MY SUN DAY NEWS
October 21, 2010
I must get at least two invitations per week to sign up for another credit card. With the current economy, the financial institutions are getting pretty aggressive in their offers for new accounts. They really want your business.
Once each month, the neighbors on our street get together to celebrate the birthdays for that month. At a recent gathering, a number of us started talking about our utility bills, comparing how much we were paying for electricity and gas services.
The last few years have seen a number of changes in the Federal tax laws. It has become more of a challenge to anticipate the deductibility of expenses or availability of tax credits from one year to the next.
It’s that time of year in our household when we clean out the closets and identify those clothes that don’t fit anymore.
I often hear comments from friends that one of their greatest fears is getting a notice from the IRS or Illinois Department of Revenue. They fear that they will owe penalties, interest, or go to jail. Some of them fear tax notices more than motor vehicle tickets!
For many years, I believed that the healthcare benefits offered to U.S. veterans were limited to those who made the military a career and completed 20+ years with a branch of military service. In a casual conversation one day, I learned that a friend was getting his medications at a very low cost from the VA Healthcare system.
I used to travel quite a bit in the ‘70s and ‘80s and would rely heavily on travel agencies to schedule and book my airline, limo, hotel, and rental car arrangements. As a business traveler, I had a frequent traveler profile with my travel agency. They knew my travel preferences: favorite airlines, hotels, and car rentals. The convenience was wonderful.
Not long ago, I stumbled on to a channel that offered a much different venue. “Call in and save up to 60% on purchases of advertised services and products” said the announcer. I thought it was a commercial or a gimmick, but he was convincing enough to get my attention.
The first bank credit card was issued in 1946 by a New York bank, and Americans never looked back. Today, approximately 80% of American households have one or more credit cards. Over half of those card holders carry a balance on their cards. The average debt per credit card holder exceeds $5,000.
I can remember sitting at the kitchen table with my Mom licking S & H Green Stamps and helping her paste them into redemption booklets. Mom would get the stamps from the grocery store, and Dad would only buy gas at stations issuing Green Stamps. Our toaster, can opener, blender, and coffee maker were all acquired with Green Stamps.
According to current trends, 50% of us will require long-term care at some point in our lives. For seniors over age 65, the likelihood is 70%. Medicare and Medigap health coverage do not cover nursing home care. Medicaid pays for long term care after we have used practically all our assets. So how do we pay for the costs of long-term care?
The Department of Housing and Urban Development (HUD) administers FHA insured Home Equity Conversion Mortgages (HECMs), commonly referred to as Reverse Mortgages. Reverse Mortgages are different from traditional mortgages because they don’t require monthly repayments toward the amount borrowed. This arrangement provides “cash poor” homeowners with much needed cash. Sound too good to be true?
Every day you hear of another victim of identity theft or fraud. In response to this onslaught of financial pirates, last November, the Financial Fraud Enforcement task force was formed to crack down on some of these big schemers. According to the FBI, seniors are key targets.
April 15 is fast approaching, and the message in this first issue will focus on keeping what is yours and not the IRS’s.
