Budget & Savings

I really can't decide.......... (1) The nation's stock market is tanking, destroying a pillar of many people's retirement structure. (2) There is run-away inflation, exacerbated by tariffs, reducing the value of your remaining money, again affecting one of the pillars of people's retirement structure. (3) The Social Security system is under attack even as it is underfunded to begin with, yet destroying another pillar of people's retirement structure. (4) The job market is steadily shrinking; yet destroying another pillar of some people's retirement structure. Here's what I can't decide...... Should my comments about our financial woes appear in the MONEY SECTION of AARP'S DISCUSSION BOARDS or should our financial woes appear in the SCAMS AND FRAUD SECTION of AARP'S DISCUSSION BOARDS. Your thoughts??????

FROM THE ARTICLE: 5 Steps for Tracking Down Old 401(k)s.A new federal database will make it easier to find your retirement funds from past jobs. By Patricia Amend and Andy Markowitz, AARP. Updated January 21, 2025. Have you changed jobs and left retirement accounts behind?“Forgetting about old 401(k)s, or even how much is in them, is more common that we would all like to think,” says Kashif Ahmed, president of American Private Wealth in Bedford, Massachusetts. “I recently had a client who forgot about an old 401(k). Once we uncovered it, it had more than triple what she thought it might contain.” USE LINK BELOW TO READ THE ARTICLE: https://www.aarp.org/money/retirement/find-forgotten-401k-and-other-money/

Opinion piece: "With Trump and Musk driving U.S. policy, Kansas farmers have been played for suckers"  

Hi: My Mom moved into an assisted living facility last May. Does anyone have any information on estimating the amount of "medical expenses" one can deduct from income taxes for assisted living costs? All the information online I've seen say something like "part or all of your assisted living costs may qualify for the medical expense tax deduction".  When I asked the business director at the assisted living facility, they sent me a 2-page boilerplate document that said  "For residents requiring assistance with 2 or more activities of daily living in our Life Guidance Program, 100% of the fees paid ... could likely[my emphasis] be deductible for tax purposes."  My Mom does meet that requirement, and is paying a monthly supplement for an enhanced plan-of-care above the basic monthly cost for the apartment (the basic rent includes meals, cleaning, laundry, 24-hr access to medical staff, prescription management, free transportation to medical offices, etc..). &

FROM THE ARTICLE: Paychecks and retirement income escape state taxes if you live here. There are plenty of strategies to lower your tax bill, including contributing to retirement accounts, leveraging tax credits and maximizing itemized deductions. Or, if you’re really committed to paying less in taxes, you could move. In nine states, income isn’t taxed — allowing residents to hold onto more of their hard-earned dollars. For retirees, this means that pension payouts, retirement account withdrawals and Social Security benefits aren’t subject to state taxes. By Cameron Huddleston, AARP. *** There are 9 Comments so far on AARP website. Stop by to add yours. *** Published January 09, 2025. USE LINK BELOW TO READ ARTICLE: https://www.aarp.org/money/taxes/states-without-an-income-tax/ 

An easier-to-read version: https://drive.google.com/drive/folders/1o67G3iZojC-GvpTEfN8hQSAuR483N6WJ?usp=drive_link

Im sent emails asking to be an advocate for this and that but I'm 55 and on disability, no savings after being forced to move in 2022 due to tangled deed and now, facing eviction because the property manager never told me about partial rent payment not made by me (debit is as good as cash) or coming from my account being returned non sufficient funds.    Seems even if you are on disability, you don't qualify for anything unless you are 65 plus (no disrespect to seniors is intended).  I've never been late for rent in my adult life and had i been informed about the NSF when it occurred, I wouldn't be in the mess I'm in now.   Since when doesn't a property manager/landlord inform you that your check was returned by the bank?  (Wells Fargo should just be shut down).  My 55th bday was yesterday and I'm ready to give up.  Since moving, my credit score has dropped 300 points, and it's not getting better.  Having getting my credit straight and years

Hey everyone! Christmas is around the corner, and while online shopping is super convenient, it can also strain your wallet if you’re not careful. Luckily, there are free and easy ways to save money while shopping for holiday gifts! Watch for Holiday Sales: Black Friday, Cyber Monday, and pre-Christmas sales offer huge discounts. Keep an eye on these events for the best deals.Use Coupon Codes: Websites like Discountcodez or Honey can help you find discounts and free shipping offers before you check out.Set a Budget: Make a list, decide on a spending limit for each person, and track your purchases to stay within your budget.Compare Prices: Use tools like Google Shopping to find the best deals across different stores.Look for Refurbished Gifts: For tech items, refurbished or pre-owned options can save you a lot without compromising quality.With these simple tips, you can shop smarter, save money, and still get thoughtful gifts for your loved ones. Do you have any other holiday-

My husband and I just found out that our plans to convert our retirement funds into Roth IRAs will have a huge negative affect on our Medicare premiums!  We both have pensions and planned to use our retirement funds as our insurance in case we need long term care down the road.  Otherwise we wanted to convert so the funds will be inheritable by our children as Roths without RMDs.  We also wanted to reduce our eventual RMDs that will start when we're 72. In all our research about the benefits and risks of conversion, we NEVER heard of the affect this would have on our Medicare premiums.   What I'm looking for is the reason why this happens, when we're already going to pay the taxes due on those funds, and are not cashing them out to use as income, but really rolling them over into the Roths to stay invested?  This really doesn't seem fair, and now we're stuck with the choice of paying extremely high medicare premiums, or discontinuing our conversi

When I go to local dollar store,which is over 25 miles away, i purchase the scratch pads with the sponge included, so save on buying them seperate, then when i get home, i cut them in half, so that they will go last longer. And it means less trips to the store as well, so saving on gas also. I keep a spray bottle of peroxide under kitchen cabinet, so once  a day, i spray them, to clean, so they are germ free for next use. This is one of the many tips I've found helpful over the years.

  I hear commercials all the time pushing Life Insurance for seniors.  I do have Life Insurance but I also have a pre-paid burial plan.  I usually tell other family members that if they don't have a spouse/family member counting on a Life Insurance payout or a large amount of debt, they should focus on pre-paid burial plan. (Let family members know you have this and that your wishes have been made in advance.) So many families seem to stress that they don't have Life Insurance. 

FROM THE ARTICLE - SEE ARTICLE FOR MORE!!! Understanding Emergency Savings and Why It Is Critical to Financial Well-Being. By Manita Rao, AARP Public Policy Institute, Katie Fitzpatrick, University of Wisconsin–Madison & David John, AARP Public Policy Institute. Published November 08, 2024. One of the most important indicators of financial well-being is having money set aside for an emergency, yet too few US households do. And while overall household economic instability has grown in recent decades, it remains more common among lower-income households that have witnessed higher levels of income volatility and unstable consumption. This has made it even harder for low- and moderate- income households from all racial and ethnic backgrounds to save for emergencies. Therefore, an important policy goal to improve household financial well-being and further equity is to make it easier for households to build emergency savings. https://www.aarp.org/pri/topics/work-finan

Who Pays Tariffs?  

FROM THE ARTICLE - SEE ARTICLE FOR MORE!!! Retired? Winners and Losers of the Fed's Big Rate Cut. From savers to borrowers, lower interest rates are a mixed bag. By Donna Fuscaldo, AARP. Published September 19, 2024. The Federal Reserve’s first interest rate cut in more than four years is finally here. On Sept. 18, the central bank slashed its benchmark rate by half a percentage point, aggressively lowering its target range to between 4.75 and 5 percent. And the Fed has signaled that more reductions are coming.  But that doesn’t mean retirees should panic. It does mean that it’s time for retirees to take stock of their savings, investments and loans. https://www.aarp.org/money/budgeting-saving/info-2024/fed-interest-rate-cuts-retirees.html

FROM THE ARTICLE - SEE ARTICLE FOR MORE!!! For starters, stop buying precut fruit and bottled water.  By Donna Fuscaldo, AARP. Published September 03, 2024. Inflation isn’t the only thing pushing up the grocery bills of households across the country. A lack of awareness of the spending traps is costing them too. The supermarket is where you go for the ingredients to prepare an affordable meal. But it’s also a place where you can overspend if you aren’t careful. That’s particularly true if you’re squarely focused on saving time and effort. “When it comes to groceries, convenience costs,” says Brian Vines, deputy editor of special projects at Consumer Reports. “You can expect to pay a premium when supermarkets help you cut corners in the kitchen. https://www.aarp.org/money/budgeting-saving/info-2024/supermarket-spending-traps.html

Sometimes the perk of having an SUV that sits up very high in the air as it gives the driver the ability to see a full grown adult straight in the eye WITHOUT having to look upward that it is very expensive to own one.  I have been bugging politicians to tell these automakers to put a limit on how much they can charge for these kind of vehicles.  There are many non-profit organizations out there who has employees who would love to own something that sits up high in the air but can't afford one.  And sometimes all they could afford is a small 4-door sedan.  A Nissan Murano may be the only affordable SUV on the market as it does sit higher than  a 4-door sedan but doesn't sit as high as a Mercedes Benz G wagon.  I have written to my congresswoman to come up with a bill that would have a vehicle that has an overall height of 75 to 82 inches, but would cost no more than a vehicle that has an overall height of 63 to 69 inches.  I happen to be one of those

Just turned 62 and am starting a new job.  Since I am technically old enough to collect SS but am hoping to work another 5 years to boost my SS benefit, does it make sense to buy long-term disability insurance since most policies only cover thru age 65?

I have decided to sell my rental home, it is time.  Tenants are still living there. I am trying to decide how best to do it without having to pay outrageous commissions.  The property manager I use for my rental has not been that great, so I do not want her to sell it (she is also a realtor).  I am considering trying to sell it as "sale by owner" but I really don't like the idea of having to show the house and the time it will take to do that.  Has anyone tried using AARP's program where they partner up with agents?  If so, can you tell me your experience with that?  Thank you.  Brenda

I am old school and I tip for good service - 20% or more I tip those who do a good job, but there has to be good service and an actual service.  I tip my gardener and those who do landscaping work around my home pretty well since I can see how they work and sometimes in not really good conditions.   I am aware of how tipping works in many restaurants - meaning that they share with others who are sometimes in the background.  While going to college, my Daughter spent many an hour working in an affluent area at a top notch restaurant and bar.  Some nites she would say why am I getting a degree when I’m making all of this in tips.  She was fortunate because not every server works in such a place.  After graduating with high degrees she learned and the education has really given back to her and she did not continue the restaurant work.  Money in hand does sometimes put stars in their eyes but it is the bigger picture that really count and i

FROM THE ARTICLE - SEE ARTICLE FOR MORE!!! 4 Retailers That No Longer Accept Paper Checks. And 10 that still do! By Donna Fuscaldo, AARP. Published August 16, 2024. In yet another sign the personal check is on its way out, Target recently announced it’s no longer accepting this form of payment, joining a growing list of retailers that have banned checks.   Retailers like Target have their reasons for banishing checks. Usage is a big one: Checks represent only 3 percent of transactions, according to Bankrate data. Fraud is another: In recent years there’s been a resurgence of check fraud, with merchants a common target. And in an era when speed is of the essence, nobody wants to wait behind a shopper paying by check. https://www.aarp.org/money/budgeting-saving/info-2024/retailers-that-do-not-accept-checks.html

Share your tips and tricks for saving money. For example, I like flavored water without sweeteners or carbonation but the price of bottles at the store just keep going up and up with fewer sales.  I was in Walmart and saw a mainstays wide mouth mason jar infuser lid for $1.50 (less than the cost of one premade bottle).  I add water to a large mason jar, put some frozen fruit, usually purchased on sale, in the infuser and leave it in the refrigerator overnight.  Not only do I have cheaper flavored water but I can make my own flavor blends.  What are you favorite quick and easy ways to save money?

 I have been periodically skimming(on strong market days)  from my ROTH and investing in T-Bills in order to have more (and less volatile )cash on hand for down the road. As they pay out interest, I put it my HYSA.  I am just wondering if there is any real downside to this strategy?

When u buy new or used can do per monthly??

Hello I live in Vallejo California and I spend half of my net income on my rent. I have a plied for numerous low income senior housing places and also for section 8, but I’m still waiting to get harder and harder. Does anyone have suggestions of organizations that will help with rent thank you LYNDA 

I received an AARP WEBLETTER that had an article regarding 12 supermarkets that offer senior citizens discounts. The contributor writing this article for AARP left out a major chain in their list, an omission that could cost AARP members hundreds of dollars a year.  I ask.... DOESN'T ANYONE EDIT, RESEARCH, OR REVIEW ARTICLES BEFORE DISTRIBUTION TO AARP MEMBERS? This contributor left out PUBLIX, a chain of grocery stores that covers EIGHT STATES, is in FOUR HUNDRED AND TWENTY SIX CITIES, and has ONE THOUSAND THREE HUNDRED AND EIGHTY FOUR stores. What an omission!!!!! Publix offers seniors a 5% discount on their groceries on Wednesdays. This is just one example of omissions, errors, and other miscues found in AARP articles on a regular basis.