Medicare Open Enrollment begins October 15th. · Have questions about your coverage choices? · Just turned 65 and are new to Medicare options? · Need help with your prescription drug plan choices? · Are unsure if you’re eligible for EPIC? · Want to work with someone who is familiar with your situation? We can help you! Call Sharon or Elisabeth today to schedule an appointment. Available times will fill up quickly. What is the … [Read more...]
Should I enroll in a health savings account?
A health savings account (HSA) is a tax-advantaged account that you can establish and contribute to if you are enrolled in a high-deductible health plan (HDHP). Because you shoulder a greater portion of your health-care costs, you'll usually pay a much lower premium for an HDHP than you would pay for traditional health insurance. This allows you to contribute the premium dollars you're saving to your HSA. Then, when you need medical care, you can withdraw HSA funds to cover your expenses, or opt … [Read more...]
Is buying an extended warranty worth it?
If you've ever purchased an electronic device, a major appliance, or a vehicle, chances are you've been asked if you also wanted to purchase an extended warranty or service contract. Extended warranties are offered by retailers for an additional cost to customers and provide repair or product maintenance for a specific period of time. Selling extended warranties may be quite profitable for retailers. It's an easy way for them to make money because they get to keep a percentage of what they … [Read more...]
Take Charge of Your Student Debt Repayment Plan
If you have federal student loans, you aren't automatically eligible for an income-driven repayment plan — you have to fill out an application (and reapply each year). Outstanding student loan debt in the United States has tripled over the last decade, surpassing both auto and credit card debt to take second place behind housing debt as the most common type of household debt.1 Today, more than 44 million Americans collectively owe more than $1.4 trillion in student debt.2Here are … [Read more...]
What to Do If Your Term Life Insurance Policy Is About to Expire
One advantage of term life insurance is that it is generally the most cost-effective way to achieve the maximum life insurance protection you can afford. Many people first purchase term life insurance to protect their family's financial interests after a significant life event, such as getting married or the birth of a child. You may have done the same for your family when you purchased your policy years ago. And chances are, other than paying the premiums, you probably haven't … [Read more...]
What is the federal funds rate?
The federal funds rate is the interest rate at which banks lend funds to each other from their deposits at the Federal Reserve (the Fed), usually overnight, in order to meet federally mandated reserve requirements. Basically, if a bank is unable to meet its reserve requirements at the end of the day, it borrows money from a bank with extra reserves. The federal funds rate is what banks charge each other for overnight loans. This rate is referred to as the federal funds effective rate and is … [Read more...]
Building Confidence in Your Strategy for Retirement
In 2018, 64% of workers surveyed were either somewhat or very confident in their ability to afford retirement, up from 60% in 2017. Among retirees surveyed in 2018, 75% were confident, down from 79% in 2017. Source: 2018 Retirement Confidence Survey, EBRI Each year, the Employee Benefit Research Institute (EBRI) conducts its Retirement Confidence Survey to assess both worker and retiree confidence in financial aspects of retirement. In 2018, as in years past, retirees expressed a … [Read more...]
Tax Benefits of Homeownership After Tax Reform
“Recent tax reform legislation may have reduced the tax benefits of homeownership for some by (1) substantially increasing the standard deduction, (2) lowering the amount of mortgage debt on which interest is deductible, and (3) limiting the amount of state and local taxes that can be deducted. On the other hand, the tax benefits of homeownership may have increased for some because the overall limit on itemized deductions based on adjusted gross income has been suspended. You generally can … [Read more...]
Have You Made Any of These Financial Mistakes?
As people move through different stages of life, there are new financial opportunities — and potential pitfalls — around every corner. Have you made any of these mistakes? Your 50s and 60s Raiding your home equity or retirement funds.It goes without saying that doing so will prolong your debt and/or reduce your nest egg. Not quantifying your expected retirement income.As you near retirement, you should know how much money you (and your spouse, if applicable) can … [Read more...]
I received a large refund on my tax return this year. Should I adjust my withholding?
You must have been pleasantly surprised to find out you'd be getting a refund from the IRS — especially if it was a large sum. And while you may have considered this type of windfall a stroke of good fortune, is it really? The IRS issued over 112 million federal income tax refunds, averaging $2,895, for tax year 2016.1 You probably wouldn't pay someone $240 each month in order to receive $2,900 back, without interest, at the end of a year. But that's essentially what a tax refund is — a … [Read more...]
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