Is my Home Equity loan interest still deductible?
Prior to 2018, mortgage interest on $1M primary mortgage and Home Equity loan interest on a loan up to $100k were deductible on your Schedule A itemized deduction form of [...]
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Filed under General, Miser Tip, Personal Finance
Trying to understand Medicare?
This document is one of the better ones I’ve found for Medicare basics. If you know someone nearing age 65 pass it along:Medicare basics (1)
Tax reform bill summary
From a quick scan it appears to me that congress is trying to get folks to take the standard deduction vs. itemizing on their taxes. On the schedule A they are trying to eliminate deductions for Medical expenses, state taxes and capping property tax deductions at $10k. Higher income folks and those that live in states with high property and state income taxes are not going to be happy. Any new home purchases will also have a cap of $500k for mortgage interest deductions.
This website has a good summary:
https://www.thefiscaltimes.com/2017/11/02/Read-House-GOPs-Tax-Bill-or-Summary-Key-Points
social security benefits rise for 2018 but……….
You are getting a 2% bump in benefits in 2018, but it will probably be offset by higher medicare premiums: https://www.forbes.com/sites/janetnovack/2017/10/13/gotcha-social-security-benefits-rising-2-in-2018-but-most-retirees-wont-see-extra-cash/#43a72fef5831
Financial Advisor Credentials?
Resource on Clark Howards website to wade through the bogus ones: http://clark.com/personal-finance-credit/investing-retirement/financial-advisor-designations-this-free-tool-sorts-through-the-alphabet-soup
Decent savings rate + $200 bonus
I get asked quite frequently about where you can get “any” return on Cash Reserves. Most banks are paying a fraction of a percent if anything, but here is something I just came across: Capital One 360 Money Market is offering 1.2% annual yield on balances of $10,000 or more. If you deposit before Oct 31, 2017 you will also get a $200 bonus. The website is www.capitalone.com/200atlanta and use the code MY200.
medicare plan F vs. plan G
Came across these two videos that compare Medicare supplement plans F and G. Most folks naturally gravitate toward Plan F since it covers the deductible, but that may not be the best choice. Especially once you consider the higher premiums and higher annual increases associated with Plan F.
https://www.youtube.com/watch?v=sHj3-Y_gwUs
https://www.youtube.com/watch?v=bmU0KdQuxbU
Find unclaimed money in your name
Good article about a new website on Clark Howards site: http://clark.com/personal-finance-credit/this-website-will-notify-you-if-theres-unclaimed-money-in-your-name/
Redefining Retirement age……
Two legendary rock musicians performed in Atlanta last night. Peter Frampton is 67 and Steve Miller is 73. Quite an impressive show. These guys show that age is only a number and should never be used to slow you down.
