Tag Archives: long-term care

Hey Boomers – want to know where is the best place to live in retirement?

Want to know where is the best place to live in retirement?

Use This Interactive Map on State-by-State Guide to Taxes on Retirees

Is *retirement* in your life plan? Want to know where is the best place to live in retirement? Visit Kiplinger and click on any state in the map for a detailed summary of taxes on retirement income property and purchases, as well as special tax breaks for seniors.

Go over to Kiplinger for more maps including the most tax-friendly and least tax-friendly states for retirees. Read more at http://www.kiplinger.com/tool/retirement

SOURCES: State tax departments, CCH and the Tax Foundation.

New IRS Healthcare Law Website for Individuals and Businesses

The IRS has launched a new Affordable Care Act Tax Provisions website at IRS.gov/aca to educate individuals and businesses on how the health care law may affect them.

The new home page has three sections, which explain the tax benefits and responsibilities for individuals and families, employers, and other organizations, with links and information for each group. The site provides information about tax provisions that are in effect now and those that will go into effect in 2014 and beyond.

Topics include premium tax credits for individuals, new benefits and responsibilities for employers, and tax provisions for insurers, tax-exempt organizations and certain other business types.

Visitors to the new site will find information about the law and its provisions, legal guidance, the latest news, frequently asked questions and links to additional resources.

Several other federal agencies have a role in implementing the health care law, including the Department of Health and Human Services, which has primary responsibility. To help locate additional online resources from the Department of Health and Human Services, the Department of Labor and the Small Business Administration, the IRS has issued a new Web-based flyer – Healthcare Law Online Resources (Publication 5093).

Visit IRS.gov/aca for more information regarding the tax provisions of the Affordable Care Act.

Social Security Changes Based on Life Expectancy

There are changes in Social Security. This affects everyone who is approaching retirement age.

Update: Want to learn more on the latest from the Social Security Administration, see https://ssa.gov/planners/lifeexpectancy.html

Back on July 29, 2013 the Ways & Means Committee released bipartisan proposals which it stated were necessary to strengthen and protect Social Security. In an effort to engage stakeholders in a dialogue on the potential legislative solutions, the Committee is soliciting feedback. Such changes would include the controversial “chained consumer price index (CPI)”option, see Article 2141 and Article 2140.

Without action addressing the fiscal and structural challenges facing the entitlement programs, the Committee notes that Medicare will be bankrupt by 2026 and seniors will experience a 23% cut to their Social Security benefits in 2033.

As part of a bipartisan hearing series on entitlement reforms announced in April, the Committee is reviewing a variety of proposals to protect and preserve Medicare and Social Security that have been identified by President Obama, either in his budget or in other recommendations to Congress, as well as bipartisan ideas for entitlement reform from the President’s National Commission on Fiscal Responsibility and Reform (the “Simpson-Bowles Commission”) and the Bipartisan Policy Center Debt Reduction Task Force (“Domenici-Rivlin Task Force”).

Source: https://cs.thomsonreuters.com/