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Planning Tips
| 2005 Financial Planning Tips Archive
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| December 2005 - The new Medicare drug plan: Understanding the basics Enrollment for the new Medicare Part D drug benefit is underway, and already a few things are clear. The choices among plans are complex and require careful study. But for many people, the new plans offer a valuable benefit that’s worth the effort. Here are a few basics to get you started. November 2005 - Pay medical expenses with tax-free dollars "FSA" stands for Flexible Spending Account. Many companies offer them as part of their benefit package. And if you’re eligible but not using one, you could be missing out on a way to reduce your health care costs. Ocotber 2005 - How safe are your financial records? The recent Gulf Coast disaster is a tragic reminder of how easily we can lose essential tax and financial records. Few places in the United States are free from some type of natural disaster, whether it’s a hurricane, flood, tornado, wildfire, or earthquake. Even a house fire can destroy important records. September 2005 - What the new bankruptcy law means for you The new bankruptcy law goes into effect in October. If you’re on the verge of bankruptcy, the changes are certainly important. But even if you feel financially secure (or you’re living a comfortable existence), don’t be too complacent. Many people who file for bankruptcy were living comfortable middle-class lives until they were hit by a serious medical problem or some other catastrophe. Here’s an overview of the major changes in the new law as they affect individuals. August 2005 - Don’t ignore your social security statement Each year, you should receive an earnings statement from the Social Security Administration. It’s tempting to glance at the statement and stick it in a drawer, especially if your retirement is years away. But resist the urge. Instead, take a few minutes to review the information in your statement. Look for four key items. July 2005 - Make the most of your 401(k) plan 401(k) plans are becoming the retirement plan of choice for more and more companies, large and small. They offer pretax contributions, tax-deferred growth, and often matching employer contributions. But studies show that many employees don’t maximize the benefits available to them. Here are some tips to get the most from your 401(k). June 2005 - Credit report or credit score: Know what you’re getting It’s a good idea to review your credit information periodically. You might spot credit inquiries or applications that you didn’t make – a sign that you could be a victim of identity theft. Or you might find errors in your personal data or payment history, errors that could cause lenders to deny you credit or charge you a higher interest rate. May 2005 - Do you need life insurance on your children? Ask whether you should carry life insurance on your children and you’ll receive a variety of answers. Here’s a look at the arguments for and against. April 2005 - Social security benefits: Know the basics as you do your retirement planning There’s a lot of talk about social security these days. For many of us, social security payments are a big part of retirement planning. Here are answers to a few basic questions on social security. March 2005 - Are you prepared for a job loss? Although the economy is slowly recovering, the job market is not secure. Companies are still downsizing, reducing hours, or cutting salaries to remain competitive. Losing your job or having your pay cut can be financially devastating. But there are things you can do to protect yourself, whether your job is threatened or you’re suddenly terminated. February 2005 - It's time to get serious about your credit card debt The holiday season is over, and now the bills are in. If you’re like most people, your credit card balances are higher than ever. So make one more New Year's resolution — that you’ll finally get serious about reducing your credit card debt. January 2005 - Know what a late payment could cost you Swamped by post-holiday credit card bills, you miss a payment deadline. What’s the worst that can happen? You figure you’ll have to pay a late-payment penalty and perhaps a little extra interest. No big deal. Wrong! You might soon receive a letter from your credit card company telling you that they’re sharply increasing the interest rate on your card. And that could be followed in a few weeks by higher rates on your other credit cards, even if you’re current on payments to them. |
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"Financial Planning Tips" are published monthly to provide useful financial information. Return to this site every month for helpful suggestions on how to reach your financial goals. The information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance. If you would like more information on anything in "Financial Planning Tips," or if you'd like to be on our mailing list to receive other financial, tax, or business information from time to time, please contact our office. We're here to help. We currently have individuals licensed to offer securities in the states of New Jersey, California, Connecticut, Washington D.C., Delaware, Florida, Maryland, Nevada, Pennsylvania, Texas and Wisconsin and to offer investment advisory services in New Jersey, Connecticut, Delaware, Florida, Maryland North Carolina, New York, Pennsylvania, Texas and Wisconsin. This is not an offer to sell or provide investment advisory services in any other state or jurisdiction. Securities offered through 1st Global Capital Corp., Member FINRA/SIPC. Investment advisory services offered through 1st Global Advisors, Inc. |
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