December 13, 2017

Republican tax bill will reduce access to small business 401(k) plans



In addition to all the other negative effects of the proposed Republican party’s proposed tax changes, the bill will discourage small employers from offering 401(k) plans because employers would save on taxes by dropping employee plans. According to the American Retirement Association about 24 million workers could lose 401(k) access as a result of the proposed tax bill. Just one more example of how the Republican tax bill hurts middle class workers. 


 

December 1, 2017

Fiduciary Rule Delayed by Trump Administration

The Labor Department said an 18-month postponement of enforcement of several key provisions of the fiduciary rule has become official. The effective date of the best-interest contract exemption and related exemptions has been changed from Jan. 1, 2018, to July 1, 2019.
Financial "advisors" can continue to put their own financial interests ahead of their clients thanks to the pro-business, anti-consumer Trump administration.Financial salespersons can continue to recommend investments that line their pockets and put their own interests ahead of their clients.
Why should advisors put their clients best interests ahead of their own? Just one more anti-consumer action from the current powers. 
Have you asked your "advisor" yet whether he is a fiduciary? If not, it's long past time.

November 30, 2017

Financial Emergency Kit

The disasters related to our changing climate (hurricanes, floods, wildfires) are a reminder of the need for a financial emergency kit. FINRA provides a detailed list of what to include:


1. Cash and keys. Cash is king in most emergencies since you may not be able to access ATMs or other electronic forms of payment. Also pack a set of essential keys (including a spare to a safe deposit box, if you have one). Tip: You can put a credit card in your kit for good measure, but don't depend on it.
2. Contacts. telephone numbers, emails or other contact information for family members, and medical, financial and business contacts. Store electronically & have a paper copy in your kit.
3. Personal identification. You may have to confirm your identity to obtain disaster relief services, file insurance claims, or get access to your property and financial assets. Include copies of passports, driver's licenses, Medicare and Social Security cards.
4. Paper or electronic copies of important financial records. A short list of financial documents to put in your kit includes mortgages, property deeds, legal documents such as a Power of Attorney and insurance policies. Also include recent financial statements for bank accounts, credit cards, brokerage accounts and statements related to investments that might be held outside a brokerage firm. A password-protected flash drive or file might be safer (and lighter) than hard copies—as long as you have a way to access the files.
5. An inventory of your valuables and personal belongings. This will help you maximize the benefit from your insurance policies and will expedite the claims process. Tip: Understand what your insurance covers and what will be required to make a claim in the event disaster strikes.


Get the details at: http://www.finra.org/investors/highlights/disaster-planning-5-things-financial-emergency-kit?utm_source=MM&utm_medium=email&utm_campaign=AI%5F090517%5FFINAL

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