Money

Tax season is notorious for being a springtime headache. From meeting strict deadlines, to trying to use a reliable service, taxes can create some unwanted stress. That’s why AARP Foundation Tax-Aide started nearly five decades ago.

By Tracy Sutton Schorn

Today, Tim Morstad, who leads AARP’s advocacy work in Texas on several consumer issues, explained how to bring retirement security to more Texans at the RAISE Texas Summit at the Federal Reserve Board in Dallas.

There are some things in life we put off because they make us uncomfortable. Going to the dentist, doing neglected home repair or saving adequately for tomorrow are but a few examples.

Over the years, millions of retired state and local workers—including teachers, police officers and firefighters—have received sharply reduced Social Security benefits, simply because they have had multiple jobs during their careers and weren’t allowed to pay into Social Security at all of them.

Statistics tell a powerful story. Consider that 36 percent of Texas residents age 65 or older depend on Social Security as their only source of income. Or that more than four of 10 in this age group would live in poverty were it not for Social Security.

Amendments designated “Key Votes” by AARP

Identity theft is a growing concern. For the 15th consecutive year, it was the top complaint in the FTC’s Consumer Sentinel Network Data Book, accounting for 13 percent of the total 2.5 million filed complaints. Identity theft complaints in Texas totaled 25,843. Nationally, people in their 40s and 50s filed the most complaints – 19 percent – while 18 percent of complaints were made by those in both their 20s and 30s. People age 60 and older filed 13 percent of complaints and people age 70 and older only filed 7 percent of complaints.

Free tax assistance and preparation, beginning this week

AARP Foundation, with support from the Corporation for National and Community Service’s Social Innovation Fund, will choose five community colleges to receive nearly $3 million in grants to help women age 50+ find jobs, reduce debt and rebuild savings--paving the way to greater financial stability. Texas community colleges will compete against colleges in New Mexico, Alabama, Georgia, South Carolina and Florida.