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Money changes you can expect in 2013

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    Advice from personal finance expert Vera Gibbons

  • Duration 3:17
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Sixty.

All right -- with a fiscal cliff -- you may want to -- a New York finances in order before the start of the year so what changes can we all expect in 2013 you're breaking down for us is personal finance expert -- given time here at my.

Morning they're okay also with these fiscal cliff that's the biggest thing looming for you -- twenty.

Thirteen what does that mean and there are a lot of opponents as it pertains the fiscal cliff the biggest component biggest threat will be the expiration of bush tax cuts.

If they expire we fall off the cliff -- -- higher -- from happening not just wealthy individuals looking for some misperception there.

But higher taxes all -- so.

And here are some specifics of the average family would see a tax increase of what 3500 dollars for the -- -- -- about 300 dollars a month that's not like a change.

All right next on your list here health reform changes these -- other big things we need to worry about in 2013 make some changes here if -- single and have an income over over 200000 or if you're married and have income of over 250000.

Dollars.

You're up against a higher Medicare.

Tax and on your eye on your earn an income in on your unearned income so be your interests and evidence and things of that nature and then there are higher.

Taxes are around her body and then you've got the excuse me how losing my train of thought that's why I thought our capital capitals guy with the cap on the flexible spending account.

So anything about that would be go down as.

Income and be taxed at that not just -- on the on the -- you itemize your returns and you're under the age of 65 for example.

You hear your medical expenses have to exceed 10% of -- just gossip from the -- -- -- seven point 5% OK that's his -- to the estate taxes.

For a second -- big changes possibly coming.

AJ CSX currently estates valued up to five point 12 million are exempt from battle Texas a year in the -- clear there.

Now starting -- 2013.

That exemption rate drops to just one million dollars so that's a big -- changed yes.

And a top rate jumps on transfers above that jumps from 35 to 55% so.

You get well so that top tax rate of the big the big problem there and -- Medicare enrollment.

Has jumped -- -- Medicare enrollment when you talk about the open enrollment from October 15 through December.

These drug plans are also going to be an issue -- it's open enrollment is underway now and goes through December 7 -- Now -- time to take a look at your current plan to see where -- out here because.

Description -- under these plans going up the premiums of one of these plans is going up by 23%.

So now.

If ever there -- the time to actually take a look at where you -- -- -- current plan is.

Now it's time to do sinking -- -- Medicare's web site or you know called -- hundred figure out where your act and changes in Social Security involved the cost of living adjustment.

Just a small increase in the cost of living one point 7% the smallest increase actually -- and 35 years so that's not enough to cover your higher Medicare.

Premiums or anything of that nature but yet.

Smaller it also is gaining opposite about it and possibly yes is definitely gonna get about twenty -- more month.

That's -- cards out here usually which -- 304050 dollars an unbelievable.

-- so these are some of the great things we have to look forward.

Yeah exactly and you know I -- wonderful thanks so much here and it gets into the -- yeah.

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