Retirement will come one day. How can we be sure we will have enough money put away to live on?
Most of us live a little above our means, so here are a few suggestions on how to go about saving a little more.
- Cut back on everyday expenses. Eating out and window shopping can add up.
- Get rid of or avoid high interest debts. They can eat up money with no return.
- Look for lowest fees, ie. Bank fees etc.
- Set aside savings every month as part of your budget. Even a little will add up.
- Contribute as much as you can each month if you have a 401K.
- Supplement your income if possible with a few side jobs.
- Most importantly, get the advice of a financial planner to help you see how to best maximize your savings. There are many ways to do so we may not have thought of.
Retirement always come sooner than we expect. The Jordan Group can help you prepare now. Contact them soon!
Over the next few weeks we will be discussing the topic of “Pay or Play” when it comes to the Healthcare Reform and businesses.
Why are employers concerned?
- By not offering a compliance approved health plans to all full time employees could result in a $2,000 penalty per employee per year.
- By not offering affordable health care to all full time employees could result in a $3,000 penalty for every employee that gets a subsidy on the exchange.
Don’t panic. The Jordan Group is here to help navigate the turbulent waters the industry is experiencing. Be sure to visit our blog regulatory stay up to date as we discuss this topic. Don’t wait to contact us for more information.
If you’re young, healthy, and have no dependents, you might think that you don’t need Life Insurance. However, if you have taken out private student loans you might buy a Life policy to repay this debt.
Although federal student loans allow a “death discharge” which releases the borrower’s survivors and heirs from responsibility for the debt, private lenders generally require repayment by the borrower’s estate. What’s more, most private loans involve a co-signer who is legally obligated to pay this debt – and if the borrower is married, the surviving spouse could even be held responsible for it.
If you have student loans from a private lender, review your loan papers to determine the consequences for your family should you die before the debt has been repaid. You can protect your co-signer(s) and/or spouse by making them the beneficiary of a Life policy that covers the loan debt. Students under age 40 who need less than $500,000 in coverage can apply for Term Life Insurance. If you have your parents as co-signers, and decide later that you want to protect your spouse, you can just change the name of the beneficiary.
A small Life Insurance premium can be well worth the extra peace of mind for your co-signer(s) or spouse.
There’s no cut and dried answer on using Life Insurance to repay private student loans. Our agency’s specialists are always ready to offer their professional advice based on your individual situation.
Long Term Care is a variety of services that includes medical and non-medical care to people who have a chronic illness or disability. Long-term care helps meet health or personal needs.
Most long-term care is to assist people with support services such as activities of daily living like dressing, bathing, and using the bathroom. Long-term care can be provided at home, in the community, in assisted living or in nursing homes. It is important to remember that you may need long-term care at any age.
A study by the U.S. Department of Health and Human Services says that people who reach age 65 will likely have a 40 percent chance of entering a nursing home. About 10 percent of the people who enter a nursing home will stay there five years or more.
Generally, Medicare doesn’t pay for long-term care. Medicare pays only for medically necessary skilled nursing facility or home health care. However, you must meet certain conditions for Medicare to pay for these types of care. Most long-term care is to assist people with support services such as activities of daily living like dressing, bathing, and using the bathroom. Medicare doesn’t pay for this type of care called “custodial care”. Custodial care (non-skilled care) is care that helps you with activities of daily living.
Choosing Long Term Care is an important decision. Planning for long-term care requires you to think about possible future health care needs. It is important to look at all of your choices. You will have more control over decisions and be able to stay independent. It is important to think about long-term care before you may need care or before a crisis occurs. Even if you plan ahead, making long-term care decisions can be hard.
The Jordan Group can give you the information you need to make a wise decision. Contact them today to see how you can protect yourself and your family in any unforeseen circumstance. 410-312-0811