The following is an important reminder for every other year or so – more often if there are new people in your life:
Whoever, whatever you want to call them: Beneficiaries, “Bennys,” Heirs… make sure to check who is listed as Beneficiary or Beneficiaries on your retirement accounts, insurance policies, IRAs, trusts or in your Will (if you have a Will).*
Inevitably, time flies. Sadly, loved ones pass away; important loved ones may, well, change. (Think: divorce, relationship changes). Happily, new beneficiaries, or heirs, are born or enter the picture! In the busy nature of life, often the beneficiaries currently on record are not accurate or have not been updated in years.
Back in 2017 & 2018 TGIF 2 Minutes explored “Caring For Aging Parents”. The topic and its challenges will always be timely. And there is another angle to the issue that can be equally as gut-wrenching: caring for – or caring about – an aging friend or neighbor who has little or no family available and no apparent plan for aging.
Halloween can be pretty scary – but not as scary as Open Enrollment for health coverage! Dates for open enrollment typically go from November 1st to December 15th for coverage starting January 1st of the coming year. Enrolling for healthcare (Flexible Spending, Dental, Health Savings Accounts or Medicare, among others) can scare the living daylights out of even the smartest, strongest people. We are presently in or near the “Open Enrollment for Healthcare” season.
Retirement? What do you mean, Retirement?! That is in the waaay distant future, you may say.
Well the lock down, shelter in place, husbands and wives/girlfriends and boyfriends/parents and kids working from home TOGETHER is just that: a warm-up for retirement. Or a forced “retirement together” for those already retired.
It is nearing year-end and I cannot emphasize enough how important it is to double-check certain items NOW. The best financial advisers can and should be drawing your attention to these items in order to make your year-end easier and less stressful.
Here is a list of questions I review annually with clients:
Last in a 3-part series from the archives of January 2017.
In earlier editions of TGIF 2 Minutes I delved into the topic of “Caring for Aging Parents.” It may seem like overkill to read a “Part 3,” but ask anyone who is in the midst of coordinating care for a parent or spouse if they wish they had gotten advice sooner. Heck, these days even neighbors and friends are enlisted to check in on a 93-year old down the street. Experts in long-term care insurance cite the emotional strain on family members – that can leave a family member or friend in need of serious or costly medical care for themselves after years of caring for others.
Part 2 in a 3-part series. Excerpts from the archives of January 2017:
In a previous edition of TGIF 2 Minutes I reviewed the topic of “Caring for Aging Parents.” The subject remains a big, big topic of conversation with friends and clients. PLUS, as people experience caring for a parent they suddenly say: How much do I need to be concerned about planning for MY OWN Long-Term Care down the line?!
We have already had more volatility in the first three months of 2018 than we saw in ALL of 2017 and most of 2016 combined. Snow? On the first day of Spring! Driverless cars on the road… What’s next?
The snow wasn’t the worst part of it. Facebook stumbled this week amidst legitimate concerns of how honest it is with protecting its user data. This is not the first time Facebook has faced the issue of deceiving its users: back in 2012 under a decree with the FTC Facebook had to agree to get user consent in order to share users’ personal data with others.
In a previous edition of TGIF 2 minutes I reviewed the topic of “Caring for Aging Parents.” The subject remains a big, big topic of conversation with friends and clients. PLUS, as people experience caring for a parent they suddenly say: How much do I need to be concerned about planning for MY OWN Long-Term Care down the line?!
Under the topic of “Give me service”, it is nearing year-end and I cannot emphasize enough how important it is to double-check certain items NOW. A great financial adviser (especially an experienced CFP®) can be of service in opening your eyes to certain items making year-end easier and less stressful for you. By the way, for those of you reading this who are not my clients and you have not been asked these by your adviser, then your adviser is not doing his or her job.