Richard A. Lindsey, CPA

Lindsey & Waldo, LLC – Certified Public Accountants

  • Jun 17

    Last month I read about a survey from the Transamerica Center for Retirement Studies which found that 39% of respondents expect to work beyond the age 70, if they retire at all. Other studies that I’ve read over the years indicate the reality is much higher. Some articles I’ve read quote figures as much as double that for people who either won’t be able to retire or will retire dependent on the government for their subsistence.

    According to the Transamerica survey more people [I guess it’s an increase] said the economic downturn will drive them to work further into their twilight years. And apparently the Center thinks this is a good thing! The Center’s president, Catherine Collinson, said: “If you expect to live to 95 and you retire at 75 vs. 65 that gives you 10 additional years to generate income and save, and 10 fewer years that you need to save for.” She went on to say, “It’s a wonderful opportunity to help workers bridge their savings.”

    Now isn’t that a wonderful opportunity. You have the opportunity to work 10 more years. Why not take the opportunity to work until your 95? Then you don’t have to save for retirement at all!

  • Jun 3

    Sometimes you rock along from year-to-year doing the same ole thing because it’s what worked in the past… or someone once told you that’s the way things were. Well things change. Every day. If you’re over 65 or disabled and still paying the property taxes you were paying before that milestone you may be paying too much.

    According to information obtained from the Mobile County (AL) Revenue Commissioner’s office, all property owners 65 or older are eligible for an exemption from all State property taxes. County, school and municipal taxes still apply. The exemptions apply even if only one of the owners of a jointly owned property meet the qualifications.

    To apply for this exemption 

    • You must be 65 years old
    • Own and occupy the property as your primary residence, and
    • You must visit one of the Revenue Commissioner’s offices to present proof of age and sign an assessment sheet.

    Low income property owners 65 and older may also be eligible to claim exemption from a certain portion of the county, school and municipal property taxes.

    To qualify you must be 65 years old, own and occupy the property as your primary residence, and your taxable income must not exceed either $12,000 on your Alabama income tax return or $7,500 on your federal income tax return.

    If either you or your spouse is totally and permanently disabled or legally blind, you may be eligible for a complete exemption from all property taxes on your residence regardless of your age or income.

    For more information, contact our office or your local County Revenue Commissioner.