New Year’s Resolutions for 2013

Have you thought about your resolutions for the New Year? According to the Spectrem Group, the top five resolutions of affluent investors are to spend less, save more, pay down debt, revise or create an estate plan, and revise or create a retirement plan.

 

[CLICK HERE to read, “What Kinds of New Year’s Resolutions Do Investors Make?” at The Millionaire Corner, December 17, 2012.]

 

Perhaps this year you can focus on some resolutions that really need to be done, but they’re a bit farther down your list. How about talking to your elderly parents/adult children about estate and healthcare directive plans?

 

Did you know that 40% of adult children feel like it’s not their business to ask about their parent’s finances? And according to a recent Fidelity study, 97% of both parents and adult children disagree on whether the children will take care of the parents if they become ill. With such a wide discrepancy in perception and so much at stake, maybe this is an issue best moved to the top of your resolution list.

 

[CLICK HERE to read, “Parents and Adult Children Not in Sync as Many Families Still Struggle with Financial Conversations,” at Fidelity Investments, November 14, 2012.]

 

Have you thought about pursuing an entrepreneurial business you’ve always wanted to start? Entering this new phase of our economic recovery, this could be a good year to do so. Today, more than 12% of Americans are engaged in some sort of entrepreneurial activity. Accounting for more than a 60% increase from 2010 to 2011, we are currently at our highest level since 2005.

 

[CLICK HERE to read, “U.S. Entrepreneurship Rates Increase According to Research by Babson College and Baruch College,” at Babson College, November 29, 2012.]

 

Do you own a long-term care insurance (LTCi) policy yet? If not, now may be your last chance to get one at a lower price. With so many Americans living longer, insurers are starting to exit the business. The ones still selling LTCi have announced they are raising premiums and reducing benefits.

 

The Wall Street Journal reported that Genworth Financial is planning to charge women 40% more than men for premiums of individual long-term care insurance policies in 2013. Until now, premiums have been the same regardless of gender, but analysis has revealed that women are paid two out of every three benefit dollars from long-term-care insurance.[1]

 

[CLICK HERE to read, “Women Face Higher Costs,” at The Wall Street Journal, November 23, 2012.]

 

As always, we’re here to help you get ship shape for 2013. If you’d like some more ideas on how to get financial fit this New Year, please give us a call.

The above links are provided from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.  They are for informational purposes only. This information is not intended to provide any tax, legal or investment advice or provide the basis for any financial decisions.  Be sure to speak with qualified professionals before making any decisions about your personal situation. By contacting us you may be offered insurance products for sale.

[1] American Association for Long Term Care Insurance, “2013 Increased Tax Deduction Limits for LTC Insurance,” October 18, 2012.

Source: Woods Blog Old

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