Money Talk
APRIL 20, 2023
Off-Farm Job Employer Benefits - These include a defined benefit pension, an employer retirement savings plan (e.g., health insurance). Simplified Employee Pension (SEP)- This is a retirement savings plan for self-employed workers and small business owners. barn, silo, riding arena), farm equipment (e.g.,
Money Talk
OCTOBER 11, 2023
Tax Write Off for Health Insurance - On line 17 of Schedule 2, self-employed workers can take an “above the line” deduction for health insurance, which lowers their AGI. Back-Up Income - When older adults start a business, they often have back-up income sources such as Social Security, a pension, or an annuity.
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Money Talk
MARCH 24, 2022
I recently taught a 90-minute personal finance class for women age 50+. Retirement Spending - Expenses likely to increase in later life include medical/dental expenses, health insurance premiums (e.g., Medicare Part B and Medigap policy premiums), travel and entertainment, and philanthropy/gifts.
Money Talk
AUGUST 16, 2023
Tax Bracket Triggers - When earnings are added to a pension, Social Security, RMDs, and other taxable income, planning is needed to avoid a higher tax rate or Medicare premium. Employer Benefits - Workers age 65+ at large companies can still be covered by group health insurance, thereby postponing Medicare premiums.
Money Talk
AUGUST 10, 2022
pension, Social Security, annuities, required minimum distributions) may necessitate adjustments in tax withholding or quarterly estimated tax payments. Medicare - Older adults age 65+ who are on Medicare, begin working again, and receive primary creditable employer-provided health insurance coverage (i.e.,
AssuredPartners
JULY 12, 2021
And premiums for employer-provided health insurance increased 59% from 2000 to 2016. [3] 3] An aging population, many without adequate savings, are leaning heavily on younger generations to close the saving and health care cost gap. 4] Retirement Prospects: Today, corporate pensions are not available to most workers.
PeopleStrategy
OCTOBER 3, 2023
Offer a Flexible Benefits Package: Consider providing a core set of benefits that meet the basic needs of all employees, such as health insurance and retirement plans. Customizable Health Plans: Provide a range of health insurance plans with different coverage levels and costs.
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