Page 16 THE SAUGUS ADVOCATE – FriDAy, DECEmbEr 1, 2023 THE SOUNDS | FROM PAGE 14 Look for the kids and grownups gathering and bagging trash and other items. There will be refreshments for participants. What’s new at the Saugus Public Library? There’s always something interesting going on. Here’s Sa a few activities with checking out: Interested in learning a little about the Saugus Annual Town Meeting? In representative Town Meetings, members elected by the citizens of their precinct participate and directly vote on legislation. Are you a new Town Meeting Member or just an interestSa nr a nior How a Health Savings y Senior Seni by Jim Miller Account Can Boost Your Retirement Savings Dear Savvy Senior, I’m interested in contributing to a health savings account to help boost my retirement savings but would like to better understand how they work. What can you tell me? Almost 60 Dear Almost, A health savings account, or HSA, is a fantastic fi nancial tool that can help you build up a taxfree stash of money for medical expenses now and after you retire. But to qualify, you must be enrolled in a high-deductible health insurance plan. Here’s an overview of how they work and how you can open one. HSA Rules HSAs have become very popular over the past few years as the cost of health care continues to skyrocket, and because more and more Americans have high-deductible health plans. The great benefi t of a HSA is the triple tax advantage that it offers: Your HSA contributions can be deducted pretax from your paycheck, lowering your taxable income; the money in the account grows tax-free; and if you use the money for eligible medical expenses, withdrawals are tax-free. And if you change jobs, the HSA moves with you. To qualify, you must have a health insurance policy with a deductible of at least $1,500 for an individual or $3,000 for a family in 2023. In 2024, the deductible rises to $1,600/individual or $3,200/family. This year, you can contribute up to $3,850 if you have single health insurance coverage, or up to $7,750 for family coverage. Next year (2024) you can contribute signifi cantly more – up to $4,150 for single coverage or up to $8,300 for family coverage. And people age 55 and older can put away an extra $1,000 each year. But you cannot make contributions after you sign up for Medicare. The money can be used for out-of-pocket medical expenses, including deductibles, co-payments, Medicare premiums, prescription drugs, vision and dental care and other expenses (see IRS. gov/pub/irs-pdf/p502.pdf, page 5, for a complete list) either now or when you retire for yourself and your spouse as well as your tax dependents. Unlike a fl exible spending account, an HSA doesn’t require you to use the money by the end of the year. Rather, HSA funds roll over year to year and continue to grow tax-free in your HSA account for later use. In fact, you’ll get a bigger tax benefi t if you use other cash for current medical expenses and keep the HSA money growing for the long term. Be sure to hold on to your receipts for medical expenses after you open your HSA, even if you pay those bills with cash, so you can claim the expenses later. There’s no time limit for withdrawing the money taxfree for eligible medical expenses you incurred any time after you opened the account. But be aware that if you do use your HSA funds for non-medical expenses, you’ll be required to pay taxes on the withdrawal, plus a 20 percent penalty. The penalty, however, is waived for those 65 and older, but you’ll still pay ordinary income tax on withdraws not used for eligible expenses. How to Open an HSA You should first check with your employer to see if they off er a HSA, and if they will contribute to it. If not, you can open an HSA through many banks, brokerage fi rms and other fi nancial institutions, as long as you have a qualifi ed high-deductible health insurance policy. If you plan to keep the money growing for the future, look for an HSA administrator that off ers a portfolio of mutual funds for long-term investing and has low fees. Some of the top-rated HSA providers in 2023 are Lively, HealthEquity, OptumBank, Fidelity, HSA Bank and Bank of America. After setting up your HSA plan, adding money is pretty straightforward. Most plans let you do online transfers from your bank, send checks directly, or set up a payroll deduction if off ered by your employer. To access your HSA funds many plans, provide a debit card and most allow for reimbursement. 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. ior ed citizen who would like to learn more about Town Meeting? From Robert’s Rules of Order to how to get your articles on the ballot, these sessions will help and inform you on the what, why and how of Town Meeting. One class was recently held. A second session is planned for Monday, Dec. 11, from 6:30 p.m. to 7:30 p.m. in the Community Room of the Saugus Public Library at 295 Central St. in Saugus. Intended for new Town Meeting MemT he holiday season is here, and shoppers want to score a deal. You may see social media ads or emails from unfamiliar websites and brands, but they have items that check bers (as well as any other interested citizens) and hosted by Precinct 10 Town Meeting Peter Manoogian, these sessions are free of charge and all members of the public are welcome – no registration required. The December Art Exhibit will be The Sketch Artist’s Art Exhibit of sketches done in 2023–2023: “Sketches of Our Saugonian Luminaries.” About The Saugus Advocate We welcome press releases, boxes on your gift lists. You click on the ad, and you’re taken to a website you’ve never heard of before, then you are redirected to another page. Before you click and fi ll your - LEGAL NOTICE - COMMONWEALTH OF MASSACHUSETTS THE TRIAL COURT PROBATE AND FAMILY COURT Essex Probate and Family Court 36 Federal Street Salem, MA 01970 (978) 744-1020 Docket No. ES23P2953EA Estate of: JOHN A. SPADAFORA Also Known as: JOHN ANTHONY SPADAFORA, Sr. Date of Death: 11/10/2022 CITATION ON PETITION FOR FORMAL ADJUDICATION To all interested persons: A Petition for S/A - Formal Probate of Will with Appointment of Personal Representative has been filed by John A. Spadafora, Jr. of Arlington, MA requesting that the Court enter a formal Decree and Order and for such other relief as requested in the Petition. The Petitioner requests that: John A. Spadafora, Jr. of Arlington, MA be appointed as Personal Representative(s) of said estate to serve Without Surety on the bond in unsupervised administration IMPORTANT NOTICE You have the right to obtain a copy of the Petition from the Petitioner or at the Court. You have a right to object to this proceeding. To do so, you or your attorney must file a written appearance and objection at this Court before: 10:00 a.m. on the return day of 01/02/2023. This is NOT a hearing date, but a deadline by which you must file a written appearance and objection if you object to this proceeding. If you fail to file a timely written appearance and objection followed by an affidavit of objections within thirty (30) days of the return day, action may be taken without further notice to you. UNSUPERVISED ADMINISTRATION UNDER THE MASSACHUSETTS UNIFORM PROBATE CODE (MUPC) A Personal Representative appointed under the MUPC in an unsupervised administration is not required to file an inventory or annual accounts with the Court. Persons interested in the estate are entitled to notice regarding the administration directly from the Personal Representative and may petition the Court in any matter relating to the estate, including the distribution of assets and expenses of administration. WITNESS, Hon. Frances M. Giordano, First Justice of this Court. Date: November 27, 2023 PAMELA A. CASEY O’BRIEN REGISTER OF PROBATE December 01, 2023 news announcements, freelance articles and courtesy photos from the community. Our deadline is noon Wednesday. If you have a story idea, an article or photo to submit, please email me at mvoge@ comcast.net, or leave a message at 978-683-7773. Let us become your hometown newspaper. The Saugus Advocate is available in the Saugus Public Library, the Saugus Senior Center, Saugus Town Hall, local convenience stores and restaurants throughout town. BBB Tip: Shopping from overseas retailers cart, the Better Business Bureau (BBB) has a few reminders: • Look for the BBB Seal. Check if the businesses you want to shop from are BBB Accredited. If a business has a BBB Accreditation, it shows consumers that the business prioritizes trust in the marketplace and adds a layer of confi dence and peace of mind for all consumers. When shopping online, look for the BBB Seal, the Sign of a Better Business. • Is the retailer based in North America? Does it have a local presence? We know several online retailers operate overseas. Before you place an order, make sure to check where the package originates, the time frames for delivery, and return policies. • Are there extra fees such as for returns, shipping, etc.? Are you comfortable paying those fees, and if you must make a return, is there a fee associated with it? • Check the website and social media of the retailer. Does the website have contact information, an address and a return policy? Head over to the social media pages. Are there comments? Is the page new? Are the comments a little too “nice” and not negative? If there are negative comments, is the retailer responding? • Check the privacy policy and make sure you are comfortable with how the website uses your personal information. If there is no visible privacy policy, that is a red fl ag, and you should consider other options. After you do your due diligence, you will be able to decide if shopping at an unfamiliar website is right for you. You can also ask your local BBB for assistance and check customer reviews to help you choose trustworthy businesses. For more information: Before shopping online, review the https://www.bbb.org/all/online-shopping and read https:// www.bbb.org/all/online-shopping/smart-shopping-online. When possible, do business with a BBB Accredited Business – https://www.bbb.org/all/bbb-accreditation-standards.
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