My brother has been a business whiz since before he was a teenager. He is the long time business advisor for family and friends alike. When he sent me a link and said, “some I did know about,” what was astonishing to this Grandma was that there were then some he did not know about. If he did not know about them, then surely they must be very special.
This Grandma had no clue that there is a larger standard deduction when one spouse is over 65 if you do not itemize deductions, that there is a break on deducting medical expenses, Medicare premiums, spousal IRA contributions if one spouse is still working, that there is a way to capture tax free profit from a former vacation home, There was a lot this Grandma did not understand and I will have to ask about.
This Grandma loves AARP and looked to see if they covered some of the same information. I found that AARP provides free tax assistance to qualifying retirees.
More information about this can be found here.
AARP’s advice about having to live on a budget and how to change your financial lifestyle after retirement is just plain depressing. The internet actually refers you back to the Kiplinger article for advice.
This Grandma says avoid the depression about finances after retirement. Move to Florida.
Florida is still number one in the country for retirement, ranking on top in a recent report, again. Yes, cost of living, age of population, number of museums and theatres, number of golf courses, volunteer opportunities, low crime, life expectancy and ratio of doctors, dentists and health care facilities help put Florida on top. But, affordability was given the greatest weight and no state income tax helped in that category. Yes, Florida has the highest percentage of population 65 and older, but wins on allowing people to live their lives without drastically modifying their lifestyles. Check out this personal finance website for the report on the 2015 best and worst cities in which to retire and see how your home location fares.
Then, you too will decide some tax advice is too complicated, but moving to the Sunshine State is a no brainer.
Joy,
Mema
Comments