For some, the idea of retiring from work is a welcome change because you are finally free from the 9-5 routine every day. But, for many, it means living on a fixed salary that is bound to have its own limitations. This is also why revenue services are typically sympathetic to seniors and retirees. They make an effort to provide senior tax breaks for retirees and the elderly. This article mentions some of these tax breaks. Larger standard deduction: As a retiree, you will not need to pay taxes on a greater share of the income since you will be liable for additional standard deduction once you are 65 years old, according to IRS directives. When you are living on your own, or if you are filing as the head of a family, you may be liable for an additional deduction. When you are married and filing for joint returns you get to add additional deductions for each partner who has attained 65 years of age. So, even if one of the two partners is 65 or above, these additional deductions will be valid. With the help of this tax break measure for retirees, they will have to pay fewer taxes when income is low.

There are a number of benefits travelers can enjoy while going on a solo trip to a new destination. Solo traveling will teach you a lot about life and also about yourself like no classroom in the world can. Contrary to the common belief, solo traveling can actually be exciting and enjoyable. Oh, and strangely therapeutic too! Often, emotions can run high especially if you are venturing on a solo trip for the first time. However, by incorporating some thoughtfully-devised solo travel tips for first-timers, the experience can be a fruitful and a highly satisfying one. You might discover new things about yourself that you never knew existed, and that is one major reason why you must take a solo trip at least once in your life. List of solo travel tips for first-timers We have shed light on a few important tips that you can incorporate while you are traveling abroad, irrespective of whether it is for the first time or not. Check these useful and proven tips for traveling solo to your “on my bucket list” destination. Choose to be practical over style and variety of clothing While we all want to show off our shoe collection for the “Gram”, several pairs of shoes are definitely something that you can do without.

While discussing the basics of a reverse mortgage, it is important to understand how it works. This article explains how a reverse mortgage works in practice. A reverse mortgage is a loan. Unlike a regular mortgage, it is a loan taken not to buy a home but on the home. The reverse mortgage is a loan given with the home owned by a person as the collateral. Who can take it? A reverse mortgage is a loan that can be taken by a homeowner aged 62 or more. Elderly people who have a home but no source of income can opt for this. They can get the money by reverse mortgaging their home. They can use the money for their expenses. The money is tax-free. The best part of a reverse mortgage is that it need not be repaid immediately. Interest and other fees are added to the loan, and the money needs to be repaid when the homeowner dies, sells the home, or moves away from the home. Every year the homeowner is required to confirm that he/she continues to stay at the home. If he vacates the home, then the mortgage amount with interest and charges has to be repaid.

If you are planning to open a student savings account, then you need to know all about the account before you open it. This article presents the benefits and disadvantages of savings accounts for students so you can make a decision easily. Benefits of savings accounts for students Given below are the benefits of savings accounts for students that make it advantageous for students studying at a college or university. It is a safe and risk-free way of saving money. The money in the account can be used by the student to pay fees and other expenses. The student savings account is insured by the Federal reserve and offers safety. This account does not need a minimum balance and may not even need an initial deposit to open the account. There are no maintenance fees and no penalties for not maintaining any balance. Interest is paid on the money deposited in the account. A checkbook is issued to transact on the account. A debit card is also issued to withdraw money from ATMs. Usually, the first few transactions are free. Charges are levied only if more transactions are carried out. The money in a savings account can be easily accessed at any time.

A deposit account or, in simple terms, a bank account kept in a financial institution or a bank enabling easy withdrawals and deposits is a checking account. With easy access to the funds, this account lets you pay your bills and carry out other financial transactions. Banks these days, offer a full-service checking account that includes checks, debit cards, direct deposits mobile banking facilities, and online bill payment options. There are quite a few ways to get the maximum out of your checking account. Most banks offer a number of options for checking accounts. You need to consider the features you need while choosing the right checking account. This should be in line with your requirements. You should make complete use of basic checking services. These basic services can be divided into three categories, namely: Depositing money in the account: This feature includes paper check deposits and direct deposits. And now, the latest feature to be added to this category is mobile check deposits. A smartphone app scans a check used for depositing money into the checking account. Withdrawal of money: Paper check payments and debit card swipes are the common features of this category. It’s more convenient for customers with ATM withdrawals and enhanced services like mobile and person-to-person payments that make for a more personalized experience.