3 Ways Debt Is Scarier Than It Was 20 Years Ago

The concept of debt has been in place for centuries, and many people across the ages have become heavily indebted to others. Some people carry as much debt as they did a few decades ago, or they carry even more debt. 

While any debt balances can be detrimental, significant debt may be a scarier matter to deal with now than it was only 20 or 30 years ago. Consider these points as you determine how to manage your finances well going forward.

Job Security

Several decades ago, it was more common for workers to remain employed with one company for many long years. Some employees held long-term positions with only one or two companies over the entire length of their working years. 

This provided an element of financial security that is not present today. Many people job hop frequently, and others may deal with multiple layoffs. Decreased financial security may increase the problem with debt, and it may also make it more difficult for individuals who are in between jobs to make ends meet. 

In addition, those who are inundated with debt may not be able to pay for unexpected expenses as easily, such as when they need bail bonds after an arrest, when they need to pay a large insurance deductible and more.

Retirement Plans

Pensions and employer-sponsored retirement plans were more common many years ago. Some companies continue to offer employer-matching 401k contributions, but this is not uniform. 

This is combined with decreasing spending power from Social Security income and a higher cost-of-living, and the result is that many adults are retiring later in life or must continue to work at least part-time throughout much of their retirement.

Credit Analysis

High debt balances, late payments and other factors can dramatically reduce credit scores. While this has been the case for decades, a credit analysis is more commonly used in many situations. For example, your credit report may be reviewed when you apply for a job, when you set up a new utilities account, when you get new smartphone service and more.

While debt has been a problem for generations, it may have more serious consequences today. Managing finances responsibly is essential if you want to avoid debt. This includes saving regularly and living below your means. If you are already in debt and need to pay off huge account balances, reducing your living expenses may be necessary so that you can afford to pay down debt balances at a faster rate.

Budgeting for Medicare

When we talk about health coverage at any age, it’s easy to assume that whatever plan you have will cover the entire cost of any medical expenses you incur. The truth though, is that many plans don’t provide you with complete coverage. You may have to pay a portion of your expenses out of pocket.

With that truth, it can be scary for some, especially those approaching retirement. Not only are you living off your retirement plan and savings, but you also have the added expense of medical coverage, likely through Medicare, and having to pay any additional medical expenses not covered.

Part of your retirement plan should include budgeting for not only Medicare, but for your health in general. To help you out, here are a few tips that will be beneficial when it comes to budgeting.

First, Calculate Your Average Medical Expenses

If you’ve had consistent medical expenses throughout the years, those are likely to continue with you into retirement. You want to have a monthly average of what you spend on prescription medication and any doctor appointments needed. This number will help you decide which Medicare plan is best for you.

If you don’t have any medical expenses right now, that isn’t to say you won’t have any in the future. Start researching what some of the standard medical costs for those in retirement as some may eventually apply to you are.

Know the Different Medicare Plans

Medicare can be confusing. There are many different plans the cover only certain parts of your health. Part A encompasses hospital visits, inpatient rehabilitation, nursing and hospice care facilities, and some home health services. 

Part B covers both inpatient and outpatient care, ambulance services, some hospitalization, clinical research and some medical equipment. Part D is for your prescription drug coverage.



There is a deductible you must pay every year for both Medicare Part A, Part B and Part D. That deductible could change each year (the 2017 deductible for Part B was $183). On top of that, there are your monthly premiums for your plan, and depending on your income, and when you enrolled, that could increase your premium.

There are also Medicare Supplement Plans to help fill in any gaps of your coverage. These plans are in addition to your Medicare coverage and help to cover any additional out-of-pocket expenses you may incur. You’ll have to factor in the different Medicare Supplement rates as well.

Budget for What Is Not Covered

Even with your Medicare and Medicare Supplement plans, there could still be out-of-pocket expenses. For example, most plans do not cover long-term care. They may cover portions or up to a certain amount, but there will still be some expenses left up to you. Those costs can add up very quickly.

Consider any vision, hearing, or dental care that could be an issue down the road. You cannot guarantee that all plans will cover these additional expenses, meaning the cost will fall on you.

So, how do you budget for Medicare? It’s best to err on the side of caution that you’ll have additional expenses not part of your coverage. The more you can have set aside for medical costs, the better off you will be.

Macys Expenditure on Black Friday Sale, Will Macys Be Able to Clear is Debt

The Black Friday sale has recently taken place on 23rd November, which captured the US market with great spirits. Almost 100 online shopping stores were included in this sale with apparel and essentials being sold at half the price. 

In 2018, the Black Friday Sale made a larger impact as compared to the last 2 years as there was a clear increase in the great deals by the stores and also the variety of products displayed.

In between the lively spirit of Black Friday, different stores tryed to make the sale the best ever or the consumer. As a result of, stores such as Macy’s, Walmart and more went into debt to pull off the largest Black Friday Sale ever. 

The question that arises is, ‘Will Macy’s be able to clear its debt?’ let us have a look at some major statistics to get the view clear about Macy’s expenditure on the sale and how it might cover its debt.

Macy’s is One of America’s Largest Retailers

Macy’s is America’s one of the biggest online shopping stores which celebrates the black Friday Sale and Cyber Monday Sale by offering a wide range of products and brands at marginalized prices. For a few years, Macy’s has been growing rapidly as far as its off-price concept is concerned. 

During Macy’s Black Friday Sale, it was noticed that the store offered up to 80% discounts with electronics starting at $15.99. Macy's offered the greatest scope of Black Friday specials to enable customers to discover fantastic arrangements on the ideal presents for the Christmas season. 

With stunning investment funds on form for the whole family, home, fine gems, excellence, tech, and that's only the tip of the iceberg, Macy's shown something exceptional for everybody on the rundown. 




Starting November 15 (Thursday),with an exceptional Black Friday see and bringing it through the Black Friday Sale 2018, Macy's has put forth a wide arrangement of restricted time bargains on top brands over the store and on the web, and additionally an energizing grouping of door buster things free after mail-in refund. 

Apart from the discounts, there are n-number of deals containing special Macy’s coupons wherein the users were provided with extra 50-80% cashbacks and discounts varying from product to product.

In 2017, the Macy’s store slashed its profit and sales benchmarks as it was, somewhere, failing in luring the customers in competition with the spas, restaurants and more. Macy’s had to shut 100 stores and it promised to execute the market sales on online platforms. 

As Macy's propelled the usual Christmas shopping season that commences on Black Friday, it signified that when it reported the closing of 100 stores, it was to divert its capital, stock and staff into the rest of the stores and reinvest its cash to goad development.

In an inversion, Macy's accounted its fourth back to back quarter of offers development at existing areas and said it's getting a positive reaction from clients on the web and in stores. It also witnessed equivalent deals development of 3.1% on a possessed premise; 3.3% on a claimed in addition to authorized premise. 

The store has also looked upon higher deals and income driven by electronics and digital markets, proceeded with enhancement from block and mortar and execution of the North Star Strategy.

Will macy’s be black to clear its debt?

The sources have concluded that Macy’s has reached $1 Billion mobile sales this year which means that the income position has clearly seen a hike. Macy’s Black Friday sales have been recorded as the busiest days with more than 150 million shoppers employing shopping centers and downtown shopping locale. 

It was also recorded that the online shoppers spent more than $15 billion over the Black Friday weekend. The surge in the sales began with $3.3 billion expenditure in sales on Thanksgiving and approximately $6 billion on Black Friday.

According to the provided stats, it is somewhere clear that Macy’s has gained a lot of momentum in the Black Friday weekend where it had its hands on more than $17 billion sales in 2018. In a nutshell, we can conclude that the store will be able to clear its debt and function properly without any hindrance. 

Although, there are chances that it fails to do so because of the prior market hustle. Hence, let’s just keep an eye on its offers and wish for a better sales for a better internet e-commerce platform in the coming years.

How to Pay for a Funeral without Killing Your Accounts

It can be devastating to have to go through the grieving process after a death. Having to deal with the difficulties of paying for a costly funeral afterward can often make things seem even worse. Note, though, that there are options out there that can make managing funeral expenses a lot easier for people.

Ask for Assistance from a Family Member or Friend

If you’re struggling with money, then it may be beneficial to request financial assistance from a trusted family member or friend who is aware of your situation. 

A loan can often be immensely helpful to individuals who are having trouble paying for funeral expenses. Deaths are often shocks that people do not anticipate. That’s why covering funeral costs can often be so difficult.

Learn All about Death Benefits

It’s critical to understand the ins and outs of life insurance policies. Grasping these policies in detail can often give people insight into death benefits. Reach out to a knowledgeable professional who represents the associated insurance provider. 




He or she can talk to you about any death benefits that may be accessible. These benefits may cover the funeral expenses partially or completely as well.

Consult an Automotive Accident Attorney

If the death was brought on by a catastrophic vehicle accident, you may be able to secure compensation that can cover funeral costs and perhaps even more. You can learn about this type of compensation by scheduling a consultation with a trustworthy and proficient auto accident attorney. 

Auto accident attorneys are more than well-versed in compensation matters, funerals, medical care, and all related subjects.

Organize a Fundraiser

If you’re unable to pay for an expensive funeral, it may be a good idea to set up a fundraiser. Fundraisers in many cases make it simple and painless for people to rapidly gather funds in order to cover funeral expenses. 

Getting the support of your community can ease many financial burdens for you. It can warm your heart in the middle of trying and taxing circumstances as well. The mourning process is never a simple or fast one.

Paying for a funeral isn’t fun or uplifting for anyone. If you want to do so without breaking the bank, you need to think things through in great detail. It’s critical to do a lot of research regarding death benefits as well. Find out anything and everything you can about veterans benefits, social security and more.

5 Tips For Preparing For Retirement

Retirement can be an exciting time in your life. You’ve completed your life’s work, and now it’s time to reap the rewards of your efforts. Thinking about retirement is not only for those of retirement age. Saving for retirement is best started early. Here are five tips to help prepare you for retirement, whatever stage in life you may be in. 

Start Investing Early

That’s right! Ideally, you should start saving for your retirement in your 20s. This gives you the maximum amount of time to invest into your retirement and form a solid foundation of discipline for managing your finances. Retirement is one of the great experiences in life. 

Solid planning early on can ensure that your retirement is enjoyable and that you’re able to financially sustain it. Make a plan, create a budget, and begin investing as soon as possible. Monitor your accounts, make sure you’re contributing as much as you possibly can to each one.

Find the Right Plan For You

Generally, there are seven types of retirement plans which you can choose from:

• 401k or 403b offered by your employer
• Solo 401k
• SEP IRA
• Simple IRA
• IRA
• Roth IRA
• Health Savings Account

The 401k or 403b plans are offered by many employers. You can save up to $18,000 per year, and if you switch employers the account will roll over to your new employer. 401k plans are usually offered by for-profit companies, while public servants have access to 403b plans which include contributions by the employer. 

A solo 401k is available to sole proprietors, and you can make contributions to this account as an employee of the business and as an employer.

A SEP IRA, or simplified employee pension, is used by small businesses. You can contribute up to 25% of your income or up to $53,000 to this type of account over the course of the fiscal year. If your business has employees, you will have to make contributions to their accounts if they meet certain requirements. 





A Simple IRA is a simple savings account in which you can deposit up to $5,500 per year. The money grows at a set interest rate completely tax free. Anyone can set up this type of retirement plan. You are able to contribute to a simple IRA and a 401k simultaneously.

A Roth IRA is an account in which you contribute after-tax dollars, which get no extra deduction. You can withdraw whatever you’ve deposited at any time without tax obligation, and there’s no mandatory withdrawal age.

A health savings account is an account offered by certain health insurance companies for medical expenses. The company will set aside money for you from your deductible payments in an HSA, allowing you access to healthcare when your medical expenses aren’t covered by your insurance plan.

Whatever plan you choose, make sure you are contributing the maximum amount each year, if possible. You can really never have too much money, as you’ll need to account for things such as medical emergencies or sudden expenses along with your everyday spending.

Pay off Your Mortgage

One of the biggest expenses of your life is bound to be your mortgage payment. Your house is more than just a place to take shelter however, it can actually provide you with equity that can be accessed later on. 

As with any loan, it’s important to pay off your mortgage as soon as you can, but especially before you retire. The last thing you want to worry about is making your mortgage payment when you’re not working anymore.

Pulling from your retirement savings for the mortgage can drain your accounts very quickly, possibly forcing you out of retirement to make the payments. Be sure to get your house paid for before retirement, and save yourself one more expense. 

If you need help managing or getting out of debt, there are many debt consolidation and settlement services online or in person. Find debt payoff tools on sites like Get Out of Debt, and start to take control of your debt before it’s time to retire.

Plan For Inflation

As much as we hate to admit it, prices rise on everything eventually. Fluctuations in the prices of goods and services, labor costs, and the value of the dollar all affect inflation. The amount you originally paid into your retirement fund may not be worth the same dollar amount it was forty years ago, or even ten or twenty years ago.

Inflation is always changing, and the value of the dollar fluctuating. When investing in your retirement it’s essential to remember this fact. You may have to invest a little extra into your accounts, to ensure that your money will last for the duration of your retirement. Try to cut down travel and leisure expenses in your retirement to account for inflation. Enjoy yourself, but be wary of your spending.

Focus On Your Health As A Pre-Retirement Condition

Your physical health should be a top priority at any point in your life. Health problems create complications and often are a drain on your wallet and savings accounts as well. Retirement is no different in this aspect. 

Medical bills can add up quickly, draining the money you’ve set aside for enjoying your retirement. Who wants to spend their retirement in a hospital bed or their entire IRA account on medical bills?

Exercise and monitoring your diet are great ways to stay fit and healthy. Be sure to make your annual check-ups and blood work appointments with your physician, and take all 

medications as needed.

Don’t Forget…

Whether you’re 27 or 47, retirement is important to think about. Put a plan in place that’s right for you and start investing in your retirement right away. The peace of mind you’ll feel when the time comes to retire, and your finances are in order cannot be understated. Remember to save the maximum amount each year, monitor your accounts, and pay off large debts before you retire.

Individual Tax Return Online: Filing Income Tax Online Through Easy Steps

The Income Tax Act of 1961 states that any individual, whose total income in the previous year has not exceeded the maximum amount of exemption, will not be chargeable of tax however, they should file their income tax returns or ITR. 

Filing individual tax return online is known as e-filing of return. You can either seek the help of a professional or you could file the returns all by yourself at the comfort of your home.

E-filing or the electronic filing system refers to the submission of income tax returns online. The filing of the income tax returns includes two different ways where one can either go to the Income Tax department or submit the necessary files or documents or you could do that easily through a few online steps from your home. 

Due to the recent development of technology the online procedure of filing income tax returns has been gaining a lot more popularity. Compared to the offline filing of income tax returns, individual tax return online does not contain any sort of tedious paperwork which this method is why is preferable to the majority of the people nowadays.

Steps on Filing Individual Tax Return Online

Income tax filing requires certain official documents without which the process would not be complete. The required documents are PAN card, Aadhar Identity card, bank account details and your investment details. When you are filing your individual tax return online you will be given an online form in PDF form which you have to download and put in all the information that is required. 




The form will also demand your salary details. Enter all the necessary information which will include the investment details along with the deductions which are to be claimed. 

If you have a non-salary income, then you could mention freelance income or interest income. The last step includes you to put in all the bank account details that are necessary.

Advantages of Filing Individual Tax Return Online

E-filing is preferred by the majority of the people nowadays because of the advantages it possesses. The taxpayers tend to avoid the tedious paperwork that is involved with the offline processes of filing individual tax return online. 

1. Fast Processing: Filing your income tax returns online makes the Income Tax department acknowledge it more promptly. A major benefit one can get from e-filing is the fact that one can easily get their refunds in a faster manner than when one files their tax returns offline.

2. Convenience: The e-filing option is available 24/7 which makes it easier for anyone to file their individual tax return online from any device. It is way more convenient than of an option than offline tax return filing.

3. Accuracy: When you proceed with the process of e-filing you are provided with the electronic connectivity along with the validations which make it seamless. There is also very little room for error since the software required for the e-filing process makes sure that you make the least amount of errors.

4. Confidentiality: When you file your income tax returns offline there is a high chance that your information might get leaked but filing your tax returns online makes sure that you are safe and protected through the secured portals.

5. Convenient to Use: The online system of filing your tax returns provides you with all the steps that are required for you to fill, which makes it easier to file your individual tax returns online.

Conclusion:

After reading this article you must have understood that e-filing of income tax return is very necessary if you want to show your accurate income to the income tax department and it doesn’t matter if you are not earning more than required amount of taxable income, but you should file your return every year. 

The major benefits that are provided by the online tax filing are the reason that the majority of the taxpayers are following this process more frequently.