At What Age Can I Avoid the Social Security Earnings Limit?

The earnings limit for Social Security benefits no longer applies once you reach your full retirement age (FRA). For people born between 1943 and 1954, FRA is age 66. Therefore, the earnings limit will no longer apply to you once you reach age 66. FRA for those born in 1960 and later is age 67. The 2017 earnings limit for Social Security beneficiaries who have not reached their FRA is $16,920.

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Getting Extension on the Map: Common Indicators, Common Reporting

The recently released briefing paper, Cooperative Extension’s Capacity to Demonstrate Impact in Financial Capability and Well-Being: A Briefing Paper,” is a result of almost two years of collaborative effort by Extension FRM professionals to share and document programmatic similarities across the states in an attempt to develop three programmatic tools: 1) a common logic model, 2) a list of program outputs and outcome indicators, and 3) a crosswalk of NIFA indicators to programmatic indicators provided by participants.

It …

Tax Cuts and Jobs Act Resources

Image of the US individual income tax return form - form 1040

The Financial Security for All Community of Practice has compiled the following list of informational resources related to the Tax Cuts and Jobs Act:

 Tax Cuts and Jobs Act Legislation

Background Information: Land-Grant Universities

Background Information: Other 

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Monthly Investment Message: January 2018

Barbara O’Neill, Extension Specialist in Financial Resource Management

Rutgers Cooperative Extension

oneill@aesop.rutgers.edu

January 2018

Two Tools to Assess Your Investment Risk Tolerance

Investment risk tolerance can be defined as the amount of volatility (i.e., change in the value of an investment) that an individual is willing to withstand, particularly on the downside (i.e., loss of money). It has sometimes been referred to as an individual’s “sleep at night factor” as in how much investment risk are people willing to take …

How Do I Take a Charitable Income Tax Deduction??

While a specific charity may qualify with the IRS as a charitable organization for tax purposes, a taxpayer still needs to be able to itemize his or her tax deductions to deduct a charitable contribution. Charitable contributions are an itemized deduction.

Schedule A is the tax form used to tally itemized deductions. These deductions include out-of-pocket health-related expenses, mortgage interest, property taxes, charitable contributions, and other qualified expenses.

In order to use Schedule A, you would need to use IRS …

Monthly Investment Message: February 2018

Barbara O’Neill, Extension Specialist in Financial Resource Management

Rutgers Cooperative Extension

oneill@aesop.rutgers.edu

February 2018

A Hierarchy of Financial Decisions

Health Savings Accounts (HSAs) are an account that people can set up to pay for unreimbursed medical expenses such as deductibles, co-payments, and services not covered by insurance. Eligible individuals can establish and fund these accounts only when they have a qualifying high-deductible health plan (HDHP). HSA money gets deposited tax-free, grows tax-free, and comes out tax-free, if used according to …

What Types of Records Should You Keep for Tax-Deductible Mileage?

Some people record all their mileage on a calendar, planner, or business diary that they keep in their car. Be sure to jot down the date, the purpose of the trip, the starting and ending odometer readings, and the total number of miles driven. Another good source of documentation is a copy of the forms that you provide to your employer for expense reimbursement.

Remember, you are entitled to deduct the difference between the IRS business mileage reimbursement rate (54 …

Monthly Investment Message: March 2018

Barbara O’Neill, Extension Specialist in Financial Resource Management

Rutgers Cooperative Extension

oneill@aesop.rutgers.edu

March 2018

Factors That Promote Financial Success

During the last year, I had the opportunity to hear several well-known personal finance speakers talk about the characteristics and practices of financially successful people. Audiences are usually very interested in this topic because it provides a motivational roadmap and specific tips to follow.

 

At the 2017 Financial Planning Association (FPA) conference, the final general session speaker was financial author and …