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Last week we began a series regarding claiming benefits for America’s two most comprehensive Social Programs; Medicare and Social Security. This week, we’ll discuss considerations after filing for Medicare. Many are surprised that Medicare is not “free.”

When it comes to money and investing, there is no shortage of logical fallacies, and most of us are guilty of at least one at one point or another. I picked out some of the most common ones we see in our practice to discuss today in hopes that you can avoid them in the future.

Americans are turning 62 and beyond at a financially alarming rate, estimated to be in the range of 10,000 or more people daily. With aging comes personal financial responsibility for planning our own futures, and it is not always easy.

The HSA (Health Savings Account) has been around for decades, but is not widely understood. HSAs are used in conjunction with qualified high-deductible health insurance policies, which are low in cost due to their large annual deductibles.

Most Americans are aware that IRS suspended Required Minimum Distributions (RMDs) from Tax-Deferred Retirement Accounts, including IRAs, 401(k)s, etc. for calendar year 2020. Some taxpayers will be fortunate enough to have their marginal tax brackets reduced, saving even more in current taxes, and/or reducing next year’s Medicare costs.

In times like this, we hear from people who are contemplating borrowing against their homes to invest the proceeds in the market, hopefully pocketing returns in excess of the borrowing rate. Investors need to understand some basic principles before making rational decisions regarding this concept.

This years’ COVID-19 inspired Filing Day is coming on July 15, along with all the incumbent hassles and inconveniences of this national nightmare. Americans can’t avoid facing up to our responsibilities, but opportunities do exist between now and then to help us help ourselves financially.

The First Amendment to the U.S. Constitution is under assault in 2020. We fear for its continued existence, unless Americans everywhere wake up and demand that it be restored and preserved forever.

Americans are very generous people, with millions of Americans making annual contributions to qualified charities. For this year only (so far, anyway) any taxpayer is allowed to deduct the first $300 of qualified charitable donations made during the tax year.