tax rate is applied and tax computed). Using tax credits to pay for health insurance is new, and has not been part of any ...
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Medicare – Observation Status – Beware

Contact Susan Jaffe at Jaffe.KHN@gmail.com Some seniors think Medicare made a mistake. Others are stunned when they find out that being in a hospital for days doesn't always mean they were actually admitted. Instead, they received observation care, considered by Medicare to be an outpatient service. The observation designation means they can have higher out-of-pocket expenses and fewer Medicare benefits. Yet, a government investigation found that observation patients often have the same health problems as those who are admitted. More Medicare beneficiaries are entering hospitals as observation patients every year. The number rose 88 percent over the past six years, ...
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Medicare – Fight Healthcare Fraud and Abuse

The key elements to fighting Medicare fraud are: Protect - Treat your Medicare card like a credit card. Don't provide the information to any strangers.Carry your card and information only when necessary for medical appointments, or pharmacy visits. Detect - Review your Medicare Summary Notice(s) MSNs and Explanation of Benefits forms for mistakes including duplicate billings, charges for services not performed, and services not ordered by physicians. Report - Call SMP, the Senior Medicare Patrol at 800-503-5190 and request an initial screening for questionable billings. It is best to clarify with your medical provider or Medicare Health Plan first to ...
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Health Insurance Exchanges and Tax Credits (IRS meets Health Care Reform)

Tax credits estimated under Health Care Exchangeshttp://kff.org/health-reform/issue-brief/quantifying-tax-credits-for-people-now-buying-insurance-on-their-own/ The Henry J Kaiser Family Foundation published an issue brief estimating the national insurance premium "tax credit". The tax credit subsidizes your health care insurance purchases on state Health Care Exchanges. Read on ..... ...
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Employers – Pay or Play, Affordable Health Care Act

See www.moranlong.com for additional information on health care and tax law integration. What are employers likely to do, after the recent Department of Health and Human Services moratorium on enactment to Year 2015? Will they pay the penalty ($2,000 per employee not covered) and not have a tax deduction, or will they play and pay 2 to 3 times the penalty in health coverage for their employees?Prior to the recent moratorium on enforcement, the benefits consultant Mercer Inc. conducted a survey and found that six percent of firms offering health coverage planned to cease coverage. In July, 2012, the Congressional ...
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Net Investment Income Tax FAQs, a new TAX to fund health care cost

Net Investment Income Tax FAQs, The Net Investment income tax is an integral part of the Affordable Care and Patient Protection Act, created a new TAX to fund an expanded health care coverage American marketplace Net Investment Income Tax FAQs Basics of the Net Investment Income Tax 1. What is the Net Investment Income Tax (NIIT)? The Net Investment Income Tax is imposed by section 1411 of the Internal Revenue Code (IRC). The NIIT applies at a rate of 3.8 percent to certain net investment income of individuals, estates and trusts that have income above the statutory threshold amounts. 2 ...
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Implement the ACA in a Careful, Thoughtful Manner-the U. S. Treasury Department

See www.moranlong.com for additional insights and planning suggestions for health care and retirement. By: Mark J. Mazur, Assistant Secretary for Tax Policy at the U.S. Department of the Treasury, issue date 7/2/2013​Over the past several months, the Administration has been engaging in a dialogue with businesses - many of which already provide health coverage for their workers - about the new employer and insurer reporting requirements under the Affordable Care Act (ACA). We have heard concerns about the complexity of the requirements and the need for more time to implement them effectively. We recognize that the vast majority of businesses ...
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Colorado Health Care Exchange = Connect for Health Colorado CEO’s Update

Connect for Health Colorado CEO’s Update on Health Plan Prices and Competition http://www.connectforhealthco.com/news-events/news/Patty Fontneau, Executive Director and Chief Executive Officer, Connect for Health Colorado (Colorado's Health Care Exchange created by Federal Law under the Patient Protection and Affordable Care Act). I wanted to provide an update in response to questions we received about how much health plans will cost when our health insurance marketplace opens in October. The Division of Insurance posted information about preliminary filings and the Colorado Consumer Health Initiative conducted an analysis of those filings. We’re also analyzing the preliminary filings and are encouraged to see a ...
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Health care in retirement probably costs more than you think

See my website www.moranlong.com for additional information on health care costsand planning for retirement and health care in your retirement years.---------------------------------------------------------By Michelle Singletary, Washington Post May 17, 2013When it comes to thinking about how much money we all need to retire comfortably, it gives us a headache. I just need to say that upfront before telling you the latest news, which is sure to scare you even more about retirement.You probably know that health care is likely to be among your largest expenses. But how much?In its annual look at medical expenses for retirees, Fidelity Investments said a couple, both ...
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SHIP [Senior Health Insurance Program) – Free information source for all Medicare questions.

SHIP (State Health Insurance Program)Centura Health LINKS is a full-service benefits counseling program that provides information to seniors about Medicare and other health insurance issues of interest to older adults. Our staff and volunteers counsel people at no charge about Medicare benefits, appeals, Medigap insurance, employer health plans, long term care insurance and Medicaid. They also help sort and file medical claims.Centura Health LINKS4200 W. Conejos Place, Suite 200Denver, CO 80204Metro Denver: 720-321-8850Statewide Outside Metro Denver: 1-800-544-9181Email us: LINKS@Centura.orgIn the interest of educating older adults throughout Colorado, we operate a statewide, toll-free hotline 1-800-544-9181. With help from the Colorado Division ...
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Affordable Healthcare Act – Coming attractions

Intuit Accountants News Central Understanding the Affordable Healthcare Act February 12th 2013 by Mike D'Avolio The Affordable Care Act was passed in 2010. It overhauls the U.S. healthcare system and affects nearly all taxpayers, many employers and various elements of the healthcare industry. This represents the most significant change to our healthcare laws since the passage of Medicaid and Medicare in 1965. The new law will be phased in over multiple years spanning 2009 to 2018. As you’ll read in the article, the new healthcare law uses the tax code and tax return in many respects to implement its measures ...
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When do you need a Guardianship or Conservatorship in Colorado?

When do you need a Guardianship or Conservatorship in Colorado?More about the Author: Marco D. Chayet is an Elder Law attorney with the office of Chayet & Danzo, LLC . Marco’s practice emphasizes elder law, guardianships, conservatorships, public benefits, probate, estate planning, and long-term care planning. The attorneys provide the highest quality legal services and professionalism, while representing clients in a cost-effective manner. Meeting the needs of our elder law clients depends on moving beyond conventional legal work to offering practical assistance in planning, counseling, educating, and advocating for the senior or disabled client and their families. Call Toll Free ...
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Do Financial Decisions Get Better With Age?

Do Financial Decisions Get Better With Age? David Allison, provided by InvestopediaYou hear it all of the time, "age is nothing but a number", but what does age do to your ability to make financial decisions? As droves of baby boomers approach retirement, they will be making increasingly important decisions regarding their finances. Read on to learn how aging can affect your ability to make financial decisions, some of the behavioral traits that older investors exhibit when making decisions, and some tips on how to avoid the possible financial pitfalls associated with aging. The Age of Financial Treason? According to ...
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