Month: November 2023

With another tax season quickly approaching, it is time to determine tax-deductible expenses you’ve incurred. Identifying potential tax deductions is important because it helps seniors save more money during retirement. Knowing what expenses apply to you can be tricky. Here, we’ll explain what a tax deduction is and then outline some tax-deductible expenses for seniors, such as those for medical, dental, and long-term care costs.

What is a tax deduction?

A tax deduction is a form of tax incentive that reduces the amount of an individual’s taxable income, reducing their tax obligations. Many available deductions might apply to you as an older adult. Among the most advantageous for seniors include deductions for medical, dental, and long-term care costs.

What is the difference between a tax deduction and a tax credit?

Taxes are complicated, but understanding the difference between a tax deduction and a tax credit does not need to be. As explained above, tax deductions reduce the overall amount of income you are taxed on. Tax credits work by directly reducing the taxes you owe and may increase any tax refund the government owes you. Certain credits can get you a refund even if you do not owe income tax.

Standard deduction vs. itemized deductions

Each tax year, Americans can choose between taking the standard deduction and itemizing deductions through Internal Revenue Service (IRS) Schedule A. The standard deduction is a set dollar amount that reduces the income on which the taxpayer is taxed. Itemized deductions are specific expenses the taxpayer can use to reduce their taxable income. 

Itemizing rather than taking the standard deduction can benefit taxpayers with significant out-of-pocket expenses. Some costs are considered tax-deductible expenses, which we will discuss below. Anyone choosing to itemize their medical expenses must document each of these charges throughout the year.

You’ll want to consult a trusted tax professional about whether taking the standard deduction or itemizing your deductions is the best choice for your situation.

Tax-deductible medical expenses

Those who want to include tax-deductible expenses can consider many medical costs. Per the IRS, medical expenses include “the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and for the purpose of affecting any part or function of the body.” Taxpayers, including older adults, may only deduct medical and dental expenses exceeding 7.5% of their annual adjusted gross income. The IRS defines adjusted gross income as your total gross income minus adjustments like retirement contributions, alimony payments, or student loan interest.

You may claim expenses for yourself and your spouse or dependents if you were married or provided support to them when the services were rendered or when you paid for them.

Some examples of deductible medical expenses include but are not limited to:

• •Annual physical exams.
• •Artificial teeth.
• •Artificial limbs.
• •Ambulance service.
• •Home improvement and modifications for medical reasons, including ramps, handrails, grab bars, kitchen cabinets, and equipment. Rules about capital expenses determine how much of the home improvement costs you can deduct.
• •Prescription medication.
• •Hospital stays.
• •Fees paid to doctors, surgeons, chiropractors, psychiatrists, psychologists, dentists, traditional medical practitioners, and acupuncturists.
• •Money used to pay for medical or long-term care insurance premiums.

Are dental costs tax-deductible expenses?

Yes, some dental care costs can be considered tax-deductible expenses. These items are categorized under medical expenses for tax purposes. Seniors are permitted to deduct preventive and alleviative dental care, including the following:

• •X-rays and fillings.
• •Dentures, extractions, and treatment of dental ailments.
• •Application of sealants.
• •Fluoride treatments to prevent tooth decay.

Are insurance premium costs tax-deductible expenses?

The IRS considers insurance premiums as deductible medical expenses under certain circumstances. Multiple conditions apply to a taxpayer’s ability to deduct insurance premiums, so it’s important to work with a tax professional to understand and include these expenses within the tax code laws.

What insurance premiums can’t be included?

Not all insurance premiums may be deducted. You cannot claim the following premiums you pay for yourself, your spouse, or your dependents.

• •Health or long-term care insurance if you pay premiums with tax-free distributions from any retirement plan made directly to your insurance company that would otherwise be included in income.
• •Car insurance premiums that provide medical coverage for people injured in an accident involving your vehicle.
• •Life insurance premiums.
• •Policies that provide for loss of earnings, limb, sight, or life.
• •Insurance policies that pay for a set number of weeks of a hospital stay if you are sick or injured.

Long-term care deductible expenses

Some or all of the costs of long-term care paid out of pocket may be tax-deductible expenses.

Examples of claimable long-term care expenses can include:

• •Your primary residence.
• •The cost of nursing home or assisted living facility care.
• •The price of enrolling in an adult day care center.

Long-term care insurance gives older adults additional coverage that helps fill in the gaps to pay for care not covered by health insurance, such as for services that assist them with activities of daily living. Long-term care insurance expenses can be included in your unreimbursed medical expenses on your taxes. The cost of your premiums must exceed 7.5% of your annual adjusted gross income. For self-employed people, the insurance premium for long-term care coverage can be deducted if your business makes a profit during the tax year.

There are limits on how much of your long-term care insurance premium payments you can deduct based on your age. Currently, the age and deduction limits are:

• •Seniors aged 61 to 70 can claim up to $4,510.
• •Seniors aged 71 and older can claim up to $5,640.

If a cost is not deemed necessary for the care of an older person, it may not be tax deductible, even if the service is covered by long-term care insurance. Examples of nondeductible services include:

• •Life insurance policies.
• •Funeral expenses.
• •Nonprescription medications.
• •Cosmetic surgeries. 

Tax deductions for medical expenses can save seniors a lot of money. It’s important to know which expenses apply and the eligibility requirements for taking these deductions. Work with a trusted tax professional to know that your taxes are being filed properly and that you are maximizing your deductions.

The U.S. Department of Veterans Affairs (VA) has programs and services to help caregivers care for their Veteran loved ones. VA caregiver programs are robust and assist family caregivers in various ways, from education on providing care for their loved one’s condition to VA and community resources on how to care for oneself as a caregiver. A VA caregiver stipend through one program can even help alleviate the financial burden of caregiving. Here, we’ll explore VA caregiver programs and services so caregivers of Veterans can learn how to help their loved ones and also care for themselves.

There are two main caregiver programs through VA’s Caregiver Support Program: the Program of General Caregiver Support Services and the Program of Comprehensive Assistance for Family Caregivers. We’ll explain those two programs below, outlining some of the differences so caregivers can learn which may be more suitable for their situations. Next, we’ll explain a number of additional services, educational programs, and workshops that caregivers can access through VA’s Caregiver Support Program.

Program of General Caregiver Support Services 

One of the main caregiver support programs VA offers is the Program of General Caregiver Support Services (PGCSS). This is a program for general caregivers of Veterans. It provides peer support, coaching, training, skills education, online programs, telephone support, and other valuable help to caregivers of Veterans. Through PGCSS, caregivers can also access referrals to get needed help. 

Caregivers can enroll in the program if they are a “general caregiver,” which means the Veteran receiving care requires help with at least one activity of daily living or they need supervision because of symptoms related to neurological issues or an injury. There isn’t an application process for this program. Interested caregivers can connect with a VA Caregiver Support Program (CSP) team in their area to complete the enrollment forms and begin accessing the available support.

PGCSS offers caregivers a place to turn when they have questions, need help, or want to receive more education to care for their Veteran loved one properly. PGCSS is helpful to new caregivers in addition to seasoned ones as seniors’ needs change throughout their lives. 

Program of Comprehensive Assistance for Family Caregivers

The Program of Comprehensive Assistance for Family Caregivers (PCAFC) is the other main caregiver program VA offers. This program requires application approval, and caregivers in the program can access enhanced support. This robust program covers many areas of assistance that a caregiver might need. Caregivers may qualify for:

• •Education.
• •Support.
• •Resources in the caregiver’s community.
• •Respite care.
• •Mental health counseling.
• •Monthly financial stipends to the primary caregiver.
• •Health insurance, if eligible, through the Civilian Health and Medical Program of the Department of Veterans Affairs (CHAMPVA).
• •Travel benefits, if eligible.

The program is available to caregivers of eligible Veterans who sustained or aggravated a serious injury or illness in the line of duty, leading to “a single or combined service-connected disability rating of 70% or more.” Caregivers can connect with their local CSP team to apply. 

While the caregiver awaits approval, they can enroll in PGCSS to start receiving the support offered in that program.

VA caregiver services

In addition to the two caregiver programs above, several other services can help caregivers of Veterans access resources and support in caring for their loved ones. Here, we’ll explain the other services.

Caregivers FIRST 

This is an education and resource service available to all caregivers enrolled in VA’s Caregiver Support Program. The acronym stands for “finding important resources, support, and training,” and that’s exactly what this program does for caregivers. Caregivers FIRST participants have access to four educational and training sessions that, depending on the caregiver’s location, can take place at a VA facility or online. Through the sessions, participants learn:

• •Coping skills.
• •How to find support near them.
• •Strategies for shared decision-making between them and the Veteran.
• •How VA care works, including home- and community-based services.
• •How to effectively communicate with the Veteran’s health care team of providers.

The program also gives caregivers opportunities to practice the skills they learn in addition to connecting them with other caregivers. This support and connection to other caregivers can alleviate some feelings of isolation that caregivers often experience, empowering them to feel more confident and comfortable in their important roles as people caring for their loved ones. 

Building Better Caregivers™ workshop

The Building Better Caregivers™ (BBC) workshop is an interactive online course that caregivers can take. It provides education on caregiving as well as resources. This workshop, developed by Standford University and the National Council on Aging, is for caregivers of Veterans with injuries or serious illnesses, such as dementia, brain injuries, post-traumatic stress disorder, or other conditions. The workshop curriculum helps caregivers learn how to provide the best care for their Veteran loved ones and also care for themselves. 

Participants proceed through the course alongside other caregiver participants and interact with trained facilitators. Though the course has a six-week curriculum and participants are grouped with other enrollees, it is asynchronous, meaning caregivers can log onto the online course anytime and don’t need to “attend” the class at specific times or days.

Interested caregivers can visit the Building Better Caregivers™ workshop website to learn if they qualify.

Caregiver self-care/resilience courses 

Caregivers can receive more education beyond the BBC workshop. These group self-care sessions provide necessary information about how caregivers can care for themselves while fulfilling their role as a caregiver to a Veteran. 

Across four sessions, caregivers learn about communication strategies, stress management, self-care, and more. Individuals enrolled in the self-care course can join whichever sessions they want, whether one or all four.

Peer Support Mentoring Program 

VA’s Peer Support Mentoring (PSM) Program pairs a caregiver mentor with a caregiver mentee to help two individuals create a bond that not many fully understand, as caring for a Veteran can present unique challenges.

PSM offers the opportunity for caregivers of Veterans to share their stories and receive guidance from one another. These connections provide a sense of community and unity and allow caregivers to share passions, wisdom, comfort, and skills with other like-minded people. 

Caregivers interested in becoming mentors or mentees can contact the Voluntary Services Program at their local VA Medical Center (VAMC) and register as volunteers. Those who become mentors will undergo some training to help maximize the experience for both the mentor and mentee.

VA Caregiver Connect 

Caregiver Connect allows Veterans to connect digitally to telehealth visits. When Veterans simply need a check-up or cannot leave their homes, telehealth visits are typically scheduled on their behalf. 

Caregivers can utilize this digital connection by joining the video health call to be there with their Veteran and their doctor. Caregiver Connect permits up to five guests to join in on the telehealth visits, including family members of the Veteran. 

Resources for Enhancing All Caregivers Health VA program

Caring for someone with a particular illness or condition may be challenging because there is much to learn about while coping with stress. The Resources for Enhancing All Caregivers Health (REACH) VA program helps educate caregivers of Veterans, giving them caregiving tools specific to the Veteran’s condition. This program is for caregivers of Veterans who are living with ALS, dementia, multiple sclerosis, post-traumatic stress disorder, or a spinal cord injury or disorder.

The educational sessions can be in a group or one-on-one and aim to help the caregiver in the areas where they need it most. Typically, a coach provides the training in four sessions over the course of a few months. These coaching sessions can be done in person, over the phone, or via video call.

The CSP team at the Veteran’s local VA facility can assist with enrolling in this program.

Caregiver Health and Well-Being Coaching

While caregivers help their Veteran loved ones manage daily life, it can be a struggle for them to also take care of themselves. VA’s Caregiver Health and Well-Being Coaching gives individualized support to help caregivers with their own well-being. The caregiver partners with a trained CSP team member to create and enact a holistic self-care plan focusing on the caregiver’s physical and mental health.

Caregivers enrolled in the Program of General Caregiver Support Services (PGCSS) or the Program of Comprehensive Assistance for Family Caregivers (PCAFC) can use this service for free.

Caregiver Support Line

When caregivers have questions about available resources or how to cope with their caregiving role, they may not know who to talk to. VA’s Caregiver Support Line is available to caregivers of Veterans who have questions about all CSP services and where to start getting help with caregiving. Caregivers can ask questions about:

• •The Caregiver Support Program.
• •Getting the right care for their Veteran loved one.
• •How to access services, whether through VA or the caregiver’s local community.
• •Emotional support for coping with caregiving.

The support line is closed on Sundays, but caregivers can call it at 855-260-3274 during its hours of operation. It is open Monday to Friday from 8:00 a.m. to 10:00 p.m. Eastern and Saturday from 8:00 a.m. to 5:00 p.m. Eastern. 

Being a caregiver for a Veteran can create memories that last a lifetime — for both the caregiver and the Veteran. Veterans put their lives on the line for our freedom, and now it is our time to care for them into their senior years. 

Caregivers can participate in many programs that yield wonderful benefits and help as they provide home care for their loved ones. By taking advantage of these programs, they can provide essential caretaking practices for their beloved Veterans and even receive monetary benefits for their caretaking assistance.

If your mobility has declined or you are recovering from surgery and need some extra support, durable medical equipment can be just what the doctor ordered (literally and figuratively). Durable medical equipment is a term used for any equipment or supplies that are medically necessary, ordered by a medical professional, and intended for extended use. Examples of durable medical equipment, or DME, include wheelchairs, walkers, hospital beds, oxygen equipment, and commode chairs, to name a few.

Once you have an order for a piece of durable medical equipment, there are a few ways to cover or offset DME costs in order to make purchasing or renting them more attainable. Here are some options for paying for the durable medical equipment needed to keep you safe and healthy.

Using Medicare to pay for durable medical equipment

For adults over 65, Medicare is often the first option for covering medical costs. Fortunately, Medicare does cover durable medical equipment as long as the equipment is:

• • Durable, or meant to last more than three years.
• • Medically necessary and prescribed by a physician.
• • Used in the home, whether a traditional home or a senior living facility.

It’s important to note that the physician prescribing your DME must be enrolled in Medicare for Medicare Part B to pay for the costs. It is also common for Medicare to require that you see a physician in person for the doctor to write the order.

Once you meet your Part B deductible, Medicare will pay 80% of approved DME costs. You’ll be responsible for 20% of the cost whether purchasing the equipment outright or renting it. If you have Medigap or other supplemental insurance plans, they might pay for some of the 20% you are responsible for. Check your policy for details.

How Medicaid can help cover durable medical equipment

If you qualify for Medicaid, you might be able to use it to offset the remaining DME costs. However, coverage depends on your state’s specific Medicaid guidelines. Medicaid coverage varies from state to state, so each state has flexibility in choosing what DME to cover. It’s best to call your Medicaid case manager to determine what costs you might be able to offset after Medicare pays its part.

[Learn about Medicare vs. Medicaid here]

Veterans benefits and paying for durable medical equipment

If you qualify for VA benefits, the Veteran-directed care program will often pay for durable medical equipment. In Veteran-directed care, the Veteran has a budget for care and supplies and can use the funds to cover DME. The equipment needs to be deemed medically necessary and prescribed by a physician. Further, if you qualify for the Aid and Attendance benefit, you can receive money to offset various costs of living at home or in a senior living community, which you can use to pay any portion of your durable medical equipment costs.

Other ways to pay for durable medical equipment

If you are still struggling to pay for durable medical equipment via Medicare, Medicaid, VA benefits, or a combination of the three, you can explore other options. First, if you have a long-term care insurance policy, you might be able to request reimbursement for DME costs if it is covered under your policy.

Check the details of any health insurance policy you might carry in addition to Medicare. While the policy might not kick in until you have met the yearly Medicare and supplemental policy deductibles, it can still be a viable option for offsetting the cost of medically necessary durable medical equipment.

Next, look for tax deductions you can use to write off medical expenses. Work with an experienced accountant to determine if you can itemize and write off medical expenses that exceed 7.5% of your adjusted gross income.

Finally, contact your local senior service agency. Many communities offer durable medical equipment you can borrow for a set period of time for free, thanks to donations from other community members. In addition, your local senior service agency might offer grant programs that cover durable medical equipment costs for qualified applicants. The professionals who work there can also direct you to any local resources available in your area that provide DME assistance.

If you’re still struggling to pay for durable medical equipment, talk with your physician. They can help you with resources that might provide financial relief for any medically necessary supplies or equipment.

As people age, their ability to perform daily tasks tends to decline. Certain older adults may need assistance with caring for themselves and their homes. While some choose to move to senior care facilities, many older adults — over three-quarters of them in the U.S. — prefer to remain in their homes for as long as possible. Seniors can turn to home care services to help with personal care and household tasks, but cost is a concern. When people have limited financial means, Medicaid may be able to help. Here, we’ll go over what home care is and whether Medicaid covers it.

What is home care?

Home care is a type of nonmedical personal care that helps people live at home. Many types of home care services assist older adults with activities of daily living, like bathing and grooming, and housekeeping tasks, like cleaning and preparing meals. Older people can take advantage of home care to help them remain in their homes as they age in place rather than moving to an assisted living community or nursing home.

It is important to note that home care differs from home health care. Home health care involves skilled nursing care offered by licensed medical professionals, whereas home care includes nonclinical care offered by unlicensed but professional caregivers. Since home health care is medical in nature, health insurance typically covers at least part of it for a limited time period if prescribed by a doctor. Since home care is not medical, insurance generally does not cover it, requiring the person receiving the services to pay for it on their own.

Does Medicaid cover home care?

Medicaid is a health insurance program for people with limited financial resources who meet other eligibility criteria. The Medicaid program accepts certain individuals and families that fit into eligibility groups set by state and federal law. Many low-income seniors rely on Medicaid to pay for medical treatments and prescriptions.

Although Medicaid is health insurance and usually covers care that is medical in nature, in certain places and under certain circumstances, the Medicaid program can offer much more, including the option for home care. Thanks to certain states’ expanded coverage, people may be eligible to have the cost of their home care services covered by Medicaid. The programs and services provided by Medicaid vary based on state; depending on where you live, you may have access to home care services.

What home care services does Medicaid cover?

Where you live is a factor in determining which home care services Medicaid covers. Medicaid is jointly run between the federal government and each state, so the programs that your state runs may cover more, less, or different services than others. The programs within Medicaid often provide many services seniors may need to live in their communities longer and avoid nursing home care. Examples of home care services that Medicaid might pay for include:

• •Housecleaning.
• •Cooking and preparing meals.
• •Grooming, bathing, and toileting.
• •Mobility.
• •Assistance with laundry and eating.
• •Meal delivery.
• •Respite care.

How does Medicaid pay for home care services?

Depending on each state’s Medicaid programs, Medicaid may pay for certain home care services for seniors with financial need who meet their state’s Medicaid eligibility requirements. People can access expanded care options if their state has applied for and received home- and community-based services (HCBS) and other Medicaid waivers.

State Medicaid plan

Federal Medicaid laws require that each state provide benefits for home health care. However, all states also currently offer some coverage of home care. Under their state’s regular Medicaid program, seniors can access basic services, including help with nonmedical care like bathing, dressing, or eating. 

Home- and community-based services Medicaid waivers

Home- and community-based services (HCBS) provide home care for seniors who require support to continue to live independently. HCBS are available if the senior needs nursing home-level care and is at risk of institutionalization if they do not receive home care assistance. HCBS waivers provide individuals with more services than are typically offered under state Medicaid programs. Types of home care paid for by HCBS waivers include:

• •Use of durable medical equipment.
• •Assistance with activities of daily living.
• •Adult day care services.
• •Access to personal emergency response systems.

Self-directed care

Self-directed care is an option for Medicaid recipients to control how much home care they use and their access to care, including hiring, training, and supervising providers. Self-directed care gives Medicaid recipients decision-making authority over services, but they are also responsible for managing their services and ensuring the costs are covered. While self-directed care gives Medicaid recipients more authority over their care, they lose access to the system that protects them by automatically allotting funds to pay for home care services.

Who qualifies for Medicaid home care services?

Individuals must qualify for regular Medicaid services before they qualify for home care. The most basic requirement for Medicaid applicants is that they must live in the state where they apply. In addition to residence requirements, applicants must meet income and asset limits set by the state. Many states base income and asset limits on the federal poverty level. You can find state-specific income and asset limits here.

There are also functional requirements one must meet before qualifying for home care coverage through Medicaid. The individual must need assistance with a certain number of activities of daily living or instrumental activities of daily living and complete an assessment. Each state sets its own requirements for how much assistance is needed to qualify for coverage.

Financial security is now more important than ever. Many seniors end up returning to work during retirement to address concerns about money and the potential need to pay for senior care in the future, whether to cover the cost of assisted living or home care. According to the U.S. Bureau of Labor Statistics, the number of older people rejoining the workforce tripled between 1988 and 2018 and will continue to grow: By 2026, retirees between the ages of 65 and 74 are projected to return to work at a rate of 21.8%. Here, learn considerations for choosing a job during your retirement years, types of jobs that are well suited for retirees, and how employment might affect your Social Security benefits.

What are good jobs for seniors?

There is no one perfect job for every older adult. Individuals have unlimited skills, interests, abilities, and financial needs. A wide range of jobs can be ideal for older adults in their retirement years. When thinking about the job that’s right for you, you’ll want to consider how much time you want to devote to your job, your interests, and what you need to maintain your health and personal fulfillment.

Consider part-time jobs that will allow you enough time away from work to enjoy your downtime. Depending on how much the job pays, having a part-time job will also help ensure you can earn some extra money but not so much that you reduce your Social Security benefits, which we explain more about in a section below. 

Think about your interests. Have you always loved chatting with folks? Do you prefer to get your mind into your work and have fewer interruptions? Do you have a particular skill you’d like to use in a job? Do you have a budding interest in a new hobby? Your interests matter, and perhaps for the first time in your life, you can choose a job that relates to your interests, hobbies, and skills.

Also, consider choosing a job that can meet your physical health needs. Though retirement is a time for rest and relaxation, staying physically active is vital to good physical health. A manual labor job is not necessary; even the movements required to get ready for work and move throughout your shift can be better than resting in your favorite chair at home every day.

Jobs that preserve your mental health can be helpful, too. Many people find purpose in their decades-long professional careers, and creating meaning in retirement is key to maintaining emotional well-being. Identify what you think your life might be lacking in retirement. If it’s social interaction, for example, helping customers at a local store and establishing connections with coworkers may be just what you need.

Now, let’s explore common desires people may have for employment during retirement and some jobs that can help fulfill those wishes.

Jobs for seniors who want local, daytime work

You might want some extra money but don’t want to travel too far to earn it. Or you may love your local area. Either way, becoming involved with these local jobs can provide income without needing to head out of town. These jobs are only necessary during the day, so you don’t need to worry about nighttime driving or long hours on the weekend.

Crossing guard for a school district

Some seniors get great satisfaction in contributing to their communities by working as crossing guards. School districts staff these positions so that each crossing guard is typically at the same intersection each shift (with some changes, depending on staffing issues). You will get to know families as they walk their children to school and see the joy of smiling faces heading off to life in the mornings. Also, you’re providing safety to kids who need it.

The hours of crossing guard jobs may also be desirable: You work for a short time in the morning before school begins, then again in the midafternoon after the school day ends. These pockets of time allow you to make some extra money, interact with people, and have the late mornings, afternoons, evenings, weekends, and holidays to yourself.

Connect with your local school system to learn the qualifications and how to get started.

Substitute teacher

Older adults have a wealth of experience from both life and a career. If you enjoy passing on your wisdom and spending time with today’s youth, you might consider substitute teaching. 

Substitute teaching requires less knowledge about a particular subject. If you want to be in an educational environment but contribute in a more general way, substitute teaching could be a great option. Each school district hires substitute teachers through a process that includes background checks, interviews, and other steps. Once hired, you can substitute for an absent teacher in the district. 

As a substitute teacher, you follow the teacher’s lessons for each class period and monitor student work and behavior, but you’re not responsible for grading the assignments. You report shortly before the beginning of the school day and can typically leave when the school day is over. Substitutes are paid based on how many days they work in a pay period, so this is another opportunity for you to work as much — or as little — as you want. 

Jobs for seniors who like using technology

Many older adults have gone through their professional lives amassing technological skills, and they may either enjoy computers or simply want to keep putting their skills to work. Consider these options that are computer-oriented. If you have a computer and internet access at home, you may even be able to find an employer who hires remote workers — if you’d prefer to earn money from the comfort of your own home.

Customer support specialists

Customer service is a key aspect of a company, and you can be a part of this. As a customer support specialist, you will help consumers with needs related to a product or service. Your contribution will positively impact the customers by helping solve issues, your employer by ensuring greater customer satisfaction, and yourself by engaging with folks during your shift. 

You may even be able to do this from home with a computer, internet access, and a phone. Depending on the company that employs you, you might need knowledge of a specialized area, but your employer might provide training once you are hired. You may also be able to work part-time, depending on the position and company.

Data entry person

Data drives the operations, management, and strategy of just about every company. Now that information is digitally stored on computers and servers, some data must be entered manually. Data entry jobs are common and can be accessible to many people. This type of job may also be flexible in that some companies require employees to enter data from an office while others allow employees to work from home. In remote work situations, the employee needs a computer and reliable internet access. 

Some of the skills you’ll need for this type of job include computer proficiency and strong typing skills. Data entry may be a great part-time job opportunity for someone with these skills or an individual who wants to learn them, which, with some practice, are skills many can master.

Jobs for seniors who like interacting with people

Interacting with new people can be a fun way to spend time, whether you have long conversations with rental guests at your home or in short spurts while working a shift at a retailer. Either way, social connections can help liven up the day, and you can get paid for doing it.

Rent to long-term tenants or short-term guests

If you own your home, there are a few ways you can generate extra income to use for other expenses. You might consider renting out part or all of your home on Airbnb or Vrbo if you enjoy hosting and living in a town with a tourist economy. Seniors with extra space in their homes can rent a room to a regular tenant for a more predictable income stream.

This job requires using a computer and the internet, creativity to freshen up your rented space, and thought in marketing your rental. These activities keep your mind active and can be exciting if you want to learn new skills. Social interactions with your guests will allow you to connect with other people without leaving your home.

Retail clerk or greeter

A job as a grocery store clerk or greeter can be a good opportunity for a low-stress job. Many stores and retailers hire older adults to work in these positions. This type of job provides tasks within a specific area of skills that many people can easily master, even if they’ve never worked in retail before. 

The social interaction opportunities are plentiful in this job — you’ll be having brief interactions with customers throughout your shifts, which can help create purpose and uplift your spirits.

Jobs for seniors who want to make their own schedules

Perhaps you want to make money in retirement, but you’re also happy to leave behind the 9-to-5 grind of your professional career. Or you might not want to commit to a long-term job because you spend time traveling or live in a warmer climate during colder months. Regardless of why you want (and deserve) to make your own schedule, these jobs could be just what you were looking for — and can be done on your terms.

Rideshare driver

Working for a rideshare company can help you earn the money you need to make ends meet in retirement. Driving for Uber or Lyft lets you create your own schedule and provides the opportunity to get out of the house and be social. 

This type of job requires awareness of your driving abilities. Only those who can safely navigate roads and traffic should consider these jobs. Your vehicle also needs to be safe and clean for passengers. 

A great aspect of this type of job is that you make your own schedule. If you are an early riser, you can clock in in the morning and have the rest of the day to yourself. If you don’t want to work a certain week because your family is visiting, you can choose not to.

Babysitter or pet sitter

Caregiving in any capacity can be emotionally fulfilling for an older adult, all while earning extra money. If you like child care or pet care, you can earn money for yourself while giving a friend or neighbor some assistance.

You can start by offering your services to family members, their friends, and friends of yours. Once you build a rapport with a family, consider asking them to be a reference if you want to expand to working with other families. Sites like Care.com connect caregivers, pet sitters, and house cleaners with families who need these services, so if you choose to work with multiple families or pets, you can market your services.

Think about safety considerations as you enter into this line of work. If you’re starting your own business, ensure that you have the proper insurance in place, if necessary, when dealing with animals while pet sitting.

Jobs for seniors who want to make income off their passion

Though people have decades-long careers, not everyone gets to make their passion the main source of income during their professional lives. In retirement, you may have that chance. With a little more time, you can turn your hobby, interest, or passion into a money-making endeavor. See some ideas here for how you can have a job doing what you love.

Repairperson

A good way to make cash and maintain relationships with your community is to work as a repairperson. You can earn money while providing a service to those who cannot make repairs for themselves.

With a job like this, you can take on as many projects as you’d like. You can choose to do repairs for friends, family, and acquaintances, or you can market yourself to your local community. Promoting your services is easier than ever with social media like Facebook. Many communities have local Facebook groups where people post when they need a service or promote that they offer a service. Apps like Thumbtack can also put you on the map with community residents so they know you can help with repairs when needed.

Online seller of items or wares

Online sales can be a great job opportunity for people who have an eye for items at flea markets and estate sales or who have amassed a collection of things over the years and want to downsize. Online thrifting is a large market that many people take advantage of to supplement their income.

Many websites, such as eBay and Etsy, help people sell items online. If the items in your collection are in good condition and you want to begin the decluttering process, you can sell your own items. If you love thrift stores, consignment shops, or flea markets, you can buy desirable items at lower prices and sell them for a profit online. This type of job requires knowledge of the types of items that will sell, as well as a computer, internet access, and the ability to pack and ship items.

Jobs for seniors who want passive income

Investing may be a good way for an older adult to make a passive income. Of course, investing comes with some risk, so it is important to speak to a financial adviser before deciding how much money to invest and what to invest in. Especially if you are new to investing, low-risk, low-return investments may be a good idea.

What happens to my Social Security benefits if I get a job?

It is a valid concern for seniors that returning to work will affect their Medicare and Social Security benefits. Fortunately, seniors who receive government assistance can supplement their income to a certain point without losing their benefits.

Medicare coverage

Many seniors rely on Medicare to pay for their medically necessary treatment, so it is important to balance protecting access to Medicare with looking to earn some extra income.

Earning more money can push you into a higher tax bracket, which can affect your Medicare benefits. Seniors who earn more than the income limit may be charged a premium surcharge for their Medicare Part B (outpatient) and Medicare Part D (prescription drug) coverage.

There are multiple options for Medicare beneficiaries to choose from, and the income limits can change annually. Check the page on Medicare costs. It outlines the premiums for each part of Medicare, lets you know which costs are affected by a member’s income, and how much the premiums may increase based on how the member files their taxes.

Social Security benefits

Some older adults receive Social Security benefits that help supplement their income. Whether extra work will affect your benefits depends on your full retirement age, if you were at that age for the entire year, the annual earnings limit for that retirement age, and if you surpassed those earnings during the year.

These factors make it a bit complex to determine if and how your personal benefits may be affected — and by how much.

Let’s look at some examples: In 2023, the income limit for seniors who have not fully retired but receive Social Security benefits is $21,240. For every two dollars an older adult makes over the annual income limit, the Social Security Administration will deduct one dollar from their benefits.

For seniors who are fully retired before they start receiving Social Security benefits, the annual income limit for 2023 is $56,520. For every three dollars the senior makes over the income limit, the Social Security Administration will take one dollar in benefits.

The Social Security Administration site provides an explanation of different scenarios that can help you understand how you might be affected by income here.

Employment support services for seniors

There is support available for older people who want to return to work but do not know where to start. The Senior Community Service Employment Program, also known as Workforce 55+, is a job training program that helps low-income unemployed seniors gain skills that employers are looking for. This program even matches seniors with jobs that best fit their skill set and experience. Participants in the program also can get employment assistance through American Job Centers.

It is completely possible to secure your financial future and earn the money you need in retirement on your own terms. Be sure to reach out to programs that can support you as you earn while you age.

There is a great deal of technology for seniors to use to keep in touch with friends and family even if they can’t always spend time with loved ones in person. Older adults often find themselves coping with significant life changes that can make them feel disconnected, such as retirement, moving to assisted living, or even losing friends and family. Here, we’ll explain some technology for seniors to use to keep in touch with loved ones anywhere in the world and maintain their emotional well-being.

Technology for seniors to have: Cell phone

With a cell phone, seniors can remain in touch with those they love. We suggest cell phones because they are equipped to store contact information of people the senior wants to talk to. Getting in touch is as easy as pressing one button. With text messages, a cell phone can become a fun and exciting way to keep in touch even when you can’t speak.

Idea: Coordinate regular phone calls

Cell phones have made it significantly easier to stay in touch with loved ones. Social connectivity can also help boost a person’s mood and positively contribute to their mental health. There are several “senior-friendly” cell phone options, which are usually simpler than standard cell phones and sometimes have larger buttons and screens to make them easier for older adults to use. One example is Lively’s Jitterbug phones. With flip phone and smartphone options, these devices are user-friendly and accessible for older adults.

Tip: Because a phone call may be easier to have one-on-one, you might consider taking turns among family members in the home when calling a loved one. If you have a partner or another adult family member living with you, remember that your older adult loved one may want to catch up with each person individually. 

Idea: Create a family group text message

A group message is an easy way for family members of all generations to share and connect with one another. It can be a place to give updates, chat, and share photos of activities. This communication tool has emojis, gifs, and other fun and lighthearted ways to convey messages. Your loved one can share photos easily, and everyone can respond whenever they are available.

Tip: If your loved one is new to this technology, give them a tutorial on how group messages work. If they are already familiar with group text messages, then you’re good to go!

Upgraded technology for seniors: Smartphone or tablet

With a smartphone or tablet, seniors have the world at their fingertips. See how you can use this technology to stay in touch with the senior you love:

Schedule a recurring video call 

Video calls using Zoom or FaceTime are great stand-ins for physical visits, especially for family members who live far away or for large, spread-out families. Scheduling a video call in advance can help family members plan to be available. 

Whether on an iPad, a cell phone, a computer, or a senior-friendly tablet such as the GrandPad, test out video calling to ensure your loved one has what they need. If your loved one is less familiar with technology, have a family member or friend set them up on their device before the call to keep the visit stress-free. 

Tip: For large family virtual gatherings, consider trying a game to help facilitate conversation so people aren’t speaking over one another. Games like Bingo or trivia are great for all ages. 

Updated technology for seniors that reminds them of letter-writing

Though letter-writing may not be as popular as it once was, society hasn’t forgotten about the concept of pen pals; it has simply flipped pen-paling on its head by adding technology into it. If your loved one has a computer, tablet, or phone, these ways of sending written communications can add priceless moments and memories to your time interacting with each other. Using tech-related methods for long-standing letter-writing can also help a senior learn new skills if they aren’t already familiar with emailing and phone apps. Keeping the mind active as by learning new skills is great for the mind and emotional well-being.

Send an email

Older adults who use email may enjoy receiving notes from family and friends in their inboxes. Emails can include updates on day-to-day activities, photos, or even interesting findings for one another. This mode of communication can be especially useful when you might not have the time to schedule a long phone call or visit. Since you can respond on your own time, you might have the opportunity to be more thoughtful and carry on more in-depth conversations.

Send a postcard from your phone

Does your loved one enjoy receiving snail mail? Or perhaps they struggle with managing technology on their own. If so, you can send mail easily through a company like TouchNote. TouchNote allows you to design and easily send a postcard or notecard from your phone or computer. Your loved one will receive the personalized card in their mailbox within days, depending on where they live. You can keep them updated on family vacations, holiday celebrations, and more.

Creative technology for seniors that helps them stay connected

Even when you schedule calls and exchange emails and texts, having fun and creative ways to feel connected can go a long way in helping maintain a loved one’s emotional well-being. These creative technology ideas for seniors can keep them seeing images of family members, spending time with them virtually, and lighting up their day no matter how far away they live from their loved ones.

Digital photo album

Digital photo albums, such as the Loop frame or the Skylight frame, are a great way to keep the connection going around the clock. Family members can upload photos directly into a frame to display for their loved ones. While some products require a wired upload, some connect to Wi-Fi, allowing you to upload pictures onto the frame from anywhere. Your loved one will know they’re on your mind when they receive photos of your family activities, even if they may not be able to participate. 

Tip: Many of these digital photo albums allow more than one person to upload photos. Try giving a few people access to it so your loved one can see pictures of all their children and grandchildren.

Attend a virtual program together

If you’re looking for activities to do online with a loved one, the options are endless. Following the COVID-19 pandemic, many museums, musical organizations, and other entertainment and educational venues pivoted to offer virtual programs. Whether you’re physically sitting next to your loved one as you both enjoy the program or you each participate separately, the event can spark new conversations and give you new ways to connect. 

Touch lamp

Long-distance touch lamps are creative devices that can help you feel close to your loved ones even when you cannot speak in the moment. Friendship Lamps offer loved ones the opportunity to stay connected with just a touch. The lamps are linked; when one person touches their lamp, the other illuminates. This creative and fun device can reassure your loved one that they’re on the minds of their faraway family members.

Regardless of your loved one’s tech-savviness, technology can do wonders to bridge the gap between geographic distance and busy calendars. Explore the options above for novel and meaningful ways to connect with loved ones, wherever they are.

Taxes are a nonnegotiable aspect of life for most people. You may wonder if you’ll ever be able to stop filing tax returns. Many older adults may continue to pay taxes well into retirement, but not all seniors have to file taxes. Here, we provide information about who must file a federal income tax return for the 2023 tax year, which will be due by April 15, 2024. Note that you should always consult a certified public accountant or tax adviser before making tax decisions.

How do I know if I have to file a federal tax return?

Not everyone needs to file taxes. Those whose income is below a certain amount for the year do not have to file. According to the Internal Revenue Service (IRS), these income thresholds apply to taxpayers, which can also be found below.

Filing status	Age	Minimum income
Single	Under 65	$12,950
Single	Over 65	$14,700
Head of household	Under 65	$19,400
Head of household	Over 65	$21,150
Married filing jointly	Under 65 (both spouses)	$25,900
Married filing jointly	65 or older (one spouse)	$27,300
Married filing jointly	Over 65 (both spouses)	$28,700
Married filing separately	Any age	$5.00
Qualifying surviving spouse	Under 65	$25,900
Qualifying surviving spouse	65 and older	$27,300

What kind of retirement income is taxable?

Any increase in wealth is considered income, including any money you earn or make off investments. Some or all payments you receive from pensions or retirement accounts may be taxable. You may be responsible for making a partial tax payment on payments you received if you contributed to your pension or retirement account. If you are the surviving spouse or a beneficiary of a pension or other retirement account, you will generally need to pay income taxes on the payout you receive. You can talk with a financial adviser to find out whether you need to pay taxes, depending on the type of accounts you have. 

You may be required to pay the full tax obligation on payments from your retirement accounts if you did not make any after-tax contributions, your employer didn’t withhold after-tax contributions from your salary, or you collected all your after-tax contributions tax-free the previous year.

Do I need to pay taxes on life insurance payouts for cash?

The short answer is yes. If you cash out a life insurance policy, the IRS considers it an increase in wealth and adds it to the total amount you owe in federal income taxes.

You will pay income taxes on the proceeds from the policy that are greater than the cost of the life insurance policy. The taxable income from cashing out a life insurance policy is the amount of money received that is greater than the amount you have paid in premiums during the life of the policy.

Do I have to pay taxes on my Social Security benefits?

It might not sound right, but some seniors must pay federal income taxes on their Social Security benefits, depending on the state in which they live. If you have a source of income that is substantially more than what you receive from your Social Security benefits, you will pay federal income taxes on up to 85% of your benefits.

Here are examples of taxpayer obligations for Social Security benefits:

• •Single filer: Single taxpayers with a combined income (Social Security and other income) between $25,000 and $34,000 may pay taxes on up to 50% of their benefits. If a single taxpayer makes more than $34,000, then they may pay taxes on up to 85% of their benefits.
• •Filing jointly: Taxpayers filing jointly with a combined income of $32,000 to $44,000 will pay taxes on 50% of their benefits. If the spouses have a combined income of more than $44,000, they may be obligated to pay taxes on up to 85% of their benefits.

Should seniors file their taxes if they don’t have to?

Sometimes filing taxes has benefits even for seniors who are not legally required to file. Some potential benefits of filing taxes when not required include:

• •Qualifying for certain income tax credits like the health coverage tax credit, the premium tax credit, and the earned income tax credit, among others.
• •Possibly receiving a refund if federal income tax has been withheld from your paycheck.

Reasons to file federal income tax returns

Although filing federal income tax returns can be a painful process, there are several reasons seniors who have to file taxes should submit a return promptly:

• •It is the law. It is important to comply with federal law, especially when ensuring your taxes are filed accurately and on time.
• •If you do not pay your federal taxes on time, you may have a lien placed on your property, which will make accessing increased credit and loans more difficult in the future.
• •Promptly paying your tax obligation can help you avoid future interest and penalties.

Can seniors be claimed as dependents?

An older adult’s child may claim the senior as a dependent on their taxes. Dependents, taxpayers, and the amount of financial support the adult child provides must meet the following federal guidelines:

• •The senior’s income for the applicable tax year is below the gross income limit. They cannot make more than the federal income limit of $4,700 for 2023 and still be considered a dependent.
• •The taxpayer and the senior must be family or have lived together for at least one year.
• •The taxpayer must have provided at least half the senior’s financial support for the year.

[Read more: The Complete Tax Preparation Checklist for Caregivers]

What about state income taxes?

Whether you are obligated to pay state income taxes depends on the state where you lived or made money during the tax year. Alaska, Wyoming, Washington, Texas, Tennessee, South Dakota, New Hampshire, Nevada, and Florida do not have income taxes. If you do not live in one of these states, contact a tax professional in your area to learn more about your state income tax obligation.

While filing taxes can be a challenge, it’s important to know whether you’re required to do so or not. If you do have to file your taxes this year, review this comprehensive tax preparation guide for seniors so you don’t miss any important details.

Many seniors want to age in place, which is when they remain in their homes as they age rather than moving to a senior living facility. Homes that were once suitable for younger adults and families might require modifications to meet the unique needs of older adults as they age at home. Numerous national, state, and county programs offer home repair assistance for seniors to make their homes safe, accessible, and comfortable.

Homes often need renovations and repairs as they age. Many homeowners, especially seniors, may have financial constraints in maintaining their homes. The government has several programs to bridge this gap, focusing on loans and grants to facilitate necessary home renovations and modifications for aging in place.

U.S. Department of Agriculture Single Family Housing Repair Loans and Grants (Section 504 Home Repair program)

Rural homeowners can access the Section 504 Home Repair program, which offers financial assistance for those facing challenges funding home improvements. It holds a special provision for elderly homeowners aged 62 and above.

The program splits its offerings into loans and grants. Its loans cater to low-income residents of rural areas needing extensive repairs and have low interest rates. The grants are for elderly homeowners who must address health or safety hazards. These grants are particularly beneficial as they do not require repayment.

These funds can address a range of repairs and upgrades, such as a leaky roof, an outdated electrical system, or other repairs. Recipients must use grant funding to fix safety concerns.

HUD Title 1 property improvement loans

The U.S. Department of Housing and Urban Development (HUD) spearheads the Title I program, which caters to homeowners looking to make property improvements but lack substantial home equity.

Depending on the loan amount and the nature of improvements, loans can be secured or unsecured. Secured loans require collateral, and unsecured loans do not. While loans for smaller, nonstructural modifications can be unsecured, larger loans for more extensive renovations typically must be secured.

Funds from this program can transform various areas of a home, including a much-needed HVAC system overhaul, bathroom renovations for enhanced accessibility, and complete kitchen modernizations.

HUD 203(k) rehabilitation mortgage insurance program

Tailored for individuals keen on purchasing or refinancing homes that demand repairs, the 203(k) rehabilitation mortgage insurance program combines the property’s purchase price and renovation costs into one consolidated mortgage. 

Allowing the buyer to finance both the property acquisition and the required renovations simplifies the process of buying and renovating. The program encompasses a broad spectrum of home repairs, from foundational fixes and structural alterations to energy conservation improvements.

Those interested in these government programs should contact local USDA offices, HUD offices, or approved lenders specializing in these loans. Understanding eligibility, documentation, and application processes is crucial to use the full potential of these programs. Through their comprehensive support, these programs underscore a commitment to ensuring homes are safe and comfortable.

Medicaid’s Money Follows the Person program

Medicaid, a state and federal program offering medical insurance to eligible low-income individuals, also extends its reach to cover specific home modifications. These changes are especially significant for seniors, enabling them to age comfortably in familiar surroundings while maintaining independence and safety. 

Money Follows the Person (MFP) is a Medicaid initiative that aims to counteract a significant issue: the institutionalization of elderly and disabled individuals. Recognizing the emotional and physical benefits of allowing seniors and those with disabilities to remain within their homes and communities, the program facilitates their transition from institutional settings, such as nursing homes, back to their homes or community-based residences.

Each state may have a unique name for this initiative, but the essence is the same. By providing financial support for necessary home modifications or equipment, the program ensures that homes are tailored to meet individual needs through improved mobility, safety, or overall accessibility. Covered modifications include ramps for wheelchair access, bathroom modifications for enhanced safety, stairlifts, doorway widening, or even specialized equipment for individuals with specific health conditions.

The first step for those interested in accessing Medicaid’s home modification programs is determining eligibility. Each state has specific criteria. Eligible individuals can contact their local Medicaid office or consult a Medicaid planner to get a clear picture of the programs available in their state and the application process.

Special assistance for Veterans

Veterans, having dedicated their lives in service to their country, deserve not just our respect and gratitude but also comprehensive support, especially when it comes to their housing needs. Recognizing this, various government-backed programs have been designed specifically to cater to the unique challenges and needs that Veterans might face, ensuring they can lead comfortable and dignified lives post-service.

Home Improvements and Structural Alterations grants

The Home Improvements and Structural Alterations (HISA) grant offers financial aid to Veterans to make necessary home modifications that improve disability access or address medical needs. Unlike some other grants, HISA is available to Veterans with both service-related and non-service-related disabilities, albeit with different funding caps.

These grants can cover a wide range of improvements, from ramp installations and doorway widening to installing walk-in tubs or specialized shower systems.

Specially Adapted Housing grant

The Specially Adapted Housing (SAH) grant is designed to help Veterans with specific, severe service-connected disabilities. The focus is on helping them live independently in a barrier-free environment.

The SAH grant can be used to construct or buy an adapted home or modify an existing home. Modifications can be comprehensive, addressing a range of disabilities. For instance, for a Veteran using a wheelchair, the grant could help cover the cost of modifying the home to become wheelchair-accessible.

Cash-out refinance loans

Cash-out refinance loans allow Veterans to refinance their existing mortgage into a government-backed mortgage or to draw upon their home’s equity. These loans are backed by the U.S. Department of Veterans Affairs (VA), which means they often come with favorable terms, such as competitive interest rates and no requirement for private mortgage insurance. Veterans can use the cash for many purposes, including home improvements.

Veterans interested in these programs should contact the VA or affiliated organizations for detailed information. It’s essential to understand eligibility criteria, required documentation, and the application process, which can vary across programs.

Wrapping it up

The desire to age in place and maintain independence can be supported using the many programs available for home repair and modification. Whether a senior lives in a rural setting, is a Veteran, or needs specific accessibility modifications, financial resources are available to make their homes safe and comfortable. While this list contains programs specific to home repair and modification, several other programs offer financial assistance you can use in any manner you choose, including to modify your home. By exploring the programs above, researching others, and accessing their assistance, seniors can ensure their homes are well-equipped for their golden years.