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Mountain Peak Financial, Inc

At Mountain Peak Financial, Inc., we are dedicated to informing our clients and working closely with them to help develop the best financial strategies for their long-term goals. Our goal is to be the trusted lifetime advisor that helps our clients achieve the confidence they deserve for their financial futures.

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Mountain Peak Financial, Inc.  |  1425 W. Foothill Blvd., Ste 115, Upland, CA 91786 MAP  |  Tel: 909.982.2277

Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and Mountain Peak Financial, Inc. are not affiliated companies.

Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. None of the information contained on this website shall constitute an offer to sell or solicit any offer to buy a security or any insurance product. Charles Ragonese CA LIC #0B02155, Firm LIC #0I088569

Any references to protection benefits, safety  or steady and reliable income streams on this website refer only to fixed insurance products. They do not refer, in any way, to securities or investment advisory products. Annuity guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Annuities are insurance products that may be subject to fees, surrender charges and holding periods which vary by insurance company. Annuities are not FDIC insured.

The information and opinions contained in any of the material requested from this website are provided by third parties and have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. They are given for informational purposes only and are not a solicitation to buy or sell any of the products mentioned. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual's situation.

Neither the firm nor its agents or representatives may give tax or legal advice.  Individuals should consult with a qualified professional for guidance before making any purchasing decisions. Mountain Peak Financial is not affiliated with the US government or any governmental agency. 615813

© 2018 by Mountain Peak Financial, Inc.

Perks of Growing Older

December 15, 2016

 

Getting older has its perks -- from potential tax breaks to everyday discounts. It’s like turning 21 and getting carded all over again. Only now, in some ways, the older you are the more you may be able to save.

 

If you’re closing in on retirement, you may be in position to start saving more and also claim higher tax deductions on your current income. For those who contribute to an employer-sponsored 401(k) plan, you can defer an additional $6,000 a year once you reach the age of 50. For an IRA, you can contribute an extra $1,000 a year.

 

Once you reach age 55, you can contribute an extra tax-deductible $1,000 to a health savings account, assuming you have an accompanying eligible high-deductible health insurance plan. At age 65, the standard deduction on your tax return increases as well: $7,850 for singles or $15,100 for couples (if both spouses are 65 or older). If you paid eligible out-of-pocket medical expenses that exceeded 7.5 percent of your adjusted gross income, you can deduct that amount from your return as well. This also applies on a joint tax return even if one spouse hasn’t reached age 65 yet.

 

In some areas, people who are below a specified income level could even qualify for property or school tax deferrals or exemptions at a certain age.

 

This information is not intended to provide tax advice. When it comes to investing and completing tax returns, be sure to work with a qualified tax professional.

 

Another perk for retirees: You can go back to college for a lot cheaper than today’s students. Many universities let people audit classes for free or a nominal fee. Or check out the Osher Lifelong Learning Institute (OLLI), a nationwide program that offers non-credit educational programs specifically designed for adults aged 50 and older -- often offered at established college campuses.

 

If you’re feeling the need to get some exercise, take a look at your health care plan to see if you have free access to a local fitness club through the SilverSneakers membership, which is available with many Medicare Advantage and Medicare Supplement plans.

 

On the flip side, there are of course some costs that may increase as you grow older. Potential increases in health care costs may come to mind, but what about car insurance?  Research reveals that drivers over the age of 70 are more likely to become involved in accidents and accident-related fatalities than younger drivers, so some insurers begin raising premiums starting at around age 65.

 

However, there are ways this demographic can proactively reduce those rates. For instance:

 

  • Defensive driver class -- Some insurers offer reduced rates for older drivers who take a defensive driving course that is geared toward senior drivers.

  • Retirement military discount -- Some insurers offer reduced rates for veterans.

  • Mature driver discount -- Some insurers will offer a discount if you are older and have an excellent and extensive driving history.

Content prepared by Kara Stefan Communications.

 

1 Emily Brandon. U.S. News & World Report. March 14, 2016. “Tax Breaks for People Over 50.” http://money.usnews.com/money/retirement/articles/2016-03-14/tax-breaks-for-people-over-50. Accessed Oct. 3, 2016.

2 Ibid.

3 Ibid.

4 Ibid.

5 Chris Harding. Dorchester Reporter. Sept. 8, 2016. “Dot seniors spice generational mix in UMass Boston’s OLLI offerings.” http://www.dotnews.com/2016/dot-seniors-spice-generational-mix-umass-boston-s-olli-offerings. Accessed Oct. 3, 2016.

6 The Senior List. Feb. 1, 2016. “Interesting Senior Discounts to Add to Your Repertoire in 2016.” https://www.theseniorlist.com/2016/02/interesting-senior-discounts-to-add-to-your-repertoire-in-2016/. Accessed Oct. 3, 2016.

7 Insurance.com. June 21, 2016. “Car insurance for seniors.” http://www.insurance.com/auto-insurance/auto-insurance-basics/senior-drivers.html. Accessed Oct. 3, 2016.

8 DMV.org. 2016. “Senior Driver Discounts.” http://www.dmv.org/insurance/senior-driver-discounts.php. Accessed Oct. 3, 2016.

 

We are an independent firm helping individuals create retirement strategies using a variety of insurance and investment products to custom suit their needs and objectives. This material is intended to provide general information to help you understand basic financial planning strategies and should not be construed as financial advice. All investments are subject to risk including the complete loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. 

 

The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions. If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference. 

 

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