Michael A. Bonanno's Loose Change Newsletter

250 Osborne Road, Colonie, NY 12205

Phone: 518-438-1835

Website: www.bonannofinancialadvisors.com

September/October 2023

Take an Active Role in Your Finances

When it comes to women and investing, research has turned up a few paradoxes. Although, on average, women earn better investment returns than men while taking less risk, their retirement account balances lag men’s by as much as 44 percent.

As Your Life Changes, So Do Your Insurance Needs

September has traditionally been designated as life insurance month to remind you to review any changes to your personal circumstances that might affect your life insurance* needs. Here are several events that could trigger a reassessment.

FAFSA Makeover

The FAFSA (Free Application for Federal Student Aid) that students and parents complete to apply for financial aid is becoming shorter and easier to navigate, thanks to the FAFSA Simplification Act. Scheduled to begin with the 2024-25 award year, the revisions to the form are designed to streamline the application process. Here are some highlights.

Claiming the Lifetime Learning Credit

Higher education costs have skyrocketed over the years, so who wouldn’t appreciate a little help paying for them? The Lifetime Learning Credit is a nonrefundable tax credit that can offset the cost of tuition and related expenses at eligible institutions.

The Cost of College

Institutional financial aid offices have constructed an average student budget for full-time undergraduate students for the 2022-23 school year. The budget items include tuition/fees, room and board, books/supplies, transportation, and miscellaneous expenses. Amounts are before any financial aid is awarded.

A Checklist for Loved Ones

The death of someone close to you brings with it many important tasks that must be completed, despite your grief and confusion. The following checklist can help you prioritize.

Planning for Retirement? Keep Taxes in Mind

As you contemplate life after work, think about how the money you’ve invested for retirement will be taxed. Your tax advisor and financial professional can help.

New Rules for Third-Party Payments

If you work from home or have a side business, you are responsible for paying your fair share of income taxes, so be aware of the new rules.

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