Not all taxpayers will be able to deduct the cost of Long Term Care insurance on their Federal taxes. Even though a Federal deduction may not apply, taxpayers may be able to take state tax deductions related to their long term care insurance.

The Littleton Independent has published a helpful article on the subject along with a table of maximum deductible long term care premiums.

Maximum long-term care premium limits for taxpayers (qualifications apply)

2007/2008

Age 40 or less: $290/$310

Age more than 40 but not more than 50: $550/$580

Age more than 50 but not more than 60: $1,110/$1,150

Age more than 60 but not more than 70: $2,950/$3,080

Age more than 70: $3,680/$3,850

Tax Deductibility and long-term care insurance

A reader of the Christian Science Monitor wrote and asked the question that pertains to a lot of people who may be concerned about their financial security. The reader wanted to know how to invest their income in order to buy a home and save for retirement. The response from the Christian Science Monitor provides advice for keeping as much of your income as possible while paying the least amount of taxes legally possible.

How Do I Buy my Home and Save for Retirement?

An Article in the National Post has printed an excellent list of the 10 biggest retirement mistakes you can make. Effective retirement planning is not more expensive and not really more difficult than poor planning, but failing to do so can have irreversible consequences.

10 Biggest Retirement Mistakes (article)

Smart Money magazine has created 2 calculators that determine whether or not someone may need Long Term Care insurance and also the relative affordability of LTC policies.

Smart Money LTC Calculator