friar1610
Thinks s/he gets paid by the post
- Joined
- Jun 27, 2002
- Messages
- 1,641
I have been volunteering about 20 hours a week for the past month doing income taxes for (mostly) seniors in a relatively HCOL area in MA. This is part of a nationwide program the main thrust of which is saving seniors with relatively simple tax situations a few bucks in tax prep fees. This is the first year I’ve done this.
A few observations:
- I’m really surprised how many clients (of both genders) are either widowed or divorced.
- I’m surprised how many people/couples live on $20K - $40K per year.
- I’m surprised how few people have substantial savings and/or investments (based on their 1099-DIVs/INTs.)
- I’m surprised, even among people in their late 60’s - mid 70’s, how modest their pensions are.
- Home values seem to be in the $300’s for those who own. These would be small, older Capes and ranches that they’ve probably lived in forever.
- Charitable donations are lower than I would have expected.
- SS comprises the majority of income for most people.
- Surprisingly few of the men are veterans.
- The most pressing question isn’t “how much are my taxes?” It’s “Do I get a refund and if so how much?”
- All are very appreciative of this service.
I certainly don’t pretend that this small slice of the older population is representative of that demographic as a whole. And the high rollers who have CPAs would present a different profile, I’m sure. But I’ve found it quite interesting to get this view of so many salt-of-the-earth type people who are seemingly enjoying modest but happy retirements without worrying about a lot of things we on this site and those of us on Bogleheads discuss to death. It’s been a privilege to save them a few hundred bucks getting their taxes done.
A few observations:
- I’m really surprised how many clients (of both genders) are either widowed or divorced.
- I’m surprised how many people/couples live on $20K - $40K per year.
- I’m surprised how few people have substantial savings and/or investments (based on their 1099-DIVs/INTs.)
- I’m surprised, even among people in their late 60’s - mid 70’s, how modest their pensions are.
- Home values seem to be in the $300’s for those who own. These would be small, older Capes and ranches that they’ve probably lived in forever.
- Charitable donations are lower than I would have expected.
- SS comprises the majority of income for most people.
- Surprisingly few of the men are veterans.
- The most pressing question isn’t “how much are my taxes?” It’s “Do I get a refund and if so how much?”
- All are very appreciative of this service.
I certainly don’t pretend that this small slice of the older population is representative of that demographic as a whole. And the high rollers who have CPAs would present a different profile, I’m sure. But I’ve found it quite interesting to get this view of so many salt-of-the-earth type people who are seemingly enjoying modest but happy retirements without worrying about a lot of things we on this site and those of us on Bogleheads discuss to death. It’s been a privilege to save them a few hundred bucks getting their taxes done.