This Week In Your Wallet: Secrets To Long-Term Health And Wealth
I’ve got exciting news to share: My new book, AgeProof: Living Longer Without Running Out of Money or Breaking a Hip, co-authored with Dr. Mike Roizen, chief wellness officer at The Cleveland Clinic, hits shelves in exactly one week (February 28)!
No matter how long you think you’re going to live, chances are you’re going to live even longer than that — and we want to get you there in the best physical and financial shape possible. What’s especially great is that we discovered many of the same skills and strategies can vastly improve both your health and wealth at the same time. It’s why we decided to write the book. We hope you’ll start AgeProofing by pre-ordering a copy today. If you do, please email me a screenshot of your order receipt (or a picture of the book when it arrives in your e-reader or in your hands), because I’d love to say thank you. I’m at Jean@JeanChatzky.com.
And on that health-and-wealth note… Does your health plan offer a health savings account (HSA)? If that sounds familiar but you haven’t been contributing, you’re likely leaving money on the table. I talked with Real Simple, and they published a piece that cuts through the confusing jargon. The money you put in is tax-free, there’s no withdrawal deadline and it’ll hopefully grow over time. It can be used for most common medical expenses, like doctor or dentist visits, and prescriptions from doctors, including eyeglasses and counseling. The IRS has a list of all eligible medical costs (you can access it by searching for “pub 502” at IRS.gov).
Debt On The Rise
Household debt — measured at $12.58 trillion at the end of 2016 — is getting close to 2008 levels, according to a report from the Federal Reserve Bank of New York. What does this mean? That banks are extending more credit and more people are getting mortgages, reports CNN Money. But it also means that credit card debt, student loan debt and auto loan debt are climbing. And the New York Fed predicts household debt will reach that 2008 peak sometime in 2017. It’s something to keep in mind, especially the next time you’re about to swipe your card or open a bill in the mail.
Potential Deductions
It’s officially tax season, and, if you’d like a fatter refund, that means getting savvy about deductions. Two of these you might want to take into account? Your cell phone and Internet bills, if you use them fully or partly for business and — this is key — if your employer doesn’t reimburse you. If you have a dedicated work phone or Internet connection, you can deduct the bills in entirety, but if you use your phone or Internet only partly for business, you can deduct a percentage. (If you’re not sure how much you use for which, it’s better to underestimate, reports USA TODAY. Going higher could trigger an IRS audit.) Good news: If you use tax software, it’ll likely prompt you about these potential deductions.
When You’ll Get Your Refund
And for those of you asking “Where’s my refund?” — most get to taxpayers within 21 days if you filed electronically. You can also use this aptly named tool to find out your refund’s ETA. If you filed via snail mail, it’s going to take a bit longer. USA TODAY estimates e-filed returns with direct deposit will receive refunds within two weeks, e-filed returns with mailed refunds can expect three weeks, paper-filed returns with direct deposit could be four weeks, and paper-filed returns with mailed refunds might be five weeks. So for the absolute quickest refund check, e-file and use direct deposit — plus double-check it for errors so you don’t have to file an amended return.
Have a great week,
Jean
