January 22 Generations

• Delaying Retirement • Living on a Fixed Income • Estate Planning • Avoiding Health Related Financial Woes

Tuesday, January 22, 2013

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NORFOLK DAILY NEWS, Tuesday, January 22, 2013

Working After Retirement There’s no longer a magic number for retirement. Some people find that they want to work past the traditional retirement age, while others discover they need to. In addition, some retirees discover that they actually liked working and want to return to work rather than settle into retirement.

Sixty-five is no longer the required age to stop working. In fact, many people are foregoing retirement and staying with the workforce. Why? No single reason applies to everyone, but finances often come into play.

Thanks to a troubled economy that has carried over into the workplace, pensions and severance packages are no longer the norm for retiring workers. When faced with the prospect of reduced funds and dwindling Social Security benefits, many choose to simply keep on working.

Furthermore, individuals who retire before 65 are often faced with finding their own health insurance plans because Medicare doesn’t start until age 65. Even still, high prescription costs for chronic conditions can exceed the allowance of Medicare. Employee insurance plans tend to have better options, and that often factors into an employee’s retirement decision.

There are many people who continue working because they actually enjoy it, and not because of some financial necessity.

Working tends to keep the mind sharp and helps seniors feel like contributing members of society.

According to a study conducted by the American Psychiatric Association, retirees who continued to work in a bridge job (meaning part time or temporary employment) experienced fewer major

diseases and fewer functional limitations than those who fully retired. Researchers considered only physician-diagnosed health problems, such as high blood pressure, diabetes, cancer, lung disease, heart disease, stroke and psychiatric problems.

Those thinking of remaining in the work force can check with employers to see if retirement is mandatory or voluntary. Seniors re-entering the workforce may want to brush up on some skills and reconnect with former employers or colleagues to make the transition easier.

Here are some other strategies to consider. * Refurbish your resume. Focus on what things you can do rather than what you did in the past. You may be up against younger applicants and will have to make a case for your hire. * Be flexible. You may need health benefits more so than a high salary. You can work with an employer to develop a compensation package that is mutually beneficial. * Develop computer skills. Today’s work environment relies heavily on computer skills. It is unwise for you to think you’ll get by on experience alone. Obtain a rudimentary education in computer usage and common office programs,

which can set you apart from other older applicants. * Know there’s nothing to prove. Retirees have the benefit of taking their time and finding the right fit in a post-retirement job. Unless money is an issue, shop around until you find the job that appeals to you, even if it’s part-time or for a lower salary

SO MUCH PLANNING GOES INTO RETIREMENT. HAVE YOU THOUGHT ABOUT TAXES AS WELL? It’s likely that your retirement income may come from many sources, such as Social Security, pension distributions, a 401(k) or IRA withdrawals. That’s why, if taxes are a concern for you, it’s important to choose the right investments for your portfolio. At Edward Jones, we have many options that can give you more control over your taxes, so you can enjoy what you’ve worked so hard to achieve.

Edward Jones, its employees and financial advisors cannot provide tax advice. You should consult with a qualified tax specialist for professional advice on your specific situation.

Call today to see how our unique, face-toface approach makes us best-suited to help long-term investors meet their current needs and future financial goals.

Chase Pflueger, AAMS 1317 W. Pasewalk Ave. Suite 100 Norfolk, NE 68701 Phone 402-379-7913 855-379-7913

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Norfolk, NE 68701 Phone 402-379-0243 877-379-0243

Tonya Bousquet, AAMS 2100 Market Lane Norfolk, NE 68701 Phone 402-371-9072 877-371-9072

Brad Pflueger, AAMS 434 Norfolk Ave. P.O. Box 39 Norfolk, NE 68702 Phone 402-371-1703 877-379-1703

Paula Pflueger, AAMS 434 Norfolk Ave. P.O. Box 39 Norfolk, NE 68702 Phone 402-371-1703 877-379-1703

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NORFOLK DAILY NEWS, Tuesday, January 22, 2013

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The Basics of Estate Planning With regards to finances, the future is a big part of many people’s financial planning efforts. Be it the kids’ college tuition or the day when retirement finally arrives, financial planning is all about the future.

Though college and retirement funds garner the most attention, men and women must also make time for estate planning. Estate planning is the process of arranging for the disposal of an estate and is done to help minimize uncertainty upon an individual’s death. This planning also reduces taxes and additional expenses that might arise if a person passes away without having left a will or another means of disposing of his or her estate. Regardless of the size of an individual’s estate, there’s no reason not to have an estate plan in place.

The following are some of the basics of estate planning, which should be a priority for men and women, young and old.

More than just a will

An estate plan is more than just a will. Though an up-to-date and specific will is an important element of a good estate plan, there are other elements as well. In addition to a will, an estate plan should assign power of attorney, which gives a person of an individual’s choosing the right to manage that individual’s financial affairs if they are unable to do so themselves. Power of attorney should be assigned in the case of a person’s death, but also if an unforeseen medical issue arises and a person is no longer capable of managing their affairs.

There are two types of power of attorney that are essential to know when estate planning. Springing power of attorney goes into effect when

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circumstances that the individual specified, such as incapacitation, occur. In order for this to go into effect, the agent designated must typically produce proof of an individual’s incapacitation. Durable power of attorney goes into effect immediately and the agent does not need to prove incapacitation.

When choosing an agent to assume power of attorney, individuals need to make this decision wisely, choosing someone they trust who can competently manage their affairs.

Assessing your assets

Assets include a host of things, from investment accounts to real estate to retirement savings.

Individuals must take careful inventory of all of their assets and determine to whom these assets should go if they die or who should gain control of them if individuals become incapacitated. This means leaving no stone unturned.

If there are any questions about specific assets, then legal wrangling or even government taxation upon these assets is likely to take place.

Understanding trusts

Many people hear the word trust associated with financial dealings and immediately assume it only applies to the wealthy. Nothing could be further from the truth. A trust enables men and women to

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• Estates, Wills & Estate Planning

Allocation of assets

Many people make the mistake of leaving all of their assets to their spouses upon their deaths.

While this is well-intentioned, it doesn’t always work out best for men and women with children.

Individuals can leave an unlimited amount of money to their spouse upon their death, and that money cannot be taxed. However, when the surviving spouse dies, if he or she leaves that money to their surviving children, then they are likely going to pay significantly more in estate tax.

In addition, when deciding to simply leave all assets to a surviving spouse, this is, in a sense, leaving the difficult decision of asset allocation to the surviving spouse. What’s more, should both husband and wife pass away in an accident at the same time and all assets were left to a spouse, this can make it very difficult, contentious and costly for surviving family members to divide up any assets left behind.

Estate planning is something few people will embrace with open arms. But as morbid as estate planning might seem, it’s a necessary step for adults who want to secure their own futures should they become incapacitated or the futures of their loved ones when individuals pass away.

Meet your future with confidence.

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put conditions on the distribution of their assets upon their death, including when and how these assets will be distributed. In addition, a trust might just protect these assets from creditors or lawsuits and help any heirs avoid probate court, which can be a costly and tedious process. Though trusts aren’t necessarily for everyone, they also aren’t exclusive to the very wealthy.

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NORFOLK DAILY NEWS, Tuesday, January 22, 2013

Know Which Financial Papers to Toss and Which to Keep Many homeowners recognize that they have quite a number of things around the house that serve no practical purpose. Paperwork can accumulate seemingly overnight, turning a once-organized home into a messy monument to clutter.

Oftentimes, uncertainty about which financial documents to keep and which to discard causes homeowners to keep everything, which can lead to unnecessary clutter.

According to financial expert David Bach, author of the book, “Start Over, Finish Rich,” many people keep too much information for too long. Even though a greater portion of transactions are taking place online, you still may feel more secure keeping paperwork in hard copy. But older bills and documents can likely be thrown away. As you begin your organizing detail, keep these pointers in mind.

What to Keep Purchase receipts, credit card statements and any other paperwork pertinent for filing taxes should be kept for a full year until taxes are filed.

Experts disagree as to what is the best period of time for keeping documents related to taxes after your return has been filed. Many people can safely shred tax documents within three years of filing.

This is the end of the normal audit period for “good-faith” errors. If you do not have any reason to believe information on the returns is fraudulent, you can probably safely toss out these older returns once the three years is up. If you are self-employed or if you want to be extra cautious, you can save tax returns for seven years.

You should keep certain important documents in a fire-resistant safe in the home rather than in a regular filing cabinet. These include warranty documents, insurance policies, copies of will and trust documents, medical history forms, copies of diplomas and school transcripts and an inventory of home items. Also keep important documents that pertain to your home purchase or rental agreement.

These include leases, home title, home survey, and mortgage documents.

Many people opt to keep other essential items that need a bit more protection in a safety deposit box or a burglar-proof safe at home. Items inside should include a list of bank account and credit card account numbers, copies of identification

cards, passports, social security cards, stock and bond certificates, IRA contribution records, certificates of deposit, and military documents, as well as divorce, marriage, adoption or any other important certificates.

What to Toss Most experts agree, including sources from Good Housekeeping, Consumer Reports and Kiplinger’s, that many receipts can be discarded shortly after

purchase. ATM receipts can be thrown away as soon as they are reconciled against your bank statement. Bank and credit card statements can be shredded after they have been confirmed unless you need them for any specific tax-filing reasons.

After a year, it is generally safe to do a thorough clean-out of pay stubs, especially after you have received your taxfiling forms and have submitted tax information.

Many people file away paid bills and keep them far longer than necessary.

Again, once they have been checked for accuracy, they can generally be thrown out. If you want to err on the side of caution, then keep these paid bills for 2 to 3 months and then toss them out.

Old insurance policies also can be thrown out when they are replaced by newer ones. However, keep the original statement showing the purchase date and price of the policy.

If you have any warranties or instructions for household items that have been sold or donated, then these can be thrown out as well.

Determining which financial paperwork should be saved and what is probably safe to get rid of just takes a little organizing and sorting. After you have culled through the documents, you have just freed up valuable space in your home.

Tips For Boomers Rejoining The Work Force Studies show that increasing numbers of baby boomers are delaying retirement and that many boomers who have already retired are considering returning to the work force. Even in the current economic climate and competitive job market, many employers recognize the value of older workers who bring with them years of experience and a strong work ethic. With minor adjustments, the basics of job hunting remain the same at every age and stage of life.

Do your homework * Additional income could affect your Social Security benefits. Visit the Social Security Administration online at www.ssa.gov or check local telephone listings for a local office for information. * If you don’t have a particular field or job in mind, find out which jobs and employers are more

open to hiring older workers. * Learn about any technological advances in your field. You may need to take an adult education or online class to bring yourself up to speed.

Update your resume and cover letter * Make sure the style of your resume and the terminology are up-to-date. * Emphasize your extensive skills and experience in the field or in other fields. * Include other experience you feel may be an asset but be sure it’s relevant to the position you’re applying for. * It’s okay to de-emphasize dates, but don’t hide or change information that’s expressly requested.

(It’s no secret that you’re an older job seeker.) * Always check and re-check your spelling, grammar and punctuation. * Consider sending your resume and cover letter

to the department head, job interviewer or the head of Human Resources in advance of your interview.

Be prepared for interviews * Research the company you’re applying with and if possible, the interviewer. * The odds are good that the interviewer will be younger than you. If this thought causes you discomfort, consider rehearsing for interviews with a younger person. * Be ready to explain why your age and experience make you the best candidate for the job without sounding defensive or apologetic. * Dress and groom appropriately and don’t try to act or look younger than you are. If you’re not confident about and comfortable with your age, a prospective employer won’t be either.

NORFOLK DAILY NEWS, Tuesday, January 22, 2013

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Learning to Live On a Fixed Income Difficult financial times have forced many people young and old to alter their lifestyles in order to stay afloat financially. Though unemployment has garnered most of the headlines as the economy has struggled the last several years, it’s not just men and women of working age who have felt the pinch.

In a 2010 study from the University of Michigan Law School, researchers found that people age 65 and older are the fastestgrowing segment of the U.S. population seeking bankruptcy protection. While there’s no single culprit for the rise in bankruptcy filings among seniors, the state of Florida could offer valuable insight as to why the nation’s older citizens are increasingly filing for bankruptcy.

Many retirees call Florida home, and in the past such retirees could tap into their home equity whenever they began to struggle financially.

However, like most of the country, Florida’s housing market is depressed, making it less viable for seniors to tap into their home equity to solve their financial problems. In fact, according to a study by the Administrative Office of the U.S. Courts, bankruptcy filings increased by 118 percent in states where the home price index decreased.

For many seniors fearful of financial struggles, living on a fixed income can be a helpful way of ensuring their future does not involve filing for bankruptcy. Though living on a fixed income is a definite challenge and certainly offers no guarantee that bankruptcy can be avoided, it does provide a framework seniors can rely on to keep their heads above water during difficult economic times. * Make an honest assessment. Living on a fixed income involves being honest with yourself and

admitting what your resources truly are. Write down any sources of income, including Social Security payments, pension payouts,

investments, etc. Then write down how much money you have in savings or print out a statement of all savings accounts.

Once you have an accurate figure of both income and savings, write down all your monthly expenses, including all expenses, no matter how minute they may seem. From here you can determine just how much you can spend each month. * Prioritize spending habits. Some expenses, including medications and monthly utility bills, will always remain a top priority. However, men and

women who must begin living on a fixed income need to prioritize how they spend their discretionary funds. For instance, a membership at the local country club can cost several thousands of dollars per year, whereas the local public golf course only charges players each time they play. While the country club might have a better course, it could be more prudent to choose the public course and save the cost of a private membership instead. * Find it for free. Men and women pay for many services each month that they could very well find for free. For example, in addition to books, many local libraries now allow members to check out CDs and DVDs at no cost. The same also goes for magazines. Instead of paying a monthly subscription cost, visit the local library and read the magazines there for free. If the local library does not have your favorite periodical, the content could very well be available for free online. * Expect the unexpected. One of the worst things that can happen to a person on a fixed income is to encounter an unexpected cost. This can include an unforeseen hospital visit, a costly auto repair or even inflation that wasn’t factored into your initial fixed income budget. Men and women on fixed incomes should expect such emergencies and save accordingly each month. Saving money should never go out of style, and those on fixed incomes should still attempt to save money each month.

Coming in under budget and making the most of it can make the difference between capably handling an emergency or being forced to consider unattractive alternatives such as filing for bankruptcy.

Common investment traps

When it comes to investing, many people approach their initial foray with a degree of trepidation. Much of that is due to the nature of investing, which involves a leap of faith even for the most conservative investments.

The economic downturn that began near the end of the first decade of the 21st century has only added to the fears associated with investing. While investing is a risk, it’s also a necessary step for men and women hoping to secure their financial futures. Whether an investment portfolio consists of just a 401(k) or an IRA, men and women who hope to retire need to find a way to balance their fear of investing with their desire to retire comfortably.

Many of those fears can be countered by watching out for some of these common investment traps. * Environmental investments. The “go green” movement has opened the door for scores of investment traps that prey on an investor’s desire to invest in ways that will improve their bottom line and the environment at the same time. Such traps are especially prevalent in the aftermath of environmental disasters like oil spills. Investors should be wary of e-mail or telemarketing campaigns that promise investors they have the products needed to fix disasters, whether it’s an oil spill or a hurricane. Whenever investing in green technologies, investors should do extensive research before agreeing to invest. * “Hot tips.” Nearly every investor has been offered a “hot tip” at one point or another.

Novice and even veteran investors should be especially wary of such tips, which are often unfounded and could cost investors. * Special deals. Some private deals are legitimate, though investors, particularly beginners, must be especially wary of “special” investment deals that often prey on unsuspecting investors. Typically framed as a chance to get in on the ground floor and invest in a business that’s trying to raise capital, these “special” deals are often fraudulent and investors could lose a lot of money. * Beware of online sales pitches. Social media has made it easier than ever before for con artists to victimize unsuspecting investors. This investment trap often boasts highyield returns and might even suggest these returns are tax-free. Any investment that guarantees either of these things is too good to be true, and beginning investors should avoid them. * Gold scams. Though some investors embraced gold as an investment opportunity, beginners should be wary of investment pitches that offer to buy gold for investors and then sell it once the value of gold has risen. The North American Securities Administrators Association warns that in many of these instances the gold does not exist. Investors who want to invest in gold should instead consider a gold fund.

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NORFOLK DAILY NEWS, Tuesday, January 22, 2013

Golden Years Are Turning Into Green Years The adage, “you can’t teach an old dog new tricks” is apparently a misconception. When you consider how many people of the senior demographic are continually trying new things, such as making green changes to their lifestyle, it would seem that change is possible no matter a person’s age.

The green movement in the media tends to be skewed toward the younger demographic. However, plenty of older individuals are making strides to adopt earth-friendly changes and spread the word about helping the environment.

Seniors comprise a considerable chunk of the population. For instance, nearly 13 percent of the United States. is over the age of 65. Also, with high numbers of seniors retired or working minimal hours, they are a demographic that has a lot of time to devote to going green.

Seniors are not new to the issues of going green. Many grew up during the Great Depression, when recycling and reusing were par for the course.

However, doing so back then was a necessity rather than a widespread social movement. Seniors are also less reticent to go without modern conveniences that may do more to hurt the planet than protect it. They are used to walking or bicycling to get around.

And the concept of hopping on a train or bus instead of driving individual cars is something many embrace.

Retailers, housing developers and

other business-minded individuals are finding that it pays to target the senior market in terms of going green. This demographic that grew up on being frugal finds many benefits to incorporating green concepts into their lifestyle.

A popular housing builder and Harris Interactive polled Baby Boomers ages 45 to 62 about their interest in the environment. Some findings include: * 94 percent of Boomers had taken steps in the last 6 months to go green. * 79 percent wanted to do more to reduce their carbon footprint. * 81 percent were concerned about what type of world they’re leaving for their grandchildren. * 25 percent said that a green house is one of the smartest investments a person can make.

With that in mind, here are some ways seniors can make environmentally friendly changes around the house in an effort to both save money and help the planet.

- Look for a retirement community or assisted living facility that boasts green practices. It has become commonplace for these communities to use solar panels to harness energy and green building materials to compromise the majority of the structure.

- Beef up insulation and weatherstripping. Replace drafty windows and doors to save considerably on heating

and cooling costs.

- Consider using low VOC paints and carpets made of organic materials.

Fewer chemicals in the air make for a safer living environment and world.

- A high-efficiency dishwasher may use less water than washing dishes by hand. Wait until the dishwasher is full before running a load.

- Now is the time to upgrade to energy-efficient appliances to use less energy and save money in the long run.

- Go yard sale shopping. Furnish the home with items that may be someone else’s trash but your treasure. You will limit the number of things that end up in landfills.

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NORFOLK DAILY NEWS, Tuesday, January 22, 2013

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options for long-term disability, shortterm disability, and even plans that cover specific illnesses, such as cancer.

Insurance plans are available for a group rate through an employer or can be purchased as individual plans. Keep in mind that some insurance companies require a grace period, meaning that the plan must be in effect for 6 months to a year before payout due to an injury or illness will take effect. * Workers Compensation/Social Security Disability Insurance: Americans with disabilities may be eligible for Social Security Disability Insurance (SSDI) or Workers Compensation (WC). In general, WC is for individuals who have a short-term disability and need supplemental income while recovering and being unable to perform work. SSDI is a program that workers, employers and the self-employed pay for with their Social Security taxes. An individual qualifies for these benefits based on their work history, and the amount of each individual’s benefit is based on that person’s earnings. Some people are eligible for both. Find more information at www.ssa.gov and www.cms.gov. * Life insurance: Individuals who are the breadwinners in the family may want to take out a life insurance policy.

In the event that an injury or illness leads to a premature death, a life insurance policy can support surviving members of the family.

Oftentimes, life insurance can be used to pay for funeral costs and help a surviving spouse handle bills and mortgage payments. Life insurance is a use-or-lose product, and there’s no guarantee policy holders will ever use the insurance. But many policy holders find the peace of mind it provides is worth the cost of the policy. * Legal avenues: Serious injuries sustained on the job or elsewhere might require the pursuit of legal action. A winning settlement can be used to pay for medical living expenses that were not covered by other means. Before pursuing this tactic, it is adviseable to consult with an attorney to see if the case is warranted. These cases can stretch out for a long time.

No one wants to experience a financial hardship due to lack of work from an illness or injury. Having a plan in place and saving or purchasing the right insurance can help soften the financial blow should a disability occur.

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Those who are not self-made billionaires or beneficiaries of another’s vast fortune rely on their paychecks to stay afloat. Should that steady source of income be removed due to an illness or injury, it may not be long before a financial crisis ensues.

For many workers, a salary and health insurance come hand in hand.

Although companies vary in their policies for disabled workers, in certain instances a salary will no longer be paid or it will be reduced significantly should a medical condition inhibit a person’s ability to work. Health insurance may continue or be terminated, depending on the policy of the company. Although no one foresees getting sick or hurt, having a plan in place can mean the difference between depleting bank accounts or riding out the disability until you’re able to return to work.

One-third of all Americans between the ages of 35 and 65 will become disabled for more than 90 days, according to the American Council of Life Insurers. On average, one in three Canadians will become disabled for more than three consecutive months before retirement, says CanEquity.

Consider these ideas to fend off a financial ruin during a period of disability. * Emergency fund: The benefits of an emergency fund have been touted time and time again.

An emergency savings account can be tapped should a person face extended unemployment due to a disability.

Experts vary with their advice regarding an amount to have in an emergency fund. Some advise around 4 to 6 months of living expenses, while others say 8 months to a year’s worth of expenses. If you’re already struggling to save, it may be advisable to keep as much as you can manage in an emergency account that can be accessed at a moment’s notice. That means not having it locked in a certificate of deposit (CD) or another account that may impose a penalty for early withdrawal. * Supplemental insurance: There are many programs available that offer disability insurance payments in addition to what may be provided by a federal program or through your own medical insurance. Many companies offer supplemental disability insurance.

Plans may cover between 60 to 80 percent of your salary, and benefits may extend for a certain period of time depending on the policy. Many offer

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NORFOLK DAILY NEWS, Tuesday, January 22, 2013

Delaying Retirement has Financial, Social Benefits The need to save for retirement is something professionals start hearing about from the moment they begin their careers. Whether it’s parents extolling the virtues of retirement plans or employers who encourage their employees to take advantage of their retirement programs, saving for retirement is never far from the minds of professionals.

As important as such savings can be, many workers are deciding to delay their retirements. As much as men and women envision retiring to a faraway seaside villa for their golden years, such retirements are not terribly common, and many older workers have begun to recognize the economic and social benefits of delaying retirement.

Those undecided about when they want to say goodbye to the office should consider the following benefits to delaying retirement. * Fewer years to worry about financing your lifestyle. Thanks to advancements in medicine and more and more people living healthier lifestyles, men and women are now living longer than in years past. While

living longer, healthier lives is a plus, it does have an effect on retirement.

Because people can now expect to live longer, they must ensure their money lasts long enough. By delaying retirement, men and women will have fewer retirement years to finance. * More chances to save money. It might be your dream to retire early, but you could be doing yourself a great disservice by ending your career prematurely. Men and women at or near the end of their careers are often making more money than they ever have, which enables them to save more than they have in the past, especially if children are full grown and supporting themselves. Take advantage of these high-salary years, even if it means working an extra few years. If you do, when you retire you could have substantially more in savings than you would have had you retired early. *Stay socially active. In addition to economic benefits, delaying retirement has social benefits as well. Many people get the bulk of their social interaction with colleagues and coworkers. When men and women retire, these

opportunities for social interaction can dwindle rather quickly, and it’s not uncommon for retirees to battle feelings of isolation. Delaying retirement allows you to easily maintain contact with friends and colleagues, and can lead to a better quality of life. * The chance to give back. Many older professionals view retirement as being put out to pasture, where their years or experience aren’t utilized.

However, individuals who delay retirement can use their extra years around the office as an opportunity to leave a legacy for the next generation.

This is something professionals find especially valuable as their retirement draws nearer and they want to leave a lasting mark, be it on their company, within their industry or in the community in which their company operates. Delaying retirement provides more time to build this legacy, and can create a greater sense of fulfillment when men and women do decide to retire. often see it as a chance to build a bigger nest egg and leave a more lasting legacy Delaying retirement is growing within their company and community. increasingly popular. Men and women

Pre-Planning a Funeral Death is not a topic many people prefer to discuss. However, discussing funeral planning and making arrangements can be a smart financial move and one that limits large decisions at a time of heightened emotions.

Every year millions of people in North America make the decision to pre-plan a funeral. The process is also known as pre-need planning.

Individuals can even take out insurance policies that direct benefits to funeral expenses.

The main purpose of pre-need planning is to alleviate the financial burden and decision-making during times of grief and stress. Wellexecuted plans can make the funeral process run like a well-oiled machine.

It’s never too early to begin pre-

planning a funeral. Making a list of information that will go to a trusted family member, executor of one’s estate or a funeral director is one way to start.

Here are some items to include: * Name * Date of birth * Place of birth * Social security number * Location of will * Military service * Place of disposition, whether a cemetery or crematorium * Organ donation preferences * Funeral and/or wake preferences * Name of funeral home and director * Copies of receipts and contracts for any services purchased * Any other important information, such as location of safety deposit box

Pre-Planning Your Funeral Arrangements

information, attorney names, etc.

There are very good reasons for pre-need planning. All arrangements can be thoroughly considered and spelled out so they meet a person’s desires. If he or she has a preference in cemetery or prefers to be interred at a mausoleum, these requests can be expressed and not assumed by family members.

Pre-planning also enables a person to shop around for the most affordable services, caskets and funeral homes. Pre-planning also helps avoid inflation of costs later on, enabling a person to lock in the cost of services now.

Stress and grief can make family members unable to cope with decisions during the time of death.

As a result, one of the most

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important reasons for pre-need planning is to make the process one in which close friends and family members can come to grips with the death, rather than having to run around for a few days and make arrangements in haste. This way loved ones can simply remember a person how he or she was instead of choosing clothing, disposition places, service wording, and the like.

A funeral director can walk a person through the process of preplanning a funeral. He or she is often licensed to sell cemetery plots and can take much of the work out of the process. A community or familyowned business may have a rapport in the area and offer the best deals or the desired level of personalized service.

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NORFOLK DAILY NEWS, Tuesday, January 22, 2013

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How to Write Your Own Last Will and Testament Few people, young or old, look forward to writing a will. A will is not an easy subject to broach, but it is important to have documents in place to ease the burden for family members.

When a person dies without a will, his or her assets might not go where he or she intended. In some instances, assets might go to the government. For parents who die before their children are grown, a will can also serve as a legal document indicating a plan for custody of the kids.

Although it is often preferable to consult with a local estate-planning attorney who understands the language and legalities surrounding a will, it is also possible to write a will yourself.

There are forms that can be purchased from office-supply stores, or a will can be prepared online by answering questions and then generating a form to print. The will also can be typed or handwritten. Handwritten wills are called holographic wills and may not be recognized unless written during an emergency situation, such as a fatal illness.

Laws regarding wills vary based on

where you live. Therefore, learn the legalities before preparing a will so you will have a document that holds up in a court of law and can be executed to your desires. Here is some of the basic information that may be included in your will. * Include your name, address, date of birth, and social security numbers if they will better help identify you should there be confusion. * State that you are of sound mind when writing this will and of contractual capacity. * Write a statement indicating that this will revokes all other wills that may have been executed before. * List the names and addresses of all of your children. If the children are minors, at this point you can also specify your wishes with regards to their guardianship. List the names and addresses of the people whom you wish to have custody of your children. * Appoint an executor or executrix to carry out the affairs of your estate and instructions specified in the will. This person typically must be over the age of 18. Select someone whom you trust to

honor your wishes. * Indicate how you want the executor to handle your financial affairs, including paying taxes, funeral costs, final expenses, etc. At this point you also may want to spell out where you would like to be buried and any specific requests with regard to the funeral, viewing, and any other funeral-related details. * Indicate the executor has permission to sell your home and personal belongings that are not included in personal gifts to be distributed. * List any gifts you would like to be distributed to certain people. This may be a doll collection to a daughter, coins to a son, china to an aunt, etc. * Specify the percentages of your assets to be distributed should the listed beneficiaries survive you. Maybe you want to divide your estate evenly between two children. If so, allocate 50 percent to one and 50 percent to the other. You may have more specific breakdowns. Should these people not survive you, you can establish an

alternate or list nothing, in which case the assets will be put back into the general pot. * Include a residuary clause that states how to distribute any remaining assets. * State whether you want the executor to be reimbursed for any expenses that result from executing the will. * Indicate that you would like the executor to post bond as a form of insurance so that the executor can’t run off with the money for himself. * Name an alternative executor should the first pass away before executing the will or if he or she is unable to serve upon your death. * Sign the will in front of two or three witnesses (check what is required where you live) and a notary public.

The witnesses cannot be anyone named in the will.

This article is intended as general information about what is typically covered in a standard will. It should not be taken as legal advice. Prior to implementing any of these tips, consult with an attorney certified in estate planning.

A “Raise” For People Who Get Social Security

By Mike McWilliams Social Security District Manager in Norfolk Nebraska As we ring in a new year, we can expect to see a number of changes. Social Security is no exception: in 2013, people who receive Social Security or Supplemental Security Income (SSI) payments will see their benefits increase.

Beginning in 2013, a 1.7 percent cost-ofliving adjustment (COLA) was applied to all Social Security and SSI payments. The average monthly Social Security benefit for a retired worker in 2013 is $1,261 (up from $1,240 in 2012) and the average monthly Social Security benefit for a disabled worker in 2013 is $1,132 (up from $1,113 in 2012). These changes were reflected in SSI payments dated December 31, 2012 and Social Security payments dated in January 2013.

For people who receive SSI, the maximum federal payment amount has risen to $710 (up from $698).

Other Social Security changes in 2013 are worth noting. For example, a worker now pays Social Security tax on up to $113,700 of annual income (up from $110,100 in 2012). A worker earns one credit after paying taxes on $1,160 in earnings in 2013 (up from $1,130). As always, a worker may earn a maximum of four credits each year and a person generally needs forty credits (or ten years of work) to be eligible for retirement benefits.

To learn more about these and other changes for 2013, visit the Social Security website at www.socialsecurity.gov., and read our fact sheet about the changes at www.socialsecurity.gov/pressoffice/ factsheets/colafacts2013.htm

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NORFOLK DAILY NEWS, Tuesday, January 22, 2013

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NORFOLK DAILY NEWS, Tuesday, January 22, 2013

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Keep Us in the Loop to Help Decrease Improper Payments

By Laurie Jones Social Security District Manager in North Platte, Nebraska If you are receiving Social Security disability benefit payments, it is important to notify us promptly — either in person, by phone, or by mail — whenever a change occurs that could affect your benefits. This is especially true when reporting other income. Errors occur when you fail to report certain types of income timely. If you do not report these amounts, you may have to repay a large part of your benefits.

Continued monthly benefits for a time while you work; Continued Medicare or Medicaid while you work; and Help with education, training, and rehabilitation to start a new line of work.

The rules are different under Social Security and SSI. But, whether you are receiving Social Security or SSI, it is important to let us know promptly when you start or stop working, or if any other change occurs that could affect your benefits.

If you work while receiving disability payments You should tell us if you take a job or become selfemployed, no matter how little you earn. There are some work incentives that may allow you to keep your disability payments for a while. If your benefits stop because of your work, we can quickly start them again if your income drops or if you stop working.

Special rules make it possible for people receiving Social Security disability benefits or Supplemental Security Income (SSI) to work and still receive monthly payments.

If you cannot continue working because of your medical condition, your benefits can start again — you may not have to file a new application.

Work incentives include:

Also, tell us if you have any special work expenses because of your disability (such as specialized equipment, a wheelchair or even some prescription drugs) or if there is any change in expenses.

If you receive other types of disability benefits Social Security benefits for you and your family may be reduced if you also are eligible for workers’ compensation (including payments through the black lung program) or for disability benefits from certain federal, state, or local government programs.

You must tell us if: You apply for another type of disability benefit; You receive another disability benefit or a lumpsum settlement; or Your benefits change or stop.

If you get a pension from work not covered by Social Security If you start receiving a pension from a job for which you did not pay Social Security taxes — for example, from the federal civil service system, some state or local pension systems, nonprofit organizations, or a foreign government — your Social Security benefit may be reduced. Also, tell us if the amount of your pension changes.

So keep in mind that you must always keep Social Security informed of your changing situation. Many factors can affect your benefits.

To learn more about Social Security, visit www.socialsecurity.gov

Myths About Social Security

By Laurie Jones Social Security District Manager in North Platte, Nebraska Like any other successful and longstanding program or organization, there are a number of myths surrounding Social Security. Some of them are grounded in truth but just slightly misconstrued. Others are completely out of line with the truth. Let’s take a look at a few.

Myth 1: Social Security is just a retirement program.

Social Security is more than a retirement program. It provides benefits to retirees, survivors, and people with disabilities who can no longer work. In fact, almost seven million disabled workers and nearly two million of their dependents get Social Security disability benefits. Six and a half million dependents of deceased workers (including two million children) get Social Security survivors benefits.

Social Security is more than just retirement.

Myth 2: I don’t need to save because Social Security will take care of me when I’m retired.

Social Security was never intended to be a person’s sole income in retirement;

it should be combined with pension income and personal savings and investments. Your Social Security Statement, available at www.socialsecurity.gov.mystatement, is a great place to get an idea of what to expect during retirement. You can also visit our Retirement Estimator at www.socialsecurity.gov/estimator.

Myth 3: If I work after I retire, I’ll be penalized.

Once you reach your full retirement age, there is no penalty and no limit on the amount you can earn. You can determine your full retirement age by visiting www.socialsecurity.gov/ retirecharted.htm. The earnings limit for workers who are younger than “full” retirement age (age 66 for people born in 1943 through 1954) is $15,120 in 2013. (We deduct $1 from benefits for each $2 earned over $15,120.) The earnings limit for people turning 66 in 2013 is $40,080. (We deduct $1 from benefits for each $3 earned over $40,080 until the month the worker turns age 66.) Keep in mind that if we withhold some of your benefits due to work, we will re-compute your monthly benefit amount when you reach full retirement age to account for those

months that we withheld your benefit.

There is no limit on earnings for workers who are full retirement age or older for the entire year.

Myth 4: To apply for benefits or do business with Social Security, I need to go to an office.

Not only is this false, but we encourage you to do business with us the most

convenient and fastest way: at www.socialsecurity.gov. At our website, you can apply for benefits, use our Retirement Planner, get an estimate of your benefits, request a replacement Medicare card, and much more. You’ll find it all — along with answers to your questions — at www.socialsecurity.gov.

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NORFOLK DAILY NEWS, Tuesday, January 22, 2013

Medicare: General Enrollment and General Information

By Kim Ehlers Social Security, Management Support Specialist in Norfolk, Nebraska Need Medicare Part B? If you’re eligible, now is the time to sign up. The general enrollment period for Medicare Part B runs from January 1 through March 31. Before you make a decision about general enrollment, let us fill you in on some general information.

Medicare is a medical insurance program for retired and disabled people. Some people are covered only by one type of Medicare; others opt to pay extra for more coverage. Understanding Medicare can save you money; here are the facts.

There are four parts to Medicare: Parts A, B, C and D. Part A helps pay for inpatient hospital care, skilled nursing care, hospice care, and other services. Part B helps pay for doctors’ fees, outpatient hospital visits, and other medical services and supplies not covered by Part A. Part C allows you to choose to receive all of your health care services through a provider organization.

These plans, known as Medicare Advantage Plans, may help lower your costs of receiving medical services, or you may get extra benefits for an additional monthly fee. You must have both Parts A and B to enroll in Part C. And Part D is the Medicare Prescription Drug Program.

Most people first become eligible for Medicare at age 65, and there is a monthly premium for Medicare Part B. In 2013, the standard premium is $104.90. Some high-income individuals pay more than the standard premium. Your Part B premium also can be higher if you do not enroll during your

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initial enrollment period, or when you first become eligible.

There are exceptions to this rule. For example, you can delay your Medicare Part B enrollment without having to pay higher premiums if you are covered under a group health plan based on your own current employment or the current employment of any family member. If this situation applies to you, you can sign up for Medicare Part B without paying higher premiums: Any month you are under a group health plan based on your own current employment or the current employment of any family member; or Within eight months after your employment or group health plan coverage ends, whichever comes first.

one of the above categories, you’ll have to wait until the general enrollment period, which is January 1 through March 31 of each year. At that time, you may have to pay a higher Medicare Part B premium.

For more information about Medicare Parts A, B, C, and D, visit the Centers for Medicare & Medicaid Services (CMS) website at www.medicare.gov. Or read our publication on Medicare at www.socialsecurity.gov/pubs/ 10043.html.

If you are disabled and working (or you have coverage from a working family member), the same rules apply.

Remember: Most people are automatically enrolled in Medicare Part B when they become eligible. If you don’t enroll in Medicare Part B when you first become eligible to apply and you don’t fit into

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NORFOLK DAILY NEWS, Tuesday, January 22, 2013

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NORFOLK DAILY NEWS, Tuesday, January 22, 2013

What You Can Do to Speed Up Your Disability Application

By Mike McWilliams Social Security District Manager in Norfolk, Nebraska If your disabling condition is preventing you from continuing to work, you may want to apply for disability benefits through Social Security. In most cases, doing so involves a thorough process of determining your eligibility, medical condition, and ability to work. Because we look so carefully at so many cases — more than three million each year — it can take us three to five months to determine whether you are eligible.

Processing times on that initial claim can vary depending on several factors, but primarily on: the nature of your disability; how quickly we obtain medical evidence from your doctor or other medical sources; and whether we need to send you for a medical examination in order to obtain evidence to support your claim.

There are things you can do to help speed up the process. The more information you provide up front, the less time it will take us to obtain the evidence we need — and the faster your claim can be processed.

What type of information do we need?

Any medical records or documentation you have is helpful. We can make copies of the records you have and return your originals;

The names, addresses, and phone numbers for any doctors, medical facilities, treatment centers, or providers related to your disabling condition; The names, addresses, and phone numbers for previous employers and the dates worked for each employer; Workers’ compensation information, including the settlement agreement, date of injury, claim number, and proof of other disability benefits awarded; Names and dates of birth of your minor children and your spouse; Dates of marriages and divorces (if any); Checking or savings account number, and the bank’s 9-digit routing number, so we can deposit your payment electronically; Name, address, and phone number of a person we can contact if we are unable to get in touch with you.

If this disability application is for a child, we need the name, address, phone number of the schools attended and any school records you can provide.

We also ask you to sign release forms that give us permission to obtain the information needed from third parties to make a decision on your claim.

The best place to start is online at www.socialsecurity.gov/disability. Select “Disability Starter Kit” in the left column. There, you’ll find more information and starter kits for both adults and children.

You can apply online for disability benefits (the easiest method), or you can make an appointment

by phone or in a Social Security office. The choice is yours. (For Supplemental Security Income (SSI) disability benefits, you cannot apply online, but you still can complete the Disability Starter Kit to prepare for the interview and speed-up the processing time.)

If you’re considering an application for disability benefits, the place to go is “ www.socialsecurity.gov/disability.

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NORFOLK DAILY NEWS, Tuesday, January 22, 2013

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Safeguard Your Social Security Number

By Kim Ehlers Social Security, Management Support Specialist in Norfolk, Nebraska As the use of the Social Security number (SSN) as an identifier has grown, there has been a dramatic increase in the misuse of the SSN. We have all seen news stories related to

scam artists, identity theft and SSN abuse across the region in recent weeks.

You should always safeguard your personal information such as date of birth, mother’s maiden name, and your Social Security number. Why? Because it is that type of information identity thieves are after.

You may think you are safe simply by

Leaving an Estate to Charity When movie producer David Gundlach passed away suddenly from a heart attack in October 2011, few people knew he intended to leave his massive personal fortune to a local charity in his hometown of Elkhart, Indiana. Gundlach gave away all of his $125 million to the Elkhart County Community Foundation.

One doesn’t have to be a famous movie producer or sports star to donate assets to charity in wills. Individuals sometimes make the choice to leave a portion of their estate to a favorite charity to create a legacy that helps the unfortunate. Such a decision may surprise family members, so it may be wise to discuss plans when drafting wills and ensuring that the correct method of bequeathing estates to charities is followed.

When a will is written, it is typically in a person’s best interest to consult with an estate-planning attorney prior to making any decisions. When working in conjunction with a financial planner, an attorney can help you grow your estate and ensure your assets will be distributed according to your wishes.

When writing a will that includes charitable donations, be very precise in the verbiage and specify your wishes and intents so they are carried out correctly.

Just like feisty family members, charities can be quite aggressive in their pursuits of funding, particularly if they have reason to believe that money will be coming their way as part of a person’s will.

In order to prevent unnecessary battling among attorneys, it is best to have all of your wishes clearly explained and spelled out so the people and organizations who matter the most to you receive the money -and that you’re not simply funding legal bills.

Leaving money to a charity can have financial advantages for the other benefactors of your will. A bequest to

not carrying your Social Security card with you and not providing your personal information over the Internet by e-mail or phone. However, scam artists have become tricky. Never reply to an e-mail or provide information over the phone from people claiming to be from Social Security and asking for your Social Security number or personal information.

Identity theft is one of the fastestgrowing crimes in America. If you think you have been the victim of an identity thief, you should contact the Federal Trade Commission at www.ftc.gov/bcp/ edu/microsites/idtheft. Or you can call 1-877-IDTHEFT (1-877-438-4338)TTY 1-866-653-4261.

If someone has misused a person’s SSN or other personal information to create credit or other problems, Social Security cannot resolve these problems.

We can however, remind our customers to report identity theft, fraud, or misuse of their Social Security number, to the www.ftc.gov/bcp/edu/ pubs/consumer/idtheft/idt07.shtm” \t “_new” Federal Trade Commission (FTC), the nation’s consumer protection agency. It is also recommended that customers take the following five steps:

a charity reduces the size of your estate, meaning less money is subject to estate taxes. While you cannot benefit from an income-tax deduction while you are alive, you will cut down on taxes afterward, which would normally take away money that was left to family and friends.

Despite the advantage to bequeathing money to a charity, it is not something that is very common.

According to Russell N. James III, a professor at Texas Tech University who conducted a study that analyzed 20,000 Americans over the age of 50 from 1995 to 2006, only around 9.5 percent of those who donated more than $500 a year to charity planned on making a charitable bequest after their deaths.

Step 1: Place a fraud alert on your Those who want to save money in a credit file by contacting one of the three tax-efficient way upon making a companies: charitable donation can choose to donate an IRA account to charity. This will save your heirs money in income taxes that they otherwise would have to pay when the IRA is distributed.

There are some gray areas in doing this properly, so it is best to consult with a tax advisor.

Equifax - 1-800-525-6285 Trans Union - 1-800-680-7289 Experian - 1-888-397-3742 The company you contact is required to contact the other two, which will then place an alert on their versions of your report.

Step 2: Review your credit report for inquiries from companies you have not contacted; accounts you did not open; and debts on your accounts that you cannot explain.

Step 3: Close any accounts you know, or believe, have been tampered with or opened fraudulently.

Step 4: File a report with your local police or the police in the community where the identity theft took place.

Step 5: File a complaint with the Federal Trade Commission www.ftccomplaintassistant.gov/” \t “_new” online or by calling them at 1877-438-4338.

Everyone needs to be careful when sharing your personal information, even when you are asked for it. You can always ask why your number is needed, how it will be used and what will happen if you refuse. This is why it is more important than ever to remain vigilant, be careful and always safe guard your personal information. To report fraud, waste or abuse, go to oig.ssa.gov/report-fraud-waste-orabuse.

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NORFOLK DAILY NEWS, Tuesday, January 22, 2013

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