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THE REVERE ADVOCATE – FRIDAY, DECEMBER 22, 2023 Page 17 OBITUARIES Edith (Stanchi) Petto body. In lieu of fl owers donations can be made to Care Dimensions Hospice, Ste. B-102, 75 Sylvan St, Danvers, MA 01923 or at www. caredimensions.org. Ralph R. “Mac” MacAllister, Sr L ifelong resident of Revere passed away at home surrounded by her loving family on December 13, 2023 at the age of 100. Born in Revere on September 10, 1923 to the late Joseph and Ida (Biancalini) Stanchi. Beloved wife of the late Dominic J. Petto. Devoted mother of Diane Paolucci and her husband Jerome of Peabody, Maureen Braver and her husband Joe of Roswell, GA, Barbara Petto-Wish Of Miami, FL, and Ronald Petto and his wife Jodi of Ipswich. Cherished grandmother of Eric, Kristen, Sam, Evan, Jordan, Talia, and the late Stefan. Adored great grandmother of Tyler, Dominic, Oliver, and Odin. Dear sister of the late Vincent Stanchi, and Anna Morton. Also survived by many loving nieces and nephews. Edith loved spending time with her family and friends. She enjoyed playing cards and baking. Edith will be truly missed by all who knew her. A visitation and Prayer Service was held at the Paul Buonfi - glio & Sons-Bruno Funeral Home on Monday, December 18 followed by interment at the Puritan Lawn Memorial Park in PeaFAREWELL | FROM Page 4 elected and I had taken an oath to stand up for my constituents. I resigned from my full-time position in that company because I felt I could not turn my back on the people of Ward 6. I forewent that professional opportunity because it wasn’t the right fi t for me. I chose not to personally tell that story until I was ready to leave public office because I didn’t want it to seem like sour grapes – I have no animosity toward the situation, but at the end of the day, this is what it’s all about – this is why we are elected. We are elected to serve and protect the people, even if that means personal and professional sacrifi ces or political retribution. We are to do what we feel is right by our electorate and our City. As I look back on my brief tenure up here, there is almost nothing I would do differently if given the chance. When I O f Revere. Died on Wednesday, December 13th at the Whidden memorial Hospital in Everett following a brief illness, Ralph would have celebrated in 90th birthday on December 17th. Ralph was born to his late parents, Samuel R. MacAllister & Armanella (Roberts) MacAllister in Malden. He was one of twelve children raised and educated in Malden. He was an alumna of Malden high School, Class of 1950. Ralph enlisted in the United States Army in January of 1951 & served overseas during the Korean War, until 1954. Ralph was honorably discharged and returned home following his brave & faithful service to his country. Ralp then met and married Denise E. (Botticcelli) Spears, together they had 12 children. They settled in Revere, which became home to Ralph. He worked at the Beachland Café in Revere, came on at 27 years old, people thought “This kid is naïve and going to be a ‘yes’ man; a rubber stamp.” One of the most gracious compliments that I received from anyone after I announced that I wasn’t seeking reelection was that I never adjusted to the proverbial and idiomatic “back room” of Revere politics. I’m proud that I never went along to get along. To my residents in North Revere and West Revere – I never lost sight of why you elected me to represent you up here in this Council Chamber. In fact, many of the stances I arrived at were due to taking the temperature and listening to you, the people, of Ward 6 – my constituents. On some issues, we might have disagreed – hell, we might even have had passionate arguments – but each and every decision that I made on this Council was made after careful consideration and refl ection. The decisions I arrived at, though diffi - also known as Mickey’s Place, for over 40 plus years as the day manager. Ralph was also a “jack of all trades”. He was a fi ne carpenter, electrician, plumber & mechanic. There wasn’t anything he couldn’t fi x. Ralph was a constant presence for his children, and was always there for them, no matter what it was. He was a deeply loyal friend and would help anyone he could. Ralph enjoyed boating & fi shing, and fi shed as often as he could, always saltwater fi shing. Ralph lost his fi rst wife, Denise, in 1998. As he had to deal with many hardships and the loss of children & grandchildren Ralph always persevered. His commitment to his family demonstrated a great deal of strength, courage and devotion. He later remarried, to Ellen (Barrowclough), until her passing. Ralph was a man that had God & his family and didn’t ask for much more. He is the loving father of Darlene Spears of Cambridge, Muriel Spears of Provincetown, Beverly Dares & husband Alvin of Ossipee, NH, Timothy Spears & wife Josephine of West Palm Beach, FL, Denise MacAllister of Orange, MA, Samuel R. MacAllister of Revere, Billy Joe MacAllister & wife Sharon of Jonesville, VA and the late Ralph R. MacAllister, Gerald Spears, E. Russell MacAllister, Anthony P. MacAllister, & steven Spears. He is the cherished grandfather of 50+ grandchildren and 17 great grandchildren. He is the dear brother of Robert MacAllister of Groveland, Helen Denauw of Fairhaven and 9 late brother & sisters. Also lovingly survived by many nieces, nephews, grandnieces, & grandnephews. Funeral Services & Interment were held privately. cult and unpopular with some, at times, were always made with the intent of being what I sincerely felt was right and best for the City of Revere, Ward 6, and its people as a whole. You may not have liked some of the votes I took up here, and I’m sure some of you have cursed the TV when I’ve spoken at Council meetings saying you’d never vote for me again – and that’s perfectly ok. It’s politics and we can’t take this work personally. All I can say is that it’s been a hell of a ride, and I will treasure this experience. As we look to the future, I wish our Mayor-Elect and the new City Council the best of luck. I won’t say “goodbye,” because this is still my hometown and I plan on remaining engaged in the community. As the Italians say, I say “ci vediamo,” – we will see each other. Thank you. Sincerely, Richard J. Serino Ward Six Councillor What Is the Retirement Saver’s Credit and How Does It Work? Dear Savvy Senior, Can you explain to me how the retirement saver’s tax credit works? My wife and I are in our fi fties and are looking for creative ways to boost our retirement savings beyond our 401(k). Is this something we may be eligible for? Struggling to Save Dear Struggling, If your income is low to moderate and you participate in your employer-sponsored retirement plan or an IRA, the Retirement Savings Contribution Credit (aka “Saver’s Credit”) is a frequently overlooked tool that can help boost your retirement savings even more. Here’s how it works. If you contribute to a retirement-savings account like a traditional or Roth IRA, 401(k), 403(b), 457, Thrift Savings Plan, Simplifi ed Employee Pension or SIMPLE plan, the Saver’s Credit will allow you to claim 10, 20 or 50 percent of your contribution of up to $4,000 per year for couples or $2,000 for singles. Keep in mind that a credit is not the same as a tax deduction – it’s better: While a tax deduction just reduces the amount of your income that is subject to taxes, a tax credit reduces your actual tax bill dollar-for-dollar. To qualify, you must also be at least 18 years old and not a full-time student and were not claimed as a dependent on someone else’s tax return. And your adjusted gross income (AGI) in 2023 must be below $73,000 or less as a married couple fi ling jointly, $54,750 or less if fi ling as head of household, or $36,500 or less if you’re a single fi ler. These income limits are adjusted annually to keep pace with infl ation. To get the 50 percent credit, you’ll need to have an income below $43,500 for married couples filing jointly; $32,625 if you’re fi ling as head of household; and $21,750 if you’re a single fi ler in 2023. The 20 percent credit rate applies to couples earning between $43,501 to $47,500; for head of household filers it’s $32,626 to $35,625; and for individuals it’s $21,751 to $23,750. And the 10 percent rate is for couples with an adjusted gross income between $47,501 and $73,000; for head of household filers $35,626 to $54,750; and individuals it’s between $23,751 and $36,500. Here’s an example of how this works. Let’s say that you and your wife earned $75,000 in 2023. Over the course of the year, you contributed $4,000 to your employer’s 401(k) plan. After deducting your 401(k) contribution, your adjusted gross income (AGI) on your joint return is now $71,000. Since your AGI puts you in the 10 percent credit bracket, and you’ve contributed the $4,000 maximum that can be considered for the credit, you are entitled to a $400 Saver’s Credit on your tax return. It’s also worth mentioning that the Saver’s Credit is in addition to any other tax benefi ts you get for your retirement contributions. So, in the previous example, not only would you be entitled to a $400 credit, but you would also be able to exclude the $4,000 401(k) contribution from your taxable income. So, if you’re in the 12 percent tax bracket, this translates to an additional $480 in savings, for a total of $880. How to Claim To claim the Saver’s Credit, you will need to fi ll out Form 8880 (see IRS.gov/pub/irs-pdf/f8880. pdf) and attach it to your Form 1040 or 1040NR when you fi le your tax return. For more information on the Saver’s Credit, see IRS Publication 590-A “Contributions to Individual Retirement Arrangements” (IRS.gov/pub/irs-pdf/p590a.pdf). The IRS also off ers an online quiz you can take to help you determine if you qualify for the Saver’s Credit. To access it go to IRS.gov/Help/ITA – click on “Do I Qualify for the Retirement Savings Contributions Credit?” under the “Credits” tab. Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book.

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