For the 2019-2020 school year, the federal government's financial aid form, the FAFSA, can be filed as early as October 1, 2018. It relies on current asset information and two-year-old income information from your 2017 tax return, which means you'll have the income data you need when you sit down to complete the form. This is a relatively new process. A few years ago, parents had to wait until after January 1 to file the FAFSA and use tax data for the year that had just ended, which forced them … [Read more...]
On the Road to Retirement, Beware of These Five Risks
No investment strategy can guarantee success. All investing involves risk, including the possible loss of your contribution dollars. There is no assurance that working with a financial professional will result in investment success. On your journey to retirement, you'll likely face many risks that have the potential to throw you off course. Following are five common challenges retirement investors face. Take some time now to review and understand them before your journey takes an … [Read more...]
Down the Donut Hole: The Medicare Coverage Gap
One of the most confusing Medicare provisions is the prescription drug coverage gap, often called the "donut hole." It may be clearer if you consider the gap within the annual "lifecycle" of Medicare Part D Prescription Drug Coverage. This also applies to drug coverage that is integrated into a Part C Medicare Advantage Plan. Annual deductible. Prescription drug plans typically have an annual deductible not exceeding $405 in 2018. Before reaching the deductible, you will pay the full cost of … [Read more...]
How to Protect Yourself Against Identity Theft
Because of the amount of paperwork and steps involved, fixing a credit report error can be a time-consuming and emotionally draining process. If at any time you believe your credit reporting rights have been violated, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) at consumerfinance.gov. Remember that the IRS will never contact you by email to request personal or financial information. This includes any type of electronic communication, such as text messages and … [Read more...]
Medicare Open Enrollment Begins October 15
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...]
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