Growth & Inspire
I am inspired by the vines that grow outside our house. Everyday, it climbs higher and higher.
Learning is the same. If you keep learning, you will climb higher and higher. .
Tax Strategies for 60 and above
In this episode, Bonnie Yam delves into financial strategies and benefits tailored for seniors. The discussion opens with an overview of tax strategies, deductions, and benefits specifically designed for the senior demographic. Bonnie then provides insights into health insurance options and Medicaid considerations, crucial for senior healthcare planning. The episode also covers the essentials of Required Minimum Distributions (RMDs) and the potential for charitable gifting, offering ways to optimize retirement assets. Additionally, listeners learn about utilizing 529 plans to support their grandchildren's education. The episode concludes with closing remarks and a reminder to subscribe for more insightful content.
Key Points
- Seniors aged 65 and above can benefit from additional standard tax deductions, which can significantly reduce taxable income.
- Programs such as the Medicare Savings Program and EPIC can help seniors manage healthcare costs by providing financial assistance for medical expenses and prescription drugs.
- Charitable gifting and utilizing 529 college savings plans are effective strategies for seniors to minimize tax burdens while supporting charitable causes and funding education for grandchildren.
Chapters
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Transcript
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