2016 Tax Preparation Checklist
Click here to download the 2016 Tax Tips Checklist
Senate Places Limit on Administrative Leave
Republicans and Democrats have come to a rare agreement concerning Federal Employees on Wednesday, passing a bill that will ultimately cut back the use of “Administrative Leave.”
“Administrative Leave,” is paid time off that does not subtract from vacation days, sick days, or other forms of leave. While there are many reasons this leave can be issued, it is often used as a suspension of sorts in order to get an employee away from the workplace until an official punishment, if any, is handed down.
Express Your Love This Valentine’s Day With Sound Financial Planning For Your Loved One
Maximize Social Security Benefits
The best time to claim Social Security is even more critical for married couples. Each year you delay Social Security beyond full retirement age (FRA) your benefit increase by 8%. If the higher earner delays Social Security beyond their (FRA), not only will he/she continue to build credits, for his own Social Security but will also build credits for the survivor.
10 Financial Tips
Here at FedSavvy we want to kick off the new year by providing you with 10 Financial Tips that will help you start off the new year with a great financial plan. If you missed Carol on Good Morning Washington you can check back on January 2nd to see her discuss a few tips in detail!
Financial Tip #6: Plan Long Term
Include long term care planning in your retirement strategy.
If you had an unplanned expense of $60,000 to $100,000 a year could your income support that during your retirement? A 70% chance that you can drain your finances and an emotional drain on your family. Imagine having a healthcare need and not having the funds available to pay for this care, thus relying on family to care for you. This can put such tension on a family and cause their health to decline as well.
Many people choose not to purchase a long term care policy because they can spend tens of thousands of dollars in premiums and then end of never using the policy, leaving all that money behind to the insurance company. Gaining more popularity are hybrid life/long term care plans that pay out a death benefit if you don’t use the policy for your long term care needs. Many plans build cash or refund your premium should you decide to cancel the policy.