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Monthly Archives

July 2016

Understanding Car Recalls

By Personal Perspective

pp-july16-3In 2014, 64 million vehicles were recalled. While one in five vehicles on United States roads requires a recall repair, one in four of those vehicles will not be repaired, which affects the safety of everyone on the road. Before you drive your car anywhere, understand car recalls and how they affect you and your vehicle.

What is a Recall?

The National Highway Transportation Safety Administration (NHTSA) mandates that automobile manufacturers meet federal safety standards. If a faulty, defective or compromised part is used on a vehicle, the NHTSA will issue a recall. It notifies auto owners that a repair is needed on their vehicle, and it provides the necessary part to local dealers. Affected vehicle owners pay no fees for the repair.

What Parts Could be Recalled?

The average vehicle has thousands of parts that can break or be compromised. However, a recall is only issued if a part is found to be faulty because it poses a safety risk. Normal wear and tear does not qualify a vehicle for a recall, so you will have to pay to repair your vehicle’s worn brakes or an old battery. However, other defects are safety issues. They can be minor or major and include:

    • Ignition switches
    • Airbags
    • Steering components
    • Fuel components
    • Accelerators
    • Windshield wipers
    • Engine cooling fan blades
    • Wiring systems
    • Other faulty components

What Should you do if Your Car is Recalled?

Any defect in a vehicle affects driver and passenger safety. That’s why all defects should be addressed quickly. Follow the recall directions and schedule an appointment right away

If the recall affects a small number of vehicles, you may be able to get an appointment quickly. However, be prepared to wait a few weeks or months if the recall affects a large number of vehicles. Most repairs take a few hours, but if your specific vehicle repair takes a few days, as the dealer if they offer a loaner car.

How do you Find Recalls?

In most cases, you’ll receive a recall letter from the government or your vehicle’s manufacturer. You can also check recalls.gov for an updated list. Enter the manufacturer, model and year of your car.

What Should you do if you have a Problem?

All recall repairs are free. Contact the NHTSA at (888) DASH-2-DOT if you are charged or have problems with your repair.

Recalls protect you and other drivers as they make your vehicle safe. Be sure to participate in any vehicle recalls. Contact your insurance agent, too, to ensure you have adequate insurance for your vehicle as you protect your ride.

What Paperwork Should You Keep?

By Personal Perspective

pp-july16-2Do you have a pile of papers collecting dust on your desk, in your filing cabinet or in a safe? Instead of stockpiling every electric bill, tax return and retail receipt from the last 20 years, learn which papers to keep and which to toss.

Bank records – Shred your checking and saving account statements monthly or after you reconcile your accounts.

Credit card statements
– Shred them after you pay the bill except if you need to prove a charitable donation for your tax return.

Health records for humans and pets – Keep medical records and paperwork that documents your health history, including details about medications, immunizations, x-rays, medical tests, surgeries and major health events.

Instruction manuals
– Keep these papers until you sell the item.

Insurance policies – Save copies of your auto, home or renters insurance policies to prove you’re covered and to compare coverage during your annual renewal. Shred the old copies when you get new ones.

Investment statements – Shred monthly and quarterly statements but keep annual ones until you sell the investments.

Loan documents
– Shred closing documents for loans after you pay them off.

Pay stubs
– File with your tax return information until you file your taxes and then shred them.

Retail receipts – Shred or toss receipts after you reconcile your receipt with your budget. Keep them if you need to return an item, purchase items that are eligible for a tax deduction or wish to retain proof of an item’s original cost.

Savings bonds
– Keep them until you cash them in.

Tax returns – Retain them and any supporting documents for seven years in case you are audited.

Utility bills – Review each month’s bill for errors then shred them.

Vehicle records – Retain receipts, registration info, titles and maintenance and repair records until you sell the vehicle.

Warranties – Store these until you sell the item.

The following papers you should store in a safe place indefinitely. Consider making copies of these documents, too, and storing them in a location outside of your home.

    • Birth certificates
    • Social Security cards
    • Marriage licenses
    • Divorce decrees
    • Military service records
    • Pension-plan documents
    • Estate-planning documents that pertain to your will, power of attorney, end of life and trusts
    • Life insurance policies
    • Death certificates

Whether you store your papers in a pile on your desk or in a safe deposit box, reduce clutter when you understated which papers you need to keep. For more details on reducing paper clutter while maintaining the protection you need, talk with your insurance agent.

What is Burial Insurance?

By Life and Health
lh-july16-3Expenses for the average funeral exceed $8,000. Can your estate or survivors successfully handle this expense? If not, consider burial insurance. It can give you and your survivors peace of mind as it covers this inevitable expense.

What Does Burial Insurance Cover?

Because different funeral homes charge different prices, you could pay anywhere from $6,000 to $12,000 or more for a funeral. Typical burial costs include the obituary fee, casket or cremation, visitation and viewing, minister, flowers, burial plot, headstone, grave digging and filling, burial vault or grave liner, hearse and other expenses. If you do not have life insurance or savings set aside for this expense, your survivors or estate will have to pay the bill, which can be a financial hardship and is not something anyone wants to think about as they grieve.

Who Can Purchase Burial Insurance?

Almost anyone is eligible to purchase burial insurance. While you will need to answer a few medical questions, there is no medical exam requirement. Most people will qualify for a policy, and future medical issues do not affect the policyholder’s eligibility for coverage.

What Does it Cost?

Most burial insurance policies include fixed premiums. That means you will pay the same amount at the beginning of the policy’s term and at the end. Typically, your burial insurance will cost a few dollars a week. However, certain policies can be as expensive as $1,000 a month. Definitely shop around to find the most affordable policy for your budget and needs.

How Much Coverage do you Get?

When purchasing burial insurance, you can decide how much coverage to buy. Policies normally offer death benefits that range from $3,000 to $50,000. Remember that premiums for a $5,000 policy will be less than a $10,000 policy, but a larger policy will cover more funeral expenses. Compare the costs of different policies as you decide what you can afford.

How do you Pay for It?

The premiums for your burial insurance can be paid weekly or monthly. Choose to place the payments on auto pay that deducts directly from a bank account or pay manually via check, money order or credit card.

Who Does it Cover?

A burial insurance policy can cover your funeral expenses. You can also purchase coverage for your family members. Check with your agent to be sure your policy covers the burial expenses for you and your loved ones.

Burial insurance gives you peace of mind since it covers the cost of a burial for you and your family members. Talk to a licensed agent today as you plan for your future.

Why You Should Choose Permanent Life Insurance

By Life and Health

lh-july16-4Life insurance gives you peace of mind. At the time of your death, it provides a financial payout to your beneficiaries and ensures their needs are met. Additionally, permanent policies provide numerous benefits while you’re alive. Learn why permanent life insurance is a good choice for you and your family.

Stay Covered for Life

From the time you purchase a permanent life insurance policy until the moment you die, it covers you. You don’t have to worry that the term of coverage will expire. Purchase a policy when you’re young, and it provides peace of mind throughout your career, as your children grow up and until you’re well into your retirement.

A permanent policy also remains in effect no matter what health conditions you face. It does not change bases on your health status, and you won’t pay more because of certain health conditions.

Save Money

Permanent life insurance policies allow you to save money. Their premiums are more expensive than those for term policies, but the premiums do not increase like term premiums do.

Also, you can borrow a portion of your permanent policy. Your policy grows cash on a tax-deferred basis at an interest rate of up to four percent. Use the accrued funds for expenses you may face during your lifetime, including education, home repairs or medical expenses.

Protect Your Assets

When you die, creditors could make claims on your estate and leave your beneficiaries left destitute. Permanent life insurance protects your assets. In certain states, creditors cannot access your policy’s cash value or death benefits, which ensures those assets are available for your beneficiaries.

Cover Estate Taxes

Depending on your income, you may owe significant federal estate taxes after your death. Your permanent life insurance policy can be used to cover this expense and free your remaining assets for other expenses.

Ensure an Inheritance for Your Dependents

As you care for your children and dependents during their childhood, you also want to care for them when you’re gone. Purchase a permanent life insurance policy that guarantees your dependents receive an inheritance.

Pay for Your Funeral

The average funeral costs more than $8,000. If you haven’t pre-paid this expense, your permanent life insurance policy can cover it and gives your survivors one less thing to pay.

Is a permanent life insurance policy right for you? Talk to your insurance agent today and discuss your needs. Then choose the policy that gives you and your dependents peace of mind and protection for life.

Health Insurance Options After You Retire

By Life and Health

lh-july16-1The majority of employers offer health insurance as part of their benefits package for full-time employees. What happens, though, when you retire? Most likely, you will lose your health insurance coverage during a season in life when you need it the most. Consider these options as you find health insurance coverage during your retirement years.

Ask Your Employer About Group Health Coverage

Some health insurance plans allow retirees to remain insured under the same policy they had when they worked full-time. Talk to your Human Resources manager to find out the details of your company’s benefit package and COBRA options. While you will pay more for this coverage since your employer will not cover a portion of the premium cost, it does give you peace of mind that you can retain the familiar coverage, benefits and healthcare professionals you had before you retired.

Research Your Medicare Options

Retirees over the age of 65 are eligible for Medicare. You can choose different options, though, including original Medicare or a Medicare Advantage Plan. They offer different benefits and cost different amounts. Research available options at Medicare.gov or make an appointment with your insurance agent as you explore the benefits and disadvantages of your Medicare options.

Compare Health Insurance Retirement Choices

Your income, expenses and overall health affect which insurance option you choose during your retirement years. Compare several plans to make sure you’re getting the best coverage at the most affordable price. Your health insurance agent can assist you in conducting a full analysis of your financial and health situation as you find the most cost-effective insurance for your needs.

Perform an Annual Review

Finding health insurance that fits your needs and budget takes time. Once you find the option that works for you, you may be tempted to stick with it for the rest of your retirement years. However, policy benefits and premiums change annually, so make time to conduct an annual review to make sure the policy you picked is still the one that meets your medical and financial needs. Check out other insurance companies and different policy packages to ensure you’re still getting the best fit.

Your healthcare coverage will change after you retire. Begin researching your options now as you seek the most affordable and comprehensive coverage for your needs. Make an appointment with a health insurance agent as you find coverage that works for you today and throughout your retirement years.

Understand Your Paid Vacation Benefit

By Employment Resources

er-july16-4Over 90 percent of full-time employees receive paid vacation, according to the Bureau of Labor Statistics. If you’re one of them, you get paid to take time off work. Before you schedule a getaway, though, understand the details about this benefit.

When Can you Take a Paid Vacation Day?

Even though your paid vacation days are part of your benefits package, your employer can dictate when you take your time off. If you’re a new employee, you may have to wait a few months before you are eligible for your vacation days. You also may be unable to take vacation during busy seasons, when someone else in your department is away or on the spur of the moment.

Your employer can also restrict the number of vacation days you take at one time. You’ll also want to check your state’s laws regarding “use it or lose it” vacation policies. Because vacation is considered a form of compensation, you may be able to cash out your vacation time if you quit or are fired.

What Can You do on Your Paid Vacation?

You can use your paid vacation days for almost anything. Go to the beach, visit the doctor or watch TV. Be sure, though, that you request the time off in advance and fill out any required paperwork. Many employers require advance notice, and department heads often have to approve vacation time. If you don’t follow the guidelines and take the day off, you may not get paid.

How Many Vacation Days do you Get?

Typically, the number of vacation days you receive depend on how long you’ve been with the company. The average vacation time for new employees ranges from a few days to one week. Your vacation time may accrue based on your years or even days or hours you work.

Keep in mind that part-time employees usually do not receive paid vacation days. Also, you company can cap the number of paid vacation days you receive. For instance, you may receive one paid vacation day a year until you hit four weeks of vacation.

Can You Negotiate Paid Vacation Days?

If you wish you received more paid vacation time, consider negotiating for more. You can do in several circumstances:

    • If you’re an executive level employee or a senior manager, ask for extra days as a compensation for your additional responsibilities.
    • On a job interview, ask a potential employer for extra paid vacation based on your experience and skills.
    • As a union member, your paid vacation days are part of standard contract negotiations.

Paid vacation is a benefit most employers offer. Discuss the details of your company’s vacation benefits with your Human Resources manager and then enjoy a day off with pay.

Best Online Social Security Calculators

By Employment Resources

er-july16-3When you turn 62 years of age, you can start receiving Social Security benefits. Depending on your financial circumstances and retirement needs, however, you may wish to postpone receiving benefits until you’re older. The online Social Security calculator at ssa.gov factors in details like your cost of living, age at retirement, life expectancy and assets then tells you the best time to begin filing. Consider these other online calculators, too, as you maximize your Social Security benefits.

AARP’s Social Security Benefits Calculator

Figure out how your work earnings affect your Social Security benefits when you use this free calculator. It provides you with a summary of the recommended claiming strategy. Even though you won’t receive detailed information about planning your retirement, this calculator is convenient when you want an overview.

SSAnalyze! by Bedrock Capital

Access this free calculator and get a detailed list that outlines the steps you and your spouse, if applicable, need to take before you retire. It does require you to create an account and log in, but your information is not used to solicit or sell you anything.

Social Security Timing

While only financial advisors have access to the full calculator at Social Security Timing, you can access a free abbreviated version. It’s updated as soon as new Social Security laws are passed and includes excellent customer support. This site also matches you to a financial advisor if you want additional assistance.

Maximize My Social Security

One of the most comprehensive social security calculators, Maximize My Social Security was developed by an economics professor. Use it to decide when and how you will collect retiree, spousal survivor, parent, child and disability benefits and to calculate any government pension offset you may receive. This calculator does cost $40 per year per household, and you will need to enter information from your Social Security statement. However, it offers one of the most detailed reports available and can be a huge help as you prepare to retire.

Social Security Income Planner

With this calculator, you can compare pre-selected claiming strategies or customize the strategy based on your unique circumstances. The detailed report you receive offers a month-by-month or year-by-year comparison with tables so you can easily see the advantages and disadvantages of multiple claiming strategies. It costs $10 to $40 to use depending on whether you are single, married, divorced or widowed, and it is accessible via your iPhone.

When you retire, you want to maximize your Social Security benefits. One of these online calculators can assist you in choosing the best time to file. Talk to your Human Resources manager or financial advisor for more information as you prepare for a successful retirement.

Can You File a Worker’ Comp Claim for Emotional or Mental Stress

By Employment Resources

er-july16-1You already know that you can file a Workers’ Compensation claim if you’re physically injured at work or suffer a work-related illness. However, you may also be able to file a Worker’s Comp claim if your job causes emotional or mental stress. Learn more as you strive to stay healthy on the job.

Can You Prove Your Case?

Break your leg on the job, and you and your co-workers can easily see the effects. Emotional and mental stress is not usually outwardly visible and thus more difficult to prove.

Of course, you may develop physical characteristics of stress, such as headaches, stomach pain, insomnia or chest pain. However, your job is probably not the only source of stress in your life. Plus, everyone handles stress differently. While a high-pressure office may cause anxiety for you, a co=worker may thrive in that environment.

To receive Workers’ Compensation for stress, you must prove that you have undergone more stress than normal on the job. Your state may also require you to receive treatment for your stress-related injury or illness, which includes a psychiatric diagnosis.

File a Workers” Compensation Claim

You may decide that your job is the cause of your stress-related illness or injury. If so, take these steps as you file a Workers’ Compensation claim.

    1. Keep a journal. Write down as many details as possible since the burden of proof lies with you. Try to include the dates of the incidents, who was present, where you were, what was said and how it was handled.
    1. Talk to someone about your experience and ask them to write notes. Whether you select a medical professional, your supervisor or a co-worker, that person can take notes and collaborate your version of events if your Workers’ Comp claim is contested.
    1. File a formal complaint in writing if necessary. It documents the details of your experience, becomes part of your permanent employment file and may be used as evidence for future claims. Check with your company’s policy because you may have a time limit on when you can file a formal complaint or Worker’s Comp claim.
    1. Be prepared to have your life examined. It’s difficult to prove that stress-related illnesses or injuries are 100 percent work related, so be prepared to have your entire life, including your academic, medical, family and employment histories, examined to prove that your job is indeed causing your stress.

 

A job that causes emotional or mental stress is dangerous to your health. You may be able to file a Workers’ Compensation claim, so talk to your Human Resources manager for more information as you stay healthy at work.

How to Maximize Your Commute

By Your Employee Matters

em-july16-4How many hours a week do you spend in your car, in the air or riding a bike, bus, train or ferry to work? The average commute is 25.5 minutes, so whether you drive, ride, walk or fly, your commute could total nearly five hours a week. Consider several tips that help you maximize that time.

Read

Catch up on the latest novels, current events or stock prices when you read. Keep a magazine in your briefcase, download a book to your phone or grab a paper at the corner store and enjoy personal or professional reading on your way to and from work.

Write

On your laptop, in your journal or on notebook paper, write a novel, thank you notes or emails. You can also type to-do lists, note ways to grow your business or outline professional goals. If you’re driving, consider software that types as you talk, allowing you to write hands-free.

Plan

Open your calendar and spend a few minutes planning your day, week, month and year. Jot down important business meetings, family events and personal obligations. You can also plan dinner reservations for client meetings, your next vacation or your menu for the week.

Connect

It’s tempting to stay to yourself during your commute, but the person sitting next to you could be your next client, co-worker or friend. Consider connecting with the people around you as you commute.

Call

Sometimes, there simply is not time during the day to call potential clients, current customers or even your mom. If you’re not the vehicle operator, use your commute to make calls or send texts.

Learn

You could learn a new language, enhance your business acumen or uncover the mysteries of ancient civilizations on your way to work. Simply download podcasts, listen to CDs or tune into a university website.

Exercise

Walk or bike to work, and you automatically get a workout. If you ride, stomp your feet, squeeze your abdominal muscles or stretch as you keep your body moving.

Nap

Unless you’re driving, consider taking a nap. Even a little shut eye can refresh and rejuvenate you for your work day or family responsibilities after work.

Meditate

Sometimes, stress from daily life, a big meeting or a recent mistake can be overwhelming. Focus your mental energy when you meditate. It can be as simple as turning off the radio and listening to the silence, repeating your favorite mantra aloud or in your mind or tuning into your favorite meditation channel.

How to Keep Your Information Safe When You Apply For A Job

By Your Employee Matters

em-july16-2The majority of job applications today are completed online. It’s easy to simply enter your information, upload your resume and hit send. What happens to your personal information, though? If someone accesses your full name, social security number, address and work details, they could steal your identity. Keep yourself safe when you take several precautions.

    1. Don’t apply for bogus jobs.

      People do list bogus jobs with the sole purpose of gaining access to your personal information. Legitimate jobs will include details about the hiring company, job position and job description. Always confirm that the ad is for an actual job opening before you apply.

    1. Use reputable job boards.

      There are hundreds of job boards online, but do your homework before you create accounts. Find out who owns the site, identify who has access to your information and read the comprehensive privacy policy. If you can’t find this information, don’t use that job board.

    1. Never share your personal information.

      To apply for a job, you have to share your name and phone number as well as job history. However, no potential employer should ask for your Social Security number, birth date, gender or race. You also should never be required to provide bank account information, a credit card number, your mother’s maiden name or your passwords. While you will need to provide your Social Security number for a background or credit check, do not provide that information until after the interview when you verify that you are interested in the job.

    1. Use secure online sites only.

      When you apply for a job online, take a look at the address bar before you hit send. Do you see a lock symbol in front of the URL? If so, the site is secure. Don’t apply for the job if it’s not secure.

    1. Use a strong password.

      Whether you create an account on a job search site or apply for a job online, use a strong password. It should not be a password you use for another site, and don’t choose anything that’s easy to guess or hack.

    1. Give your application to the right person.