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A "Side Gig" in Retirement Can Reap Tax Benefits

 

The dictionary definition of “retirement” is “the period of life after leaving one’s job and ceasing to work.” But for millions of Americans, that definition needs an update. That’s because far from no longer working at all, today’s retirees frequently work a little bit – whether in a part-time job, or as a consultant, or seasonally to help out in a friend’s store during the holidays. Whatever your definition of retirement is, consider that a self-employment side gig can provide an important benefit in addition to staying busy and making a little money: lower taxes. Retirees who earn even a small amount of self-employment income are eligible for numerous tax benefits. These include deducting the cost of supplies, equipment, business meals, travel and even part of your home’s rent or mortgage and utility costs, if you work at home. As always, consult with a tax professional for advice specific to your financial situation.

 

For more, see US News and World Report.

 

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Saving Money Around the House

 

Let's face it: saving money isn't always easy. But if your retirement planning process reveals that you need to put away more for your golden years, don't despair. You may be overlooking some fairly simple ways to save money – such as opting for a less expensive, but no less enjoyable, summer vacation. There are also myriad ways to save money around your house -- such as using vinegar and baking soda instead of pricey cleaning products, or having your chimney swept in summer to get an off-season rate. You can also save a surprisingly high amount of money via simple, painless adjustments like changing your PC’s settings so it goes into Sleep mode more quickly when you’re not using it. For more ideas, see this great list compiled by the folks at This Old House.

 

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Health Improvement in the Workplace

 

As preventive health becomes an increasingly important method not only for improving health but also for reducing healthcare costs, some workplaces have begun to embrace the trend. They're adopting practices and imitating programs specifically aimed at improving their employees' health and well-being.

 

Some of these practices have involved gym or other fitness-related cost reimbursements as well as mental and physical health improvement workshops. Not only do employees enjoy the benefits of these programs, but their employers do as well: when employees exercise more often and eat better, morale improves, productivity increases and health care costs go down.

 

Knowing the physical and mental toll that working can have on your body, it’s worth looking into any such offerings from your own employer that you might not be aware of. If your employer does not currently offer any health betterment programs, it’s worth starting a conversation with your head of human resources, since improving workplace health can lead to a happier, healthier, and more profitable retirement.

 

Read more at nytimes.com.

 

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