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LOAN AMOUNTS The two types of reverse mortgages available now — the "standard" and the "saver" — are essentially being eliminated and consolidated into one.
It offers a way for families to squirrel away small bits of spare cash – the upfront investment can be as little as $25, and the saver can opt for tiny deductions of $5 or so from his paycheck after that.
Once the personal pension has matured and the saver has bought an annuity, the situation becomes more difficult; if one half of a same-sex partnership dies, an annuity can be paid to the survivor, but only if the survivor can prove that he or she is financially dependent on the annuity.
The plan is the spender spends and the saver saves.
Not only will more people be subject to AMT in the 2012 year, but some common credits, including the Child and Dependent Care Credit and the Saver's Credit, will no longer be allowed against the AMT.
Similar(55)
Predictably, the gap between the killers and the savers failed to narrow.
Conservative chancellor George Osborne announced his budget today which he said was for "makers, doers and the savers".
"A budget for the makers, and the doers and the savers," he said, although it would have been more accurate to say "the makers, doers, savers and gamblers", but let's not nitpick.
The spending has to come from the people and the businessman and the savers.
"This is a Budget for the makers, the doers, and the savers".
The government was not "promising quick fixes" but offered a Budget for "the makers, the doers and the savers", said George Osborne.
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