This is a guest post by Biljana Dimovska

Summary

This article explores the recent HSBC bond mis-seliing, how it affected those saving for care home fees, and explains how to avoid getting caught out.

Stories about care home fees are pretty common in the news at the moment. There are some serious concerns in the UK, as it has an ageing population and the amount of investment required for care of the elderly is likely to increase significantly over the next few decades. There are suggestions that people should do more, wherever it is possible, to put money aside for their own care in old age.  The fact is that many people are turning to different types of investment in order to make sure that the money is available when they need it.

It’s a sensible precaution for those who can afford it, but unfortunately some investors have found themselves either out of pocket or unable to get at the funds when they need them because they were given poor advice by their financial advisors. A number of these investors have, however, since been compensated for being mis-sold to, so don’t panic if you find yourself in this position – there are things you can do.

A recent high-profile case involved a company that was bought by HSBC in 2005. This company specialised in selling investment bonds to people on the presumption that the investment would pay or go towards any care home fees that may be needed in later life.  The problem was that the bonds they sold were entirely unsuitable for the clients and in addition important information was withheld. While the clients were making an average investment of over £100,000 each, they weren’t told that the money needed to be locked away for at least 5 years to generate a good return.  Any period shorter than that would result in hefty penalties and the likelihood that the amount returned would be less than the initial investment. Add on to that the fact that the average investor was over 80 years old and likely to need the money within 5 years, and it became a recipe for disaster.

Fortunately for those who invested in this particular product, the Financial Services Authority responded to the complaints of mis-selling and carried out a full investigation. HSBC were given a record fine and ordered to pay compensation to the victims, or their estates if appropriate. It is unlikely that HSBC are the only company who have been involved with this kind of problem though, and the chances are that we’ll see many more similar cases before the issue is properly resolved. In the meantime, you can try and protect yourself.

The best way to avoid these problems is not to get caught out in the first place. Make sure that the terms are suitable and that the financial advisor has sold you a product which is suitable for paying for nursing home fees, i.e. the funds are accessible when you want them and there is no lengthy tie-in unless you’ve agreed it. Even forearmed, though, problems may occur so if you or any relatives have already invested you may be able to request a review to ensure the investment suits your needs. Consult a specialist for advice if you are in any doubt.

Author Bio:

Biljana is a blogger exploring the topics of nursing home fees and the care provided for this population in the UK and worldwide.  She is trying to find better ways to cover care home fees and publish useful advice about this topic.

Post from: Senior Money Memos

Care Home Fees – An Investment Scandal

Technorati Tags: care home, Financial Services Authority, HSBC, investment

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This is a guest post by Alex Summers.

Considering the state of the economy and the high number of twenty somethings struggling to find their professional place in the world, a large number of parents are opting to purchase their children homes. Instead of giving their kids a large inheritance years down the road, parents are choosing to pay a down payment or to buy a home for their kids to help them get off on the right foot during their young adulthood.

While financing a home for your child might be a kind gesture and one that most parents would certainly hope they could afford, it isn’t exactly the best decision for the children or the parents. So before you sign a mortgage with your child, consider some of the following reasons why you shouldn’t buy a home for your kid:

Your Kids Need to Learn Financial Responsibility

If your kids are young adults, they don’t need to continue getting hand outs from their parents. They need to learn the importance of being financially responsible for themselves, and if that means that they have to live in that small apartment and keep their possessions in a self storage facility for a few more years, then so be it. During that time they can learn to pinch their pennies which will ultimately make purchasing a home later more rewarding because they will have done it themselves.

Don’t Risk Your Retirement

While no one wants to admit it, the truth is that not everyone is good with money. If your kids haven’t been able to afford a home on their own, there is probably a good reason for it – whether it be lack of income or poor saving habits. Either way, these factors are actually risks, and could leave you liable for mortgage and insurance payments should your child not be able to make them.

Even worse, if the house were to go into foreclosure, you could find your own credit ruined and your retirement savings drained dry from months of trying to keep on top of a mortgage that you were legally tied to. All of which could ultimately mean that you have to come out of retirement, and spend the next decade working to make up for your losses.

You Need Financial Freedom

During your Golden years, the last place you want to be is worrying about whether or not your child is making the necessary mortgage and insurance payments to keep themselves afloat. While we all worry about our child’s well-being, your lives are ultimately separate and you each need to be responsible for your own lives. Don’t waste the years that you are supposed to be mortgage free and enjoying your life in worrying whether or not you are going to be left with a mortgage that ultimately shouldn’t be yours to begin with.

Every parent wants to help their child out, but ultimately, choosing to buy your child a home is detrimental in more than just the financial ways. Your children need to buy their own homes so that they can aggregate their own personal worth and equity, and so that they can learn about financial responsibility in the adult real world. So if the topic arises, do yourself and your children a favor by politely declining to help them buy a home and stating that you’ll be setting that money aside for them later.

Author Bio:  Alex Summers is a frequent contributor on several personal finance sites, often focusing on why minimalistic living, such as packing your possessions into a self storage facility and downsizing, is truly the way to financial freedom.

Post from: Senior Money Memos

Why You Should Not Buy Your Child a House

Technorati Tags: buy a home, child, Foreclosure

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This is a guest post by Karen Ho Fatt.

Winter is the season of treachery – dark nights, cold temperatures and slick surfaces increase the risk of injuries from falls and accidents. Indoors, the risk of fire goes up from heating sources, and seniors are three times more likely to die or be injured in a house fire than younger populations, according to MSN News.

This winter, make a plan for staying safe, warm and dry. You’ll enjoy winter more and reduce the risk of injury.

1. Prepare for Ice

One nasty fall can change your life, causing broken hips and months of rehabilitation. Install rails along porch steps and walkways, and buy generously-sized non-skid mats to keep ice in check.

Keep a bag of rock salt or gravel in your garage or on your front porch, as well as an ergonomic snow shovel. Better yet, make an arrangement with a teen to shovel your walks and driveway after any snow storm. Expect to pay between $10 and $20 for this service, which may seem like a lot until you consider the health costs of a fall. Twenty dollars to ensure your safety is actually a bargain.

Store outdoor tools and equipment, safely away in the shed or garage.

2. Practice Safe Winter Driving

The most common reasons for deaths during the winter are car accidents and hypothermia when drivers leave their cars after becoming stranded on icy roads. Pay attention to weather reports, and plan errands and outings around good weather. Stock up on enough groceries to last you at least one week, and keep a small supply of canned goods on hand. Some grocery stores offer delivery for a nominal fee or alternately use senior home care services to assist you. Use these services during bad weather, rather than risk an accident.

If you must drive, take a cell phone and use well-traveled routes that are more likely to be plowed. Drive slowly and avoid high-traffic times of the day.  In the wintertime I slow down to 20 km under the posted speed. As George Herbert once said, “Every mile is two in winter.”

3. Use Heating Devices Safely

Space heaters are a common cause of house fires during the winter. Avoid their use, or use them with caution. Turn them off before you go to sleep, and keep a 3-foot area clear around them.

Have your furnace serviced each fall before you turn it on. You may also be able to get a free inspection from your gas company so you may want to consider this prior to calling the furnace man.

If you call the furnace company, cost for this service is usually under $100 with seniors’ discounts, and will add years to the life of your furnace. Additionally, a heating expert can recognize serious problems, such as cracks in the system that may leak carbon monoxide into your home.

Wood stoves or fireplaces can put out a lot of heat, efficiently warming a smaller home and saving you money on heating bills. Use them carefully, though. Always open the damper on a wood burning fireplace and avoid stacking more than one or two logs in the fireplace at a time.

Don’t burn cardboard boxes, wrapping paper or charcoal. These materials can produce toxic fumes or carbon monoxide, and cause creosote build-up. Green wood is also a no-no. It produces a lot of smoke and little heat. Store firewood for six months to 1 year before burning it.

Have your wood fireplace cleaned at least every two to three years by a certified chimney sweep, especially if you use it frequently. Creosote, a flammable, greasy film, builds up on the walls of the chimney over time, and can cause chimney fires.

These precautions for winter won’t cost you money but will bring you some peace of mind during the season.

Author Bio: Karen Ho Fatt lives in the countryside of Alberta, Canada, and knows all about treacherous winters. To warm up your own winter, you can find a fire pit table patio set or a propane outdoor fire pit as well as safety information at her website.

PHOTO CREDIT: iStock Photo Jean Gill

Post from: Senior Money Memos

Winter Safety Tips That Won’t Cost You A Pretty Penny

Technorati Tags: driving, propane, safety, wood fire

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‘Nothing is certain but death and taxes’, according to Benjamin Franklin, but in saying that he was perhaps too pessimistic, particularly for seniors.  Although taxes can be a major burden for the young, seniors often benefit from the breaks that society wants to give them.  However to so benefit it is important to complete a tax return. Even for that, help is often available to elders.

In the US, you can do this online and the IRS has begun now to accept 2011 tax returns.

IRS officials encourage the use of e-filing.  More than 1 billion returns have been e-filed, an electronic transmission system that “revolutionized the way the IRS processes tax returns and made speedy refunds possible,” officials said. More than 112 million income tax returns, or 77 percent of all individual returns filed, were e-filed last year.

Tax Returns by Free File in the U.S.

The easy way to make your e-file return is to use Free File.

Free File is a free, federal income tax prep and electronic filing program for eligible taxpayers, developed through a partnership between the IRS and the Free File Alliance, a group of private sector tax software companies. Taxpayers can do their federal income tax returns using commercial online software provided by the Free File Alliance companies. You must go to IRS.gov to access Free File. This year, you have until April 17, 2012, to file and pay your taxes or request an extension.

There’s also a FAQ web page on Free File.  You will note that  the Free File program is open only to taxpayers with a 2011 Adjusted Gross Income (AGI) of $57,000 or less. Each participating company sets its own eligibility requirements and not all taxpayers will qualify for all companies. Individual company offers may be limited by AGI, geographic location, specific states and include other criteria, so it’s important to review the criteria before you choose. Or use the “Help Me Find a Free File Company” tool to help you find a program that meets your needs.

If you need help in completing your tax return, then you may be able to benefit from Free Tax Return Preparation by Volunteers.  The IRS Volunteer Income Tax Assistance Program (VITA) and the Tax Counseling for the Elderly (TCE) Programs offer free tax help for taxpayers who qualify.

The VITA Program offers free tax help to low- to moderate-income (generally, $50,000 and below) people who cannot prepare their own tax returns. Certified volunteers sponsored by various organizations receive training to help prepare basic tax returns in communities across the country. VITA sites are generally located at community and neighborhood centers, libraries, schools, shopping malls, and other convenient locations.

The TCE Program provides free tax help to people aged 60 and older.  Trained volunteers from non-profit organizations provide free tax counseling and basic income tax return preparation for senior citizens. Volunteers who provide tax counseling are often retired individuals associated with non-profit organizations that receive grants from the IRS.

As part of TCE, AARP offers the Tax-Aide counseling program at more than 7,000 sites nationwide during the filing season.  Trained and certified AARP Tax-Aide volunteer counselors help people of low-to-middle income with special attention to those age 60 and older.

E-filing Tax Returns in Canada

In Canada, NETFILE allows you to file your personal income tax and benefit return directly to the Canada Revenue Agency (CRA) using the Internet.

The NETFILE transmission service is open from February 13, 2012, until September 30, 2012, for the electronic filing of your 2011 personal income tax and benefit return. Tax returns filed via NETFILE must first be prepared using one of the 2011 commercial tax preparation software packages or Web applications certified for NETFILE.  The two certified software suppliers for 2012 are TurboTax and TaxChopper 2011 from CuteTax.  You can check these websites to see if you qualify for their free offerings.

Canada also has a Community Volunteer Income Tax Program (CVITP).  The objective of the CVITP is to help eligible individuals who are not able to prepare their income tax and benefit returns by themselves.

E-filing Tax Returns in the UK by Self Assessment

In the UK, it is possible to send a Self Assessment tax return online to Her Majesty’s Revenue and Customs (HMRC) using the secure service it provides. This software provides automatic calculations, faster processing and later deadlines.  There are a number of companies that provide the software needed.

You then need to register to use HMRC Online Services before you can use any of this software to file your tax return online.

You need to watch the deadlines carefully, since the penalties can mount rapidly. If you wish to use this service, then it’s too late for the past fiscal year since the deadline for registration was January 21.  If you are already registered, then your return must be received by them by January 31.  This year, the support staff for this service will be on strike on that date.  If this causes you to miss the deadline because you could not contact them, then the penalty will be waived.

Here too, you may be able to get volunteer help with your tax return if you need it.  If your household income is less than 17,000 pounds per year and you are a pensioner you will qualify for free tax advice from TaxHelp for Older People.

This is a service originally provided through the Low Incomes Tax Reform Group (associated with the Chartered Institute of Taxation) but is now provided by Tax Volunteers, an independent organisation, to make free professional advice on personal tax available to older people who could not otherwise afford to pay for it. A team of over 720 volunteers is available throughout the UK.

Post from: Senior Money Memos

Easier Tax Return Tips For Seniors

Technorati Tags: cra, hmrc, irs, online, tax return, taxes

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If you are a frequent visitor to this blog, you may have noticed the small panel in the left sidebar that indicates this blog is for sale.  I thought you deserved a few words of explanation.

Why Does Anyone Sell Their Blog

Some may find it surprising that anyone would sell a blog they have created.  Isn’t a blog a kind of personal journal of information and thoughts on a topic of interest?  That probably is true for 99% of blogs, but clearly not so for the biggies like the Huffington Post or TechCrunch, which are akin to online newspapers.

Thinking of the other 99%, what is going on when someone wants to sell one of these blogs.  It clearly depends on the extent to which the blog is reflecting the personality of the author.  A highly personal blog is probably not saleable as an ongoing concern.  On the other hand, a blog which has been built as a way of chronicling some topic with minimal linking to the personality of the author is clearly saleable.  Senior Money Memos is such a blog.

If you are interested in the details of the sale, then you should check the This Blog For Sale web page.  If you’re interested in the reasons behind the sale and why it might make sense for you to buy it, then please read on.

Reasons Why I Want To Sell

Not Enough Time

This is the principal reason why the thought of selling this blog came to mind.  A number of new interests are taking up time and this is crowding out the time I would normally devote to this blog.  There is no diminution of interest in the topic, which is still a growing factor as society evolves.

Focus, Focus, Focus

Here I must confess I have not been taking my own advice.  Those three words of Peter Drucker are ones I have repeated many times to others.  Put all your energies ideally into a single cause and you will be much more effective in achieving your goals.  As Michael Porter said strategy is about saying no.  You cannot pursue every enthusiasm you may have and do it effectively.

Benefits To The Purchaser

Hot Topic with Growing Interest

Seniors are a growing proportion of the population.  This creates interesting challenges for society and for the seniors.  Seniors are healthier and are living longer.  This can stretch whatever financial resources they have.  To enjoy their later years they must be more resourceful with what they have. They have a keen interest in finding out all they can on how best to achieve a long and fulfilling life.

Building An Authority Website With A Good Reputation

A large number of websites are coming online to meet that senior appetite for useful information. Senior Money Memos aims to be an effective entry point to what is available.

Search Engine Visible

Search engines such as Google and Bing can bring the majority of visitors to a site such as Senior Money Memos.  The sheer volume of content provides a strong magnet for such search engine interest.  Most posts have been created so as to rank well in appropriate keyword searches.

Effective Technology Gives A Mobile Device Friendly Website

The blog uses WordPress software and has a child theme from the latest default theme, twentyeleven.  This gives excellent rendering on desktop PCs and is fully mobile device friendly for iPhones and Android smart phones.  With the increasing share of Internet visitor traffic that are using mobile devices, either iPhone or Android, this is a very important strength of the Senior Money Memos.

Monetization

Personal finances for seniors is a topic that is of interest to major financial institutions and of course to the seniors themselves.  Both display ads and Adsense ads can perform well, particularly as volumes grow through time.

Avoids all the problems and frustrations of starting a blog from scratch

If you would like to be running your own blog on personal finances for seniors, then Senior Money Memos is a great opportunity for you.  You don’t need to go through all the challenges and frustrations of starting a blog from scratch.  Instead you can manage a successful blog and tune it to reflect your own preferences.

How To Proceed

If you would like to know more, then you have two choices:

A.  Make Contact Now

You can contact Barry Welford to find out whatever information you need.  If it sells prior to auction, you are likely getting this blog for a lower price.

B.  Participate in the Auction

Unless this blog is sold prior to auction, it will be auctioned shortly via Flippa.com for a period of 30 days with a Buy-It-Now (BIN) price of $4,000. There will probably be further information provided on the auction website. Drop us a line if you would like to be informed when it goes live on the Flippa.com website.

Post from: Senior Money Memos

This Blog Is For Sale

Technorati Tags: auction, blog, sale

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This is a guest post by James Lander.

If you’re like most people, you’re probably dreaming of relocating to a new place for your retirement. We all want to take off to some warmer, quieter place when we finally get freedom from jobs that tie us down to one place. It can be hard choosing a place to retire so you really need to give it careful thought and planning before you make a decision.

People have different wants and needs in a retirement place: affordable housing, pleasant weather, or just abundant recreational activities. However, there are certain key aspects that most people look for when choosing a retirement place. Here’s a list of the best cities to retire in based on some of the top features that people consider when selecting a retirement place, according to data from Onboard Informatics.

The right blend of amenities and affordability – Pittsburg, Pennsylvania

Pittsburg is one of the best places with the widest varieties of amenities that best suit retirees. On top of that, the cost of living is very low, not to mention the unusually low median price of a home – $97,900 – for a city with first-class healthcare facilities and a large university. There are also free bus rides for senior citizens of age 65 and above (with proper ID) on the Port Authority trains and buses. Depending on your budget, you can buy season tickets to the symphony, the ballet or the Steelers or all the three; retirees are simply spoilt for choice when it comes to activities in Pittsburg.

Amiable year-round weather – Flagstaff, Arizona

Because of its low humidity levels and high altitude, Flagstaff’s four-season weather conditions are generally pleasant all-year-round. According to the National Oceanic and Atmospheric Administration (NOAA), Flagstaff receives sunshine for 78 percent of the year and its temperatures go over 90 degrees only for three days in a year on average, unlike most other sunny climates. Like most sunny cities around the country, Flagstaff can receive a significant amount of snow during winter but the plentiful sunshine often melts much of it fast.

Low-cost mountain town – Boone, North Carolina

Spend your retirement years enjoying the dazzling views of the Blue Ridge Mountains in the budget town of Boone, North Carolina. The town features three ski resorts in the immediate neighborhood, several trails for cross country skiing, snowshoeing and winter hiking. With a population of 17,122 – as of 2010 – residents of this small town have access to the Blue Ridge Parkway, one of the most picturesque roads in the country. The median price of a house was $215,250 in 2010.

Affordable water views – Traverse City, Michigan

If you’re considering retiring to a lakeside house, Traverse City might be your dream retirement place. With over 180 miles of Lake Shoreline (Lake Michigan), you are sure to find a lake house that fits in your budget. The Sleeping Bear Dunes National Lake shore boasts of fresh water beaches and high sand dunes that residents and tourists can climb. Also, if you’re in to boating, the opportunities are endless on the twin Grand Traverse Bays. The average price of a house in this city is $155,715, which for water proximity, is quite reasonable.

Most eco-friendly place – Walnut Creek, California

Snuggled in the Eastern Bay region of the San Francisco Bay area, this warm incorporated California city blends all the niceties of a city with plentiful access to the wilderness. You will find fine eateries, high-end shops and organic restaurants in the downtown area, plus the Lesher Center for Arts. There are 2,704 acres of open space and 22 parks in the city. There is simply plenty of space to enjoy a bike ride, a hike or a stroll with your partner. You can also decide to drive to nearby San Francisco or to the summit of Mount Diablo to catch some spectacular views. However, life in the Bay area is a bit on the high end, with the median price of a home at $411,000.

Best recreational and cultural place to retire – Santa Fe, New Mexico

Santa Fe is the oldest state capital in the country at over 400 years. The city’s unique culture and art galleries – such as the New Mexico Museum of Art – make it a rich cultural place to retire in. The mix of cultures in Santa Fe is like no other in any other city around America, where you find Anglo, Hispanic and Native American cultures beautifully blended.

Your choice of retirement city

You may have to do more research for a place that suits your particular lifestyle and retirement needs but when it comes to weather, affordability, retirement activities and a big population of retirees, these places currently stand out.

Author Bio: James Lander is a regular contributor for Couponing.com, a site that strives to give consumers the best information on couponing and hot deals.

Post from: Senior Money Memos

Best Cities to Retire In

Technorati Tags: Boone, city, Flagstaff, Pittsburg, Santa Fe, Traverse City, Walnut Creek

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This is a guest post by Sam Peters

If you have been watching any daytime television over the past fifteen years, you know there is strong competition for your mobility dollar. Your government sponsored healthcare is willing to spend big money on your increased mobility and companies are in a marketing war to receive those benefits. Gone are the days of walkers and manual wheelchairs and in are the days of power scooters and wheelchairs. It is easier than ever to keep an active lifestyle.

Medicare Fraud

While there are many options in the electric powered mobility market, there is even more fraud taking place amongst Medicare. While seniors do not need to fear increased bills or any other financial burdens when receiving these devices, the taxpayers are paying over $700 million a year for these power wheelchairs when they could be spending it on better things.

According to The Office of the Inspector General, in 2007 61 percent of power wheelchairs given to those on Medicare did not provide the correct documentation necessary to warrant the devices. Out of those claims, about 9 percent of the wheelchairs were deemed medically unnecessary while 52 percent had errors and misstatements on the claims.

Power Wheelchairs

While the power wheelchair devices cost around $3,000 each for every unit issued, they are rarely, if ever necessary. As recently reported by Fox Business commentator John Stossel, the power wheelchairs, while a novel innovation, are far less effective than cheaper scooter models which can also be subsidized by the government. Doctors and medical suppliers are often in cahoots to increase profits for specific brands and take advantage of tax payers and insurance companies to make their money.

How to Report Abuse

If you believe that you are being used as a pawn in a medical supplier’s scheme you should report abuse as soon as possible. The Medicare website gives some excellent tips on how to spot abuse and fraud first hand. If any of these scenarios happen to you, contact the Medicare hotline at 1800-Medicare:

• Suppliers try to cold call you and offer you a free power wheelchair or scooter out of the blue
• You find charges for medical equipment that has been returned or never received at all
• You are offered to have your copay taken care of by suppliers or your doctor

Just because you are offered a free electric powered device doesn’t mean that it actually free. Think of all the tax burdens you had to pay while earning money as a young worker. Too often there is nothing to show from it but government waste and corruption. By fighting this scourge you can help make the country’s infrastructure better and save money at the same time.

Bio: Sam Peters is a blogger with interests in financial and senior topics including retirement calculators.

Post from: Senior Money Memos

Avoid Fraud In Your Power Mobility Purchase

Technorati Tags: Medicare, mobility, power wheelchair, scam

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This is a guest post by Teena Celis.  Although it applies to US citizens, citizens in most other countries will find the ideas useful.

The rising costs of everyday commodities are causing people all over the world to cut back on their expenses. Disposable incomes are getting limited; it’s getting tougher for people to make ends meet. 59% of available senior income is going towards housing and health care. This means there’s not much left over for food, transportation and other needs. How does a senior person save money in this kind of scenario?

Look For Senior Discounts

1. Don’t be afraid to ask for senior discounts for airline, bus, train, boat and other fares. Check online on the transport website for discounts.
2. Apply for an AARP card (http://www.aarp.org/benefits-discounts/) to become automatically eligible for accommodation discounts.
3. Check with credit card companies if you can get 50% off on interest rates, with no annual fees for your age.
4. Call your power company to ask for discounts for turning up the heat, adding insulation, and weather stripping, free energy assessment and so on.
5. Check for local grants for home improvements, infrared heaters and space heaters to keep your home warm.
6. Combine home and auto insurance with the same agent to obtain lower rates and ask for a senior discount on top of it.
7. Buy your fluorescent bulbs from Home Depot and Costco to enjoy rebates and a 6 pack for the cost of 2 bulbs.
8. Many stores and restaurants offer special discounts for seniors on certain days of the week; be sure to check.
9. Offer to pay your bill for 6 months at a time and obtain discounts for services such as your phone, cable and internet bills.
10. Take a defensive driving course and check with your auto insurance company if you can raise your deductibles.
    

    Save On Medical expenses

11. Medicines cost similar rates for dosages that are close, such as 5 mg and 10 mg. Invest in a pill splitter and split higher dosage meds in half and save money every month.
12. Buy diabetic and specialty supplies online to save money. Check auction sites for better rates when it comes to medical equipment.
13. In case your medical insurance does not cover certain expenses, ask your doctor if you can get a discount for paying in cash.
14. Check your insurance plan to see if you can avail discounts by ordering six months’ worth of routine medications at once by mail.
15. If you are not medically insured and are not eligible for Medicare, check if you are eligible for state-administered Medicaid programs. See http://www.cms.hhs.gov/MedicaidGenInfo for more information.
    

    Leverage Government Discounts and Assistance

16. The U.S. Department of Housing and Urban Development helps seniors and low income families pay their rents. See http://www.hud.gov/renting/index.cfm for details.
17. You can obtain help from SNAP, the USDA’s Supplemental Nutrition Assistance Program to buy nutritious food every month. Check for details on their website: http://www.fns.usda.gov/snap for qualification requirements.
18. The Low Income Home Energy Assistance Program, (LIHEAP) helps pay heating bills, provides energy-related home repairs and weatherization assistance for free. Check their website here http://www.acf.hhs.gov/programs/ocs/liheap.
19. To know about other senior citizen and low income group aid programs, visit http://www.usa.gov/Citizen/Topics/Benefits.shtml.
20. If you limited income, the Medicare Savings Programs (http://www.medicare.gov/contacts/staticpages/msps.aspx can help you increase your Social Security payment and minimize your medical insurance premiums.
21. Based on your eligibility criteria, you can cut back medicine costs via Medicare’s Extra Help and local prescription drug assistance programs.
22. The IRS helps senior citizens reduce $500 to $2000 from their annual tax  through local abatement, circuit rider and work-off programs. See http://www.irs.gov/individuals/retirees/index.html for more information.
23. Check with your state department if you qualify for a free cell phone plan. Each state has its own rules with regard to eligibility criteria.
24. Visit your local U.S. Department of Health & Human Services Eldercare Locator to find out what public benefits you’re eligible for. You can also get your eligibility screened online for free through NCOA’s BenefitsCheckUp® service.
    

    General Tips And Assistance

25. Look up senior citizen specific personal financial management tips and tools by Visa, at http://www.practicalmoneyskills.com/retirement.
26. Look up AARP insurance recommendations if you’re over 50 years of age, for home and car insurance. You can successfully save more than 25% by increasing your insurance deductibles
27. Sign up for AAA, AARP affiliate programs and leverage member discounts for various things. You can do the same with credit card issuers as well. Keep checking their websites for the latest offers.
28. Many stores offer free customer rewards programs; be sure to sign up for these. You’ll get a store loyalty card and some coupons and discounts as well.
29. Clip store coupons from your Sunday papers, or browse coupon sites online. Through clever couponing, you can reduce your expense burden a great deal.
30. Check your community calendar for free events. You can get free entertainment, free meals and free stuff as well.

Author Bio:  Teena Celis is a freelance writer working for Adrenalin, a gift ideas company from Australia.

Post from: Senior Money Memos

30 Money Saving Tips for Senior Citizens

Technorati Tags: AARP, coupons, discounts, government

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This is a guest post by George Gallagher

As 2012 approaches, many people will take time to sit down and think about the goals they want to accomplish next year, things they want to change and improve. If you’re in that number and your list of New Year’s resolutions includes improving your financial forecast, why not do it the SMART way?

What is the SMART Way?

According to an article in JS Online, SMART is an acronym for specific, measurable, attainable, realistic, and timely. When you stop and think about it, those are exactly the qualities any good resolution should have. Let’s take a look at each of those steps individually.

Make Your Goals Specific

When your resolution is just to “improve my financial life”, you’re not being specific. You need to narrow that down into precise goals, like reducing credit card debt, starting or growing your retirement savings, or paying off $5,000 of your student loans this year.

Track Your Progress

When you have specific goals, you can measure your progress. When June arrives, you need to be able to see how much you have accomplished so you know if it’s necessary to tweak your strategy so you can achieve your goal by the end of the year.

Don’t Kid Yourself

If you set a goal that isn’t attainable, you’ve already defeated yourself. If your resolution is not to spend any money on new clothes this year and you’re a fashionista, you’ll never make it. A more manageable goal is to cut the amount you spent on clothing this past year by 25 percent. That allows you to indulge your passion for fashion and reduce your spending at the same time. Attainable and realistic are basically the same concept. If you set your goal too far out of reach, it won’t be long before discouragement takes over and you stop trying, so keep it real.

Create a Time Frame for Your Resolution

Unless you have a specific time frame for accomplishing your goal, it’s easy to put it off. Break that goal down into even smaller goals. Instead of saying you’re going to eliminate your past due medical bills by the end of the year, figure out how much you will need to pay each month to make that happen and then build it into your monthly budget. That way you get started heading in the right direction without procrastinating.

Add a B to that Acronym

The article at JS Online is an excellent one, but when it comes to financial resolutions, there is one addition you need to make. Instead of calling it a SMART plan, change it to a B SMART plan. The B stands for budget. You won’t be able to accomplish financial goals without one. If you’re unsure how to make a budget that fits your income, there are several websites that will teach you. One that is especially helpful is The 50/30/20 budget fix. That article clearly breaks down the divisions you need to make a workable, realistic budget no matter what size your income.

The majority of New Year’s resolutions end up forgotten and scattered like so much confetti after the big party on December 31. Don’t let that happen to your financial resolutions. B SMART and make it happen.

Author Bio: George Gallagher is a finance and education writer and blogger. He also has a knack for helping parents figure out their private student loans for their children.

Post from: Senior Money Memos

Preparing Your Financial Resolutions for The New Year

Technorati Tags: goals, new year, resolution, SMART

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This is a guest post by Kimberly Wilson.

Let’s face it. As we continue the holiday season, more consumers are piling on more debt that they are already having trouble paying. It can be a tough situation because you want to make your loved ones feel special, but sometimes the seemingly best gifts can come at a high cost. Fortunately, it is more than possible to save money over the holidays and make your loved ones feel appreciated; it won’t even have to take a Christmas miracle.

Set Money Aside for Regular Expenses

Essentially what you’ll be doing here is finding out how much money you have to spend on gifts, travel, and entertainment. I emphasize focusing on your regular expenses first when doing this because they are overlooked surprisingly often during the holiday season. When budgeting for the holiday, you must take into account things like rent, groceries, and bills. Subtract that from your budget before considering holiday expenses.

Prioritize Big Expenses

Whether you’ve found the perfect yet costly holiday gift or that incredibly fun yet pricy getaway, odds are you will end up spending a good amount of money on at least one thing over the holiday. Pay very close attention to these possible purchases and choose them wisely according to your budget. Remember that the more big expenses you make, the less you will have to pay for smaller holiday items like decorations, nights out, and smaller gift exchanges.

Scrutinize Smaller Expenses

Once you have mapped out your large purchases over the holiday season, now you should evaluate your smaller purchases and find clever ways to save. For smaller gift exchanges, this could be looking for discounts or creating gifts from hobbies (great knitting skills are always appreciated in the holiday season … just keep the patterns and colors simple). Good cooking and photography tend to be very warming, tender holiday gestures as well.

One untapped source of cheap holiday gifts and decorations can be found inside thrift stores. While you won’t always find the sleekest items here, it is very possible to find some unique gems that can actually surprise and impress for a fraction of the department store cost. You may not find the perfect jewelry for your significant other, but you might find a warm or quirky gift for a friend.

Of course, beyond finding ways to cut gift or decoration expenses here and there, you should also diligently restrict purchases that you may not need. Try to make only the necessary purchases first. You can always get the cute decoration or expensive night out as your budget allows.

Sacrifice Normal Luxuries

Most people have things with which they treat themselves on a some-what regular basis. Maybe it’s a fancy night out, but it could be a more casual event like going out to lunch during work. Remember that any meal you are eating that you ordered out will cost much, much more than it would to make something yourself. Cutting back on small luxuries like that for a whole month can make a huge difference in your holiday budget

Byline:

This is a guest post by Kimberly Wilson. Kimberly is from accredited online colleges, she writes on topics including career, education, student life, college life, home improvement, time management etc.

Post from: Senior Money Memos

Ways to Save Money This Holiday Season

Technorati Tags: Christmas, decoration, getaway, gift, luxuries

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