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2—Cleveland Daily Banner—Sunday, January 28, 2018www.clevelandbanner.comDon’t overpayyour taxesCommonly overlookedcredits and deductions(Family Features) With tax season in full swing, taketime to consider how to get the most out of your tax return,which includes finding all the credits and deductions available to you. While many taxpayers claim common deductions, such as home mortgage interest and self-employment expenses, there are additional tax deductions that canlessen your final tax bill or increase your refund. Theseoften-overlooked tax breaks could potentially save youhundreds – maybe even thousands – of dollars if you itemize deductions.To start, get to know the difference between tax creditsand tax deductions. Tax credits reduce the amount you owein taxes. In some circumstances, tax credits allow a refundable credit, meaning you may not only reduce the amountyou owe to 0, but you can also get money back.Deductions, on the other hand, simply reduce your taxableincome. Both can have a potentially significant impact onyour taxes and are often worth the extra effort to includeon your return.some commonly overlooked credits include:1. Child and Dependent Care CreditYou can claim a credit of up to 2,100 for day care foryour dependents so you and your spouse can work.Photo courtesy of Getty ImagesQualifying dependents include children under 13 and parents who are no longer able to care for themselves.2. Earned Income Tax CreditThe Earned Income Tax Credit (EITC) is a federal taxcredit based on your income and the number of qualifyingchildren living with you. Nearly 1 in 5 people who qualifyfail to claim the credit, worth up to 6,318. Just becauseyou didn’t qualify last year doesn’t mean you won’t thisyear; one-third of the EITC-eligible population changeseach year based on marital, parental and financial status.3. Saver’s Credit or the Retirement SavingsContributions CreditMake sure you “pay yourself first.” Even if it is only 20each pay cycle, make sure you are putting some money intoa retirement fund. If your company offers a retirement savings plan, like a 401(k), it is usually in your best interest toparticipate. If your income is lower than 60,000, you canreceive a credit of up to 1,000 for a contribution of up to 2,000 into an IRA or an employer-provided retirementSee TAXES, page 3Need help with your retirement savings?Feelin’Hungry?Schedule your 401K, 403b, or 457 Review TodayVisit any of our 9 area locationsHwy. 411Ocoee, TNSpring Place Rd.Cleveland, TNHwy. 11Calhoun, TNKeith StreetCleveland, TNPaul Huff Pkwy.Cleveland, TN25th StreetCleveland, TNBlue Springs Rd.Cleveland, TNUS Hwy. 64Ducktown, TNLauderdale Memorial Hwy.Charletson, TN
www.clevelandbanner.comTAXESfrom page 2account, such as a 401(k). The credit is inaddition to any deduction or exclusion fromincome for the contribution.Some tax deductions that allow you toreduce your taxable income include:1. Moving ExpensesIf you moved for a job that is at least 50miles away from your home and held thisjob for at least 39 weeks, you can claimyour moving expenses even if you don’titemize deductions.2. Tax-Preparation FeesPlan for tax time. Tax laws change and sodo life circumstances. Using a professionalto help you file your return may be a wiseinvestment. For example, the tax pros atJackson Hewitt can help you get everydeduction and credit you deserve and thebiggest refund possible. Plus, the cost ofpreparing your taxes can be claimed if youitemize your deductions. In fact, onemissed credit or deduction could more thancover the cost of having your taxes prepared by a tax professional.Cleveland Daily Banner—Sunday, January 28, 2018—33. New MomsBreast pumps and lactation supplies areconsidered medical equipment, whichmeans they qualify for a possible deduction.4. Career CornerJob hunting often means investing bothtime and money. However, you may be ableto deduct some of the job-search expensesyou incur. Costs such as preparing resumes,creating and maintaining websites, business cards, agency fees and travel expensesmay be eligible.5. Wedding BellsIf you were married in a church or at ahistorical site during the past year, you maybe able to deduct fees paid to the venue as acharitable donation.6. Medical FitnessWhile general toning and fitness workouts to improve general health are considered personal expenses, you may be able todeduct your gym membership as a medicalexpense. If a doctor diagnoses you with aspecific medical condition, such as obesityor hypertension, or a specific physical ormental illness, and prescribes workouts orparticipation in a weight-loss program totreat your illness, the membership duesmay be tax-deductible.Terms apply, visit JacksonHewitt.com fordetails.7. Road WarriorsIf you travel for business and aren’t reimbursed by your employer, those costs canqualify as a deduction.Every possible tax credit and deductioncan help when money is tight. You mightqualify for at least one overlooked credit ordeduction – and maybe more than one.Consult a tax professional to discuss howyou can maximize your refund and learnmore at JacksonHewitt.com.The IRS, as well as many states, allowstaxpayers to catch up on missed credits ordeductions, offering a three-year windowfor filing an amended tax return. You cansecure unclaimed credits and deductions byfiling amended tax returns to avoid losingany unclaimed funds from as far back as2014.Refund AdvanceIf you’re getting a refund, you typicallywant it as soon as possible, but that isn’talways an option, especially if you are oneof the millions of Americans who claimeither the Earned Income Tax Credit orAdditional Child Tax Credit. You couldaccess up to 3,200 with a no-fee RefundAdvance loan at zero percent annual percentage rate (APR), offered by MetaBank,at participating Jackson Hewitt locations.Did You Know?J E F F E R S I N C O M E TA XANDBOOKKEEPING SERVICE Electronic Refund Product Options NOTARYLillie (Sue) PerryManager1320 S. LEE HWY. P.O. BOX 1502CLEVELAND, TN 37364-1502423-479-8791
4—Cleveland Daily Banner—Sunday, January 28, 2018www.clevelandbanner.com‘Zero isyour Hero’Setting a ‘lifetimeincome’ strategyBy RICK HUGHESHughes & AssociatesWhen Social Security began underPresident Franklin D. Roosevelt in 1935, theaverage life expectancy was 66. At thattime, FDR said that SS would begin at age65 but later allowed someone to take it at62 because of life expectancy. As you cansee, the payout did not last long in mostcases.Roosevelt’s goal was to provideAmericans with a stream of income theycould not outlive. It was a great idea thatallowed someone to work X number ofyears, retire and then begin collecting someof the money they paid into the SocialSecurity system. The biggest fear most seniors experience today is “outliving theirmoney.” The life expectancy now is somewhere in the mid-80s, and for a couple whois 60 years old, there is a 40 percent chancethat one of them will live to be 95.Now what if this happens to you? Howwill you handle this? If you do the math, itwould make sense to take the SS benefit atage 62 if you knew you were not going tolive beyond 77; but for any age beyond that,it would make sense to take SS at full retirement age, or FRA, or beyond. If you waitHugHes & AssociAtes staff include Rick Hughes, Wendy Hughes, Lindsey Hughes, Beth,Godfrey, Haley andGranger Hughes.until after FRA, you will receive an additional 8 percent each year until age 70.If you are a person who has worked andhad a retirement account through youremployer, such as a 401(k), 403(b) or profitsharing, then the strategy that I will be discussing might interest you.This strategy is called “Lifetime income.”Think of it as a benefit you receive just likeyour Social Security each and every monthfor the rest of your life. If and when youdraw Social Security, you expect the checkSee STRATEGY, page 10CLEVELANDPLYWOOD CO.“SERVING CLEVELAND SINCE 1968”FREE DELIVERYBUILDING SUPPLIES SHEETROCK MOULDING ROOFING WINDOWS LUMBER HARDWARE DOORS CEILING TILE SIDING INSULATION POWER TOOLS PAINTSHOURS: 7 A.M. - 5:30 P.M. M-F472-33572700 20TH N.E. CLEVELANDwww.checkintocash.com
www.clevelandbanner.comCleveland Daily Banner—Sunday, January 28, 2018— 5Your savings federally insured to at least 250,000and backed by the full faith and credit of the United States GovernmentEQUAL HOUSINGLENDERNCUANational Credit Union Administration, a U.S. Government AgencyBowaterCredit Union
6—Cleveland Daily Banner—Sunday, January 28, 2018www.clevelandbanner.comResolve to improve your financial life(Family Features) Counting calories isn’tthe only way you can resolve to bring aboutpositive change in your life during the newyear. If you’re like many Americans, it maybe a good time to start counting your waytoward better financial health.The past year brought financial setbacksto nearly two-thirds of United States households, according to a survey by the NationalEndowment for Financial Education(NEFE).In fact, more than a quarter of U.S.adults say the current quality of their finan-cial lives are worse than they hoped.Topping the list of setbacks in 2017 weretransportation issues (23 percent), housingrepairs or maintenance (20 percent), andthe inability to keep up with debt andfalling behind on bill payments (16 percent).In an effort to reverse that trend, morethan two-thirds of U.S. adults made financial New Year’s resolutions for 2018,according to the survey. Among those thatplan to step up their financial game, topgoals include setting and following a budgetPhoto courtesy of Getty Images(40 percent), making a plan to get out ofdebt (39 percent), establishing savings (32percent) and boosting retirement savings(31 percent).“We continue to see a lot of anxiety aboutmoney,” said Ted Beck, president and CEOof NEFE. “Three-quarters of Americanssaid something causes them financialstress, and it’s most often not savingenough and debt that are to blame.”Reduce money stress and take control ofyour finances with these tips for financialsuccess from the experts at NEFE:1. Get debt under control. Take ahard look at what you owe. If there’s a clearwarning sign of too much debt, take action.Set a goal to reduce your debt load nextyear by 5-10 percent. That might meanreducing impulse shopping. When you facetemptation, delay the purchase and giveyourself time to consider whether it’s a wisemove that fits within your budget.2. Save now and do so often.Preparing for unexpected events like medical emergencies can help reduce the finan-cial impact of a life-changing event.Emergency savings can offset unexpectedcosts and help you get back on solid footing. A good rule of thumb is to have 6-9months of income set aside. If that feels outof reach, start with a smaller goal, even aslittle as 500. When it comes to saving, it’sSee RESOLUTION, page 7Service Loan & TaxManager: Maria Cross2421 Keith Street NWCleveland, TN 37311423-339-1166(Fax) 423-339-1652Refer a friend and receive 20.00servicecleveland@waltersmgmt.comReferred By:SKIN CANCER&COSMETICDERMATOLOGY CENTERDennis Anderson476-13004160 N. Ocoee Street2253 Chambliss Ave. NWSuite 300423-472-3332Bradley Professional Building Cleveland, TN(Heritage PlaceProfessional Condominium)Accepting New Patients and Most Insurances
www.clevelandbanner.comCleveland Daily Banner—Sunday, January 28, 2018— 7Photo courtesy of Getty ImagesRESOLUTIONfrom page 6also a smart idea to think long term. Reviewyour long-term savings and ensure they areon target for your retirement plans.3. Shop for better services. You maybe surprised by how much you can savewhen you periodically shop for the mostcompetitive rates on your recurring bills.Make a game out of shopping providers tofind the best value on your insurance policies, cell phone plan, internet and utilities.Ask your providers about current rates andany promotions available to long-time, loyalcustomers. Then look at alternative providersto determine where you can trim somespending. Be sure to understand your current offering thoroughly so that you are comparing apples to apples.4. Understand what’s behind yourfinancial decisions. If you ever wonderwhy you feel good about spending money onvacations but avoid saving for retirement, theanswer may lie in your unique values andhow they influence your financial decisionmaking. Consider taking the LifeValues Quizat smartaboutmoney.org, where you can alsofind help with setting goals and getting yourfinances in order.Budget BetterTo take control of your money and yourfinancial life, it’s important to get organized.The most effective tool is a budget. Creatinga budget can help you meet personal goalssuch as buying a house or car, or taking avacation. It also can help you prepare foremergencies and manage debt.Income: Start by listing all incomesources, including wages, bonuses and tips,as well as non-employer income such as childsupport, alimony or Social Security.Generally, you’ll want to look at your recurring income, but also include long-range,infrequent income that you anticipate, suchas tax refunds.Expenses: Next, take into account all ofyour recurring monthly bills. If you havemajor periodic expenses, such as a six-monthauto insurance premium, account for it inmonthly increments so you can save up andhave the money ready when the paymentcomes due. Remember to account for thebills you pay (mortgage or rent, utilities,etc.), as well as unspecified items like lawnmaintenance and personal hygiene purchases.Categorize Spending: Some people findit helpful to break expenses into categories,such as housing, transportation, health, personal, entertainment and so on. The key is tocapture every point where money is goingout so you can get a thorough picture of yourongoing expenditures. It can take a couplemonths to get a true understanding of whatyour typical spending looks like.Savings: An effective budget doesn’t justcapture what’s going out; it also reflects whatyou’re able to keep. If you haven’t already,outline a savings plan that allows for anemergency fund, regular savings, retirementand investments.Debt: Consistently paying down theaccounts you owe with the maximumamount you can afford is the surest way toreduce your debt load. Account for each debtyou owe in your budget, and establish a payment plan that shows how much you canallocate to each account each month.“Our mission is to help you make the rightdecisions about your future and to providethe best service in the industry.”Specializing in: Retirement PlanningMedicare Supplemental OptionsLife Insurance Long Term Care1035 Peerless Xing NWCleveland, TN 37312(423) 664-4203www.hughesretirementgroup.com
8—Cleveland Daily Banner—Sunday, January 28, 2018www.clevelandbanner.comPotential long-term expensesto account for in retirement(MetroCreative) — Retirement planninginvolves more than just investing in a401(k) and/or IRA. Individuals who hopeto live comfortably in retirement mustaccount for various expenses, includingthose associated with their health.A 2013 report from the U.S. Senate’sCommission on Long-Term Care foundthat each year an estimated 12 millionadults in the United States require sometype of long-term care. Planning for thefollowing potential expenses can help menand women ensure they will have enoughmoney to live well in retirement. Housing: Many individuals wouldprefer to spend their golden years living intheir own homes. However, adults who canno longer take care of themselves and/ortheir homes may need to move.Homeowners who simply want to downsizemay be able to finance their transitions toretirement communities by selling theirexisting homes. But those who need tomove into assisted living facilities may findthat even selling their homes might notprovide enough capital to pay for such residences.According Genworth’s 2016 Cost of CareSurvey, the annual cost of assisted livingfacilities greatly varies by state, with costs ashigh as 65,550 in Massachusetts and as lowas 30,438 in Missouri. Whether they investin long-term care insurance or developanother plan with their financial advisors,men and women must consider ways tofinance potential housing costs in retirement. Renovations: Home renovations areanother potential cost in retirement. Agingmen and women who can no longer comfortably navigate staircases but are otherwise healthy may need to renovate theirhomes to account for their limited mobility.Such renovations might include theinstallation of a staircase chair lift and/or aramp connected to the entryway of a home.Some may even need to convert a firstfloor den or living area into a bedroom,which may also require adding a full bathroom. Maintenance: Homeowners whowant to stay in their homes in retirementmust also factor potential maintenancecosts into their retirement plans. Agingmen and women may no longer be capableof maintaining their properties in retirement. Consider the potential costs of landscaping, home maintenance and maid services when making a retirement plan. Transportation: Diminishing visionand slower reaction times compel manyretirees to give up driving. But retirees whostill enjoy getting out and about will stillneed a way to get around.Moving to a retirement community withdaily shuttle service to and from town centers is one way for seniors who no longerdrive to get around. But men and womenwho do not want to move to such communities will need to find alternative means oftransportation, the costs of which can addup quickly.Financial freedom in retirement is a goalfor many working professionals. Attainingsuch freedom involves planning and savingfor all potential expenses in retirement.TAX STRESSGOT YOUTIED UP IN KNOTS?Come See The Back & Neck SpecialistsCOMPLETE WELLNESSCHIROPRACTIC CENTERDr. Eric GruberDr. Wendy Gruber95 Mikel Street 476-0023No Appointment NecessaryRetiRement planning involves more than just investing in a 401(k) and/orIRA. Individuals who hope to live comfortably in retirement must account forvarious expenses, including those associated with their health.Serving Cleveland & Bradley County for over 45 Years in the Areasof Residential & Commercial Sales and Residential & CommercialLeasing. Let us help you with ALL THINGS REAL ESTATE!
www.clevelandbanner.comCleveland Daily Banner—Sunday, January 28, 2018— 9Retirement saving tips for late startersWhile it pays to start saving for retirement early, late bloomers whoneed to catch up should know that it's never too late to start.(MetroCreative) — Despite countless television ads touting the virtues of retirementplanning, it seems many people are not getting the message. According to a surveyfrom GOBBankingRates.com, one-third ofAmericans have nothing saved for retirement. The picture is not any rosier inCanada, where Statistics Canada reportsthat just 65.2 percent of the country’s 14million households contributed to a retirement plan in 2015.Financial advisors recommend men andwomen begin saving for retirement as earlyas possible. The longer people delay opening a retirement account, the less time theirmoney will have to grow. Those who neveropen such accounts may not be able to meettheir cost of living in the future.While it pays to start saving for retirement early, late bloomers who need to catchup should know that it’s never too late tostart. Sign up for an employer-sponsored Wealth ManagementLife InsuranceEstate PlanningLong Term CareInsurance Disability Insurance Buy/Sell AgreementFundingEd Jacobs, LUTCFWealth Management Advisored@edjacobs.com2380 N. Ocoee St.Cleveland, TN 37311423.473.8002 office423.284.0854423.473.8007 faxMemberSee RETIREMENT, page 10Tax season begins Jan. 29WASHINGTON ― The Internal RevenueService said the nation’s tax season willbegin Monday, Jan. 29, and reminded taxpayers claiming certain tax credits thatrefunds won’t be available before lateFebruary.The IRS will begin accepting tax returnson Jan. 29, with nearly 155 million individual tax returns expected to be filed in 2018.The nation’s tax deadline will be April 17 thisyear – so taxpayers will have two additionaldays to file beyond April 15.Many software companies and tax professionals will be accepting tax returns beforeJan. 29 and then will submit the returnswhen IRS systems open. Although the IRSwill begin accepting both electronic andpaper tax returns Jan. 29, paper returns willbegin processing later in mid-February assystem updates continue. The IRS stronglyencourages people to file their tax returnselectronically for faster refunds.The IRS set the Jan. 29 opening date toensure the security and readiness of key taxprocessing systems in advance of the opening and to assess the potential impact of taxlegislation on 2017 tax returns.The IRS reminds taxpayers that, by law,the IRS cannot issue refunds claiming theEarned Income Tax Credit (EITC) and theAdditional Child Tax Credit (ACTC) beforemid-February. While the IRS will processthose returns when received, it cannot issuerelated refunds before mid-February. TheIRS expects the earliest EITC/ACTC relatedrefunds to be available in taxpayer bankaccounts or on debit cards starting on Feb.27, 2018, if they chose direct deposit andthere are no other issues with the tax return.The IRS also reminds taxpayers that theyshould keep copies of their prior-year taxreturns for at least three years. Taxpayerswho are using a tax software product for thefirst time will need their adjusted grossincome from their 2016 tax return to fileelectronically.Taxpayers who are using the same taxsoftware they used last year will not need toenter prior-year information to electronicallysign their 2017 tax return. Using an electronic filing PIN is no longer an option.Taxpayers can visit IRS.gov/GetReady formore tips on preparing to file their 2017 taxreturn.2018 Corolla iM18,797 (afterrebate) 353.59 per month 0 down 72 months 6% APRStk. #1801402009 HondaCivic EX-L 9,991 228.22 per month. 0 down60 months 6% APR. Stk. #180253A3560 Village N. Blvd. SWMcDonald, TN 37353www.toyotaofcleveland.com2017 Corolla2017 Prius 2(after22,805 rebate) 361.05 per month 0 down 72 months 6% APRStk. #171171 426.64 per month 0 down 72 months 6% APRStk. #D17149419,2632015 ToyotaCamry SE15,491 342.62 per month. 0 down60 months 6% APR. Stk. #180056A2015 SubaruOutback24,991 463.10 per month. 0 down72 months 6% APR. Stk. #171417BSales: 423-664-9715Monday-Saturday 9am-8pmService: 423-339-1138Monday-Friday 7:30am-5:30pmSaturday 8am-4pm*Must quality for special rate financing through Toyota of Cleveland. Dealer retains all rebates and incentives. Photos are for illustration only. Actual vehicle may be different color.
10—Cleveland Daily Banner—Sunday, January 28, 2018www.clevelandbanner.comTax deadline is April 17The filing deadline to submit 2017 taxreturns is Tuesday, April 17, 2018, ratherthan the traditional April 15 date. In2018, April 15 falls on a Sunday, and thiswould usually move the filing deadline tothe following Monday – April 16.However, Emancipation Day – a legalholiday in the District of Columbia – willbe observed on that Monday, whichpushes the nation’s filing deadline toTuesday, April 17, 2018.Under the tax law, legal holidays in theDistrict of Columbia affect the filingdeadline across the nation.The IRS also has been working withthe tax industry and state revenuedepartments as part of the SecuritySummit initiative to continue strengthening processing systems to protect taxpayers from identity theft and refundfraud.The IRS and Summit partners continued to improve these safeguards to further protect taxpayers filing in 2018.RETIREMENTfrom page 9trying to catch up on retirement savingsmay be tempted to invest their money inhigh-risk funds with the hope of making upground quickly. But investors typicallywant to reduce risk as they get older. Thatapproach should still govern late bloomers’investing decisions, as high-risk funds thatdon’t perform well could leave aginginvestors with little to nothing come retirement. Prospective investors who need helpchoosing the right funds for themselvesshould contact a financial advisor. Cut spending. Men and women gettinga late start on retirement saving shouldexamine their monthly expenses, lookingfor places to cut costs so they can reallocatethose funds for retirement savings. Someways to considerably reduce monthlyexpenses include cutting the cord with acable provider, driving a preowned vehicleinstead of a new model and downsizing toa smaller home.Men and women who have delayed saving for retirement should not panic. Whileit’s always best to begin saving for retirement as early as possible, there are waysfor late bloomers to catch up and/or createa decent-sized nest egg for their goldenyears.retirement account. Many employersarrange for retirement savings accountslike a 401(k) for their employees. Suchaccounts are typically tax-deferred. As aresult, men and women likely won’t evennotice the money missing from their paychecks each month. Take advantage of suchofferings if they exist. Such opportunitiescan be even more beneficial to latebloomers whose employers match contributions up to a predetermined percentage. Start saving as much as possible. Manypeople contribute 6 percent of their pay toa retirement savings account such as a401(k). That rule of thumb may be enoughfor young workers, but late bloomers mayneed to contribute a higher percentage oftheir incomes if they hope to catch up. If 10percent is doable, then contribute 10 percent, being sure to diversify how that 10percent is invested. Workers who canafford to contribute more might want toexplore other retirement account optionsso they avoid putting all of their eggs intoone basket. Avoid high-risk investments. InvestorsSTRATEGYfrom page 4to be deposited each and every month intoyour account. Lifetime income will beanother stream of income being depositedinto your account for the rest of your life.It is important, if possible, to create anadditional income stream to supplementthe income stream you receive from youSS benefit.Another benefit to this additional lifetime income stream is a statement weoften use: “Zero is You Hero.” What Imean by this is that you benefit from market gains while avoiding the losses, If youcould know your principal is safe frommarket volatility, wouldn’t you be interested in this strategy?Let’s discuss how it works. Let’s say youhave a 401(k), and you are on the verge ofretiring and do not want to risk your principal with the market. Your funds wouldbe linked to the index, but you would onlyreceive gains from the markets —not thelosses. This is because you receive interestcredits if the market performs well, but ifthe market takes a downturn, “Zero isYour Hero.”“I have a client who had a 401(k), hadaccumulated 170,00) from her employerand was ready to retire with her husband.Although their goal was to take theirSocial Security benefit each month, theycould not maintain the lifestyle they wanted without additional income. They haddecided to put the money in the bank andtake out 800 each month, or 9,600 ayear to supplement their income.“The problem, however, was that theywould run out of money after about 17years. I gave them a different strategy thatwould allow them to take 1,600 a monthfor the rest of their lives, even after one ofthem died. Let’s do the math. Say theydraw on this money each month for 25years — that would amount to 480,000.Which strategy would you prefer?We’re online!Check us out:www.clevelandbanner.comA LocallyManagedCompanyServing LocalNeedsOUR MISSION:Through teamwork that stems from faith in our fellow employees,Waste Connections of Tennessee, will provide the highest quality of serviceand value to our customers with a focus on: Safety, Regulatory Compliance,The Highest Ethical Standards, and Shareholder Value.Bobby and Angie Ledford, Owners(423) 472-9978 Fax (423) 339-58842091 Waterlevel Hwy. SE Clevelandcccbody@aol.com386 Industrial Drive, SW Cleveland, Tn 37311 Phone: 476-2293
www.clevelandbanner.comCleveland Daily Banner—Sunday, January 28, 2018— 11Livecomfortablyon less(MetroCreative) — Many people looktoward retirement with mixed feelings.There is the anticipation and excitement of no longer having to stick to aset schedule. However, there may besome trepidation about living without asteady income.Bloomberg financial experts foundthe number of Americans aged 65 andolder without a disability that weren’tin the labor force rose to 800,000 inthe fourth quarter of 2016. This hasbecome a long-standing trend of BabyBoomers leaving the workforce andentering retirement. Yet, a StatisticsCanada study of people between theages 60 and 64 who had left long-termemployment found 43 percent of themwere working again, most within a yearof leaving their job. Although boredommay have compelled many of those people to reenter the workforce, some mayhave started working again to make endsmeet. Researchers found the higher theearnings in one’s late 40s, the more likelya retiree is to go back to work.While retirees may need to alter theirspending habits, it is possible to live happily on less. Here are some ways to dojust that. Accurately assess home expenses.The National Foundation for CreditCounseling says the cost of home-relatedexpenses accounts for roughly 45 percentof spending for retirees. Individuals canadd up exactly how much their homes arecosting them and then decide if downsizing is a practical solution. Downsizinghas a host of benefits, not the least ofwhich is reducing housing-relatedexpenses. Invest in health care. Unexpectedhealth care costs can quickly depleteindividuals’ finances. That’s why it isessential to have a solid insurance plan inplace. Health care planning also mayinclude thinking ahead to long-term care,such as assisted living and nursinghomes. One may have to make concessions elsewhere, but investing in healthFiling taxes: 3 things to remembercare can assuage concerns men andwomen might have about the cost of living in their golden years. Us
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