Taxes

New Tax Form for Senior Citizens for 2019

Just when you have adjusted to the new tax forms of 2018, you may be in for a surprise if you are over age 65 for your 2019 tax return. It’s the newest twist for seniors and it is the new 1040-SR senior tax form that may in fact be the perfect thing for seniors to use!

There's a new senior tax form coming for your 2019 tax returns. Form 1040-SR has some good senior benefits, but there are some limitations, too.

Fifteen million of the 150 million Americans who filed taxes last year were seniors, so filing an IRS tax return is likely to be simpler next year for about 10% of those who do so. To use this form, you have to be 65 prior to January 1, 2020.

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Home

13 Things to Consider When Choosing Where to Live

I really don’t like to write long-winded posts about anything, even if I sometimes do just that. But, sometimes there are subjects that do require that kind of detail. Like, for example, the subject of picking where to live. Maybe you never actually had to pick a place to live, but these days it has become a much more common thing to have to do, and that’s especially true in retirement.

Choosing where to live is a major decision and there are many factors that you should consider. Here are 13 areas to examine to find your ideal location.

I’m sure that there are plenty of good and obvious reasons why you live where you live. In retirement, many need to live in a less expensive place or a place closer to family. For others, it may be that they always wanted to live in a mountain area or a beach environment. Those are all good reasons to consider and get advice about.

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Retirement

2020 Social Security COLA May Not Be Good News

Update: The SSA has announced that the Social Security Cost-of-Living Adjustment (COLA) for 2020 will be 1.6% as predicted.

Every year around this time, anyone who gets a regular check from Social Security gets curious and also a bit nervous. That’s because they and I know that in just a few weeks, mid-October, the annual Social Security Cost-of-Living Adjustment (COLA) for 2020 will be announced. This comes as our lawmakers are looking for ways to expand and preserve Social Security, a task they have been avoiding now for decades. So perhaps for them, this news that Americans might be in for a smaller cost-of-living adjustment next year is good news. But not for anyone who depends on it.

For those relying on government benefits, the Social Security COLA 2020 may be a disappointment. While an increase is expected, it isn't very much.

According to a new estimate released by The Senior Citizens League on Thursday, the 2020 COLA is forecast to be a 1.6% increase which would come out to about $23.40 per month for the average beneficiary (the average beneficiary received $1,475 a month this year). That compares to the $40.90 beneficiaries received in 2019 which was a 2.8% COLA.

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Food

Five Cheap Meals That Cost Under $2.50 Per Serving

Let’s get right to the point here. Is there anything that you spend more on every week than food? It’s the number one thing that we all spend money on every week and it involves a lot of thought and care if you want to have money left over for other things you must take care of. That’s why cheap meals are such a good idea no matter your budget. There’s no avoiding food forever, skipping it entirely for a while, or thinking of it as the very “last thing” you need to concern yourself about. If you do that and it works for you, write to me and let me learn something new please. Having said that…

One of the great ways to save on your food budget is cheap meals. Today I'm sharing five cheap meals you can make for under $2.50 per person.

Today I’d like to talk about some great meals that you (and even I) can plan and prepare that don’t break the bank or budget. Yes, these are meals you can plan, cook, and enjoy on the cheap. I have tried them all and although I don’t want to eat all of them over and over every week, they can be mixed in with other food choices and help really cut your food bills. So let’s get right to it and begin: my top five money-saving meals that cost under $2.50 each!

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Saving & Investing

What’s Worse Than Not Saving Money: “Dissaving”

There may not be any other word in the English language that says such an obvious thing as the word “dissaving”. We all know what each part of that word means. “Dis-” means “not”, as in disrespect, meaning not to have respect for something like saving money. “Saving” is the thing we all want to do with our money whenever we buy something and try to put away the difference after we do it. Funny thing is when you combine those two parts together, it becomes a complete disaster! If you’re in “dissaving” mode, then you need a life saver.

Dissaving is when you're spending more than you're taking in. That can put you in a financial hole that leads to disaster if you're not careful.

The Definition of This “Dis”

Dissaving is an actual real word. I swear I’m not making it up! You can Google it if you have any doubt, but trust me, it’s real.

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Personal Finance

On Being Criticized For Managing Money

Because managing money is usually something kept very personal, the act of being criticized out loud for it is pretty rare. In my own case, other than my spouse, I generally do not share the specific details of my day-to-day finances with others even though I am perfectly willing to give my money opinions in my blog posts as to what to do with your money.

There may be times you are criticized for how you are managing money, but what's important is that you are doing what is right for you.

It’s a bit of a weird fine line, I guess. Thinking that I can give advice and still keep most of the really personal details to myself. Is that because I think that I will be criticized for the way I actually manage my own money? Maybe it is.

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Cars, Food, Health

10 Must Buy Generics (And 5 Branded Items Worth the Price)

There is a challenge I go through every time I shop and it’s one that I am betting you think about, too. It’s the brand names versus the generics thing that is kind of the “Ali versus Frazier” matchup that we all go through regularly!

When it comes to saving, generics are a great way to reduce spending. Here are 10 generics you should buy, plus 5 branded items I believe are worth it.

There is often some fear in people when it comes to shopping and buying an item they may never have heard about or seen before, and that’s even truer when it comes to generics. Those are the items that are not national brands, but swear that they can still do the job to satisfy your needs and wants!

Loyalty usually is a great quality, but it can be costly when you shop. Sticking to just one brand rarely makes sense when the only meaningful difference between a national brand product and its generic version is the price.

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Money Mindset, Saving & Investing

Three Mistakes I Made on the Road to Financial Freedom

Today we have a guest post by Simon from Financial Expert, a blog that offers free learning experiences which combine articles, interactive experiences, and assessments. Today he talks about some of the mistakes he personally made in investing and some of the lessons he learned along his way to becoming a smarter investor in the 21st century!

While the post title implies that my failures only number three, I feel it is only fair to admit that I have comfortably exceeded this number over my decade of investing!

In today's guest post, Simon from Financial Expert shares three investing mistakes he made on the way to financial freedom and how you can avoid them.

Here are three mistakes which I feel hold broader lessons for all of us to reflect upon.

1. I believed that complexity was the key to an excellent portfolio

I loved investing so passionately when I first began, that I immersed myself in the topic at every opportunity. I read magazines, blogs, newspapers to satisfy my hunger for knowledge.

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