Liz Weston: Seniors on Medicare seek strategies to deduct medical costs
Dear Liz: My wife and I are in our early 90s and are lucky to have health insurance. Yet, we face significant out-of-pocket costs. As you might guess, we will be retiring soon and will rely on Social Security, pensions, and investments for income. Are we able to use a flexible spending account funded with […]
IRS: A Major New Bill Offers Tax Deductions for Employed Americans and Seniors
Internal Revenue Agency WASHINGTON, D.C. – A new provision has been introduced as part of a significant bill that’s set to take effect on July 4, 2025, under Public Law 119-21. “There is no tax on tips.” New Deduction: From 2025 to 2028, employees and self-employed individuals can deduct eligible tips received in their jobs […]
What Changes Should Be Made to Social Security? Seniors Explore 7 Possibilities
Social Security Funding Challenges Loom Social Security is expected to encounter a funding deficit within the next ten years, prompting older Americans to consider potential reforms. The latest report from the Social Security Trustees indicates that the two main funds—Old Age and Survivor Insurance (OASI) and Disability Insurance (DI)—could face bankruptcy by 2034. If that […]
Social Security Cost-of-Living Adjustment for 2026 and Later: What Seniors Desire
American Seniors Seek Changes in Social Security Adjustments Many seniors in the U.S. are expressing dissatisfaction with how social security adjusts for inflation, calling for a change in the system. A recent report from the Senior Citizens League (TSCL) highlights the strong desire among retirees for a better method of calculating annual cost-of-living adjustments (COLA). […]
Ways to transfer data privacy duties for seniors to a trusted family member
When I envision my golden years, it’s a blend of indulging in new hobbies and cherishing moments with family. Yet, the things that contribute to a fulfilling life—like having a permanent address, a reliable phone number, and a healthy savings account—are increasingly vulnerable to fraud. Protecting personal information has become crucial, as it now ranks […]
IRS Provides Information on New Deductions for Seniors, Tips, Overtime, and Car Interest
Recently, the IRS released guidance regarding the new provisions included in the One Big Beautiful Bill Act (OBBBA). If you’re feeling a bit lost about this legislation, you’re not alone. Before President Donald Trump enacted the bill on July 4, 2025, there was already a mix of misinformation and confusion surrounding it. The Forbes team […]
ICE detains Chinese undocumented immigrants charged with defrauding seniors of thousands
ICE Arrests Two Chinese Nationals for Scamming Elderly Americans The U.S. Immigration and Customs Enforcement (ICE) agency has arrested two Chinese nationals accused of defrauding older Americans out of significant sums of money, as announced by authorities on Tuesday. Joseph Freden, assistant director of ICE’s Enforcement and Removal Operations, expressed the need to take action […]
Fraud by family members drains $28 billion from seniors each year; 5 ways to safeguard parents
You might like to think that your family would never scam your parents, but what if the risk comes from someone they already know? This could be a sibling or even a distant uncle who’s short on cash. AARP reports that American seniors lose over $28 billion to fraud annually, with around 70% of those […]
Trump’s significant plan will reduce taxes for many seniors, but it won’t remove them on Social Security.
Tax Changes for Seniors in New York In New York, seniors aged 65 and older in middle-income brackets may benefit from tax credits next year due to new federal tax and spending laws. However, tax analysts clarify that Social Security income will not be tax-exempt, which goes against what was promised during the Trump campaign. […]
When the Labor Department takes a break, 20,000 seniors suffer the consequences
This past week was not about celebration for me; it felt more like a week of heartbreak. While many enjoyed fireworks and family get-togethers for July 4th, I found myself facing programs aimed at providing purpose, community, and essential support for survival. For many of these elderly individuals, they’re immigrants, people who have put in […]