There has been a lot of changes going on at Stateline Senior Services over the past few months. As you know, last year in September, we added Nancy Petronio to our staff as another sales agent. Well, this year we said goodbye to two staff members and hello to one. Wendy McCloskey and Jeanmarie Donovan left us to pursue other interests. While we are sad to see them go, we wish them all the best with their new endeavors. In April, we welcomed Kate McCloskey to our staff. She will be doing a combination of what Wendy and Jeanmarie previously did. Kate will be our Scheduling Coordinator and will also help with Customer Service. You can see her profile on our “About” page on our website. We hope that you, our clients, will join us in welcoming Kate to our team. As always, we appreciate your business and look forward to serving you in the future.
Archive for month: June, 2015
Keep your nest egg working in your favor with these five tips.
By Kelly Campbell June 16, 2015 | 10:53 a.m. EDT
You have the date set for leaving your longtime employer, and the time frame is one year out. You may have a plan for retirement, but what should you do with your qualified plan?
Many people think of their company retirement plan as an investment they have very little control over – something they can add money to, but that is completely subject to the risks of the market. While this may be true, you really do have more control than you think.
If you are close to your last day of work, you should be proactive and consider following these five steps to keep your nest egg working in your favor.
Get the company match. This should go without saying, but some people are still not putting away enough money to receive their full company matching contribution. Remember: This is free money, but often, you must put away a certain amount to get the full match. For example, most plans will give you a 50 percent match on up to 6 percent of your income. That means if you put away 6 percent, the company will give you 3 percent. Now, instead of only your 6 percent working for you, you will have 9 percent added to your plan.
Max out your contributions. You are in your prime earning years, and it is time to invest accordingly. Just before retirement, people are likely earning more money than they ever have in their lives. Many of their financial responsibilities, like kids at home, college costs and paying off debt have been satisfied. But now that the real money is coming in, it is time to put away as much as you can. The more you have in your retirement plans, the better prepared you will be for your retirement.
Reallocate your investments. If the market were to go into a downward spiral right before you retire, that could devastate your plans of enjoying your golden years. Being this close to retirement, it is time to consider being a little more conservative. Not that you should move all of your portfolio to cash, but you should not take on unnecessary risk in your later years.
Think of it this way: If you lose 50 percent of your funds, you will need a 100 percent return just to get back to where you started. Here is where it gets worse: If you lose 50 percent, and you are taking out 4 percent, you will have to have a 118 percent return to get back to even. That is simply too high of a risk.
Consider rolling over your funds early. Years ago, you had to leave your employer before you could roll over your retirement plan. But over the past few years, the rules have changed. Most plans have a clause that allows you to move your employer plan to an individual retirement account beginning after age 59 1/2.
The reason you may consider this is to have the ability to further diversify your plan assets. While most plans offer you about 10 to 20 different investment options, you will typically have hundreds or even thousands of options in a brokerage IRA. With those choices, you can likely build a much more diversified portfolio. And you want to diversify as you get closer to leaving your steady paycheck. As always, each individual should consider the fees and expenses of each option and consult with their financial advisor before making a decision.
Construct a written retirement plan. Everyone should have a written financial/retirement plan. While you should have this constructed well before you retire, it is never too late to get started.
The retirement plan is designed with the goal to show where you are today and take you out through your mortality. In other words, your plan will take you from today past your life expectancy and tell you whether your money will likely last, how much you can spend and what rate of return you need to retire comfortably. It is very similar to having a road map for a long trip (or a GPS.)
Lastly, the financial plan is important to do before you retire, but it is equally important to monitor each year of retirement. The plan will show you what path you should follow, and you can review it each year to ensure you stay on track.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
Kelly Campbell, certified financial planner and accredited investment fiduciary, is the founder of Campbell Wealth Management and a registered investment advisor in Alexandria, Va. Campbell is also the author of “Fire Your Broker,” a controversial look at the broker industry written as an empathetic response to the trials and tribulations that many investors have faced as the stock market cratered and their advisors abandoned their responsibilities to help them weather the storm.
Most people help aging parents with housework and errands, rather than providing financial assistance.
By Emily Brandon
June 12, 2015 | 5:24 p.m. EDT
Many older people start to require assistance with their daily tasks, and adult children often step in to provide this care to their aging parents. A recent Pew Research Center survey of adults in three rapidly aging countries, Germany, Italy and the United States, found that many respondents with at least one parent age 65 or older say their parents need help handling their affairs or caring for themselves, including 25 percent of those in the U.S., 22 percent in Germany and 38 percent in Italy.
The majority of eldercare is provided by family members. Most Americans with an aging parent who needs assistance say they or another family member provided it (75 percent), as do 70 percent of Germans and 73 percent of Italians. Adult children typically do household chores and errands to help their older relatives, rather than providing financial support or personal care. Here are some of the ways working adults are supporting their aging parents:
Running errands. Most adults are more likely to spend time than money helping their parents, the survey of 1,692 adults in the United States, 1,700 in Germany and 1,516 in Italy found. Over half of Americans with an older parent (58 percent) say they have assisted with errands, housework or home repairs in the past year. Individuals in other countries are even more likely to complete errands and repairs for their aging parents, including 68 percent of Germans and 70 percent of Italians. Providing a ride to the doctor’s office or grocery store can be an extremely valuable service to an older relative who can no longer drive. And help with household chores and home maintenance can help to prevent injuries and falls.
Financial assistance. Some adults provide financial help to a parent who is over age 65, including 28 percent of survey respondents in the U.S., 20 percent in Italy and 18 percent Germany. Many adults say they feel a responsibility to provide financial assistance to aging parents when they require it, such as 76 percent of Americans, 87 percent of Italians and 58 percent of Germans. Younger adults under 30 are more likely to feel responsible for helping with a parent’s finances than their older counterparts.
Personal care. Relatively few adults say they provide personal care for their aging parents, such as helping them to bathe or get dressed. Some 14 percent of Americans with a parent age 65 or older say they have helped with daily personal care tasks. This is similar to the 13 percent of Germans who provide personal care for their parents. However, a quarter of Italians say they help their older parents with dressing and bathing.
Paid help. Bringing in personal care aids for older relatives is somewhat rare. Only 13 prevent of Americans say paid help is the main source of care for their aging parents, and even fewer Italians (9 percent) pay specialists to care for their older relatives. However, over a quarter (28 percent) of Germans say their parents rely mostly on paid help.
The adults who help their older parents generally find it to be a worthwhile experience. Over 80 percent of people who provide assistance to their aging parents in all three countries say they find doing so to be rewarding. A third or less of people providing eldercare in each country report that they find caring for their parents to be stressful.
Emily Brandon is the senior editor for Retirement at U.S. News. You can contact her on Twitter @aiming2retire, circle her on Google+ or email her at firstname.lastname@example.org.
Social Security Announces New Online Service for
Replacement Medicare Cards
Available to Recipients with a my Social Security Account
Monday, June 1, 2015
For Immediate Release
LaVenia J. LaVelle, Press Officer
The Social Security Administration introduced the expansion of online services available through its my Social Security portal available at www.socialsecurity.gov/myaccount. Carolyn W. Colvin, Acting Commissioner of Social Security, announced that Medicare beneficiaries can now obtain a replacement card if they have lost, damaged, or simply need to replace it online using a my Social Security account.
“I’m excited about this newest online feature to the agency’s my Social Security portal and the added convenience we’re providing Medicare beneficiaries,” Acting Commissioner Colvin said. “Any my Social Security account holder who misplaces their Medicare card will be able to request a replacement card using their online my Social Security account.”
Requesting a replacement card through my Social Security account is a convenient, cost-effective and secure way to ensure Medicare beneficiaries have a critical piece of identification available when required by medical providers as proof of Medicare coverage. Simply access your online my Social Security account at www.socialsecurity.gov/myaccount and select the “Replacement Documents” tab. Then select “Mail my replacement Medicare card.” After you request a card, it will arrive in the mail in approximately 30 days.
my Social Security is a secure, online hub for doing business with Social Security, and more than 19 million people have created a personal account. Current Social Security beneficiaries can manage their account—change an address, adjust direct deposit, obtain a benefit verification letter, or request a replacement SSA-1099. Account holders still in the workforce can verify their earnings, and obtain estimates of future benefits. In addition to those existing services, Medicare beneficiaries will now be able to request a replacement Medicare card without waiting for a replacement form in the mail.
For more information about my Social Security or to establish an account visit www.socialsecurity.gov/myaccount.
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