Investing in your future

Investing IN YOUR

Inside • Find a financial planner • Think long-term • Face financial fears

Published by

2017

FUTURE

PAGE 2 • 2017 • INVESTING IN YOUR FUTURE

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INVESTING IN YOUR FUTURE • 2017 • PAGE 3

Go with a plan FILE PHOTO Investing in Your Future

While various computer programs are available to help people track finances, a budget can also be set up with paper and pencil.

Advisor says a budget is key to success

By Ryan Spoehr STAFF WRITER

When the calendar turns over and Jan. 1 becomes the date, it is natural for people to think, “Oh my goodness, how am I going to manage my finances?”

The first step in doing that is coming up with a budget, said Delavan-based financial advisor Debra Cross. How to do that, she said, is to take a step back and be realistic with finances.

“You are taking the first step in having some peace,” said Cross, an advisor for Edward Jones. “You are taking the first step in knowing where you are, and to know that you are stressing but you don’t need to stress. Or, you are stressing, but now there is something that you can do, and you know what to do and strategies that can help you.”

Developing a budget, particularly in the new year, is about setting goals, Cross said.

“They really have to have a vision in what they are trying to achieve. That’s what motivates someone. That’s where you have to start. ‘Why I am doing a budget?’ I feel like I’m a little out of control. I spent a little too much,’” Cross said.

She has had clients who may even be a little too worried about their financial status.

“A budget isn’t about being mean to yourself; it’s just about reality,” Cross said.

Cross sits down with clients and analyzes their spending.

“I am surprised how often people think

they are in worse shape than they are. Once they think it through and put it on paper and have their eyes wide open, they are surprised it’s better than what they thought,” Cross said.

Even if it is as bad as the client thinks, that may not be an entirely negative situation.

Knowledge of it is empowering, Cross said.

Five steps to success That is where the advising aspect comes in. Advisors can help with planning.

Monetary totals can scare people. Cross often sees clients with worries that stem from consumer debt.

“The kinds of numbers I see vary so widely that I can tell someone, ‘We can have a strategy. This is not a crazy outflow compared to other things I see,’” Cross said.

Once someone’s tensions are eased, Cross explains a five-step plan for getting financially organized. Those five steps include: • Where am I today?

• Where would I like to be?

• Can I get there?

• How do I get there?

• How can I stay on track?

The question “Where am I today?” establishes the financial standing the moment of speaking with Cross. The remainder of the process details goals, how to get to those goals and to keep a method of stability.

See ADVISOR, Page 4

FILE PHOTO Investing in Your Future

Creating a household budget – in other words, organizing and anticipating expenses – is the first step in establishing financial peace, according to Debra Cross, a financial advisor with Edward Jones in Delavan.

PAGE 4 • 2017 • INVESTING IN YOUR FUTURE

Retirement is a long journey, it helps to have an experienced guide.

FINDING A

financial planner

Type of compensation is key to relationship A Certified Financial Planner can help people address a multitude of issues and concerns so they are able to achieve their financial goals.

Ideally, according to the Financial Planning Association, he or she is someone who can: • Help set realistic financial and personal goals; • Assess current financial health by examining assets, liabilities, income, insurance, taxes, investments and estate plan; • Assist in developing a realistic, comprehensive plan by addressing financial weaknesses and building on financial strengths; • Put a plan into action and monitor its progress; and • Help clients stay on track to meet changing goals, personal circumstances, stages of your life, products, markets and tax laws.

When it comes to selecting a Certified Financial Planner it’s important to make sure he or she is someone who is a good match.

In addition to asking the usual questions about education, licenses, certifications and products, the Financial Planning Association recommends finding out how the advisor is compensated.

According to the FPA, financial planners

Professional financial advice designed to help you achieve your financial and lifetime goals.

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can be paid in a variety of ways, and each has its merits. Choosing the appropriate method depends on individual situation.

The FPA says it advocates for the highest standards for competent and ethical planners, regardless of compensation or business model. However, before entering into a relationship with a planner, people should have a clear understanding of how he or she will be compensated: Fee-only: A planner may describe his or her practice as “fee-only” if, and only if, all of the planner’s compensation from all of his or her client work comes exclusively from the clients in the form of fixed, flat, hourly, percentage or performance-based fees.

Commission-only: Denotes the compensation generated from a transaction involving a product or service and received by an agent or broker, usually calculated as a percentage on the amount of his or her sales or purchase transactions. This includes 12(b)1 fees, trailing commissions, surrender charges and contingent deferred sales charges.

Fee and commission: If a Certified Financial Planner and any related party receives or is entitled to receive both commissions and fees for providing professional activities, the planner must disclose his or her compensation as “Commission and Fee.”

(Continued from page 3)

“This is the starting place for financial planning for anyone’s goals,” Cross said. “It’s the same steps for anyone who is thinking about their budget.”

Cross said while it is an approach that is used for everyone, it allows for individual situations and it conforms to people’s situations and what they want to achieve.

“We have budget workshops and things so they can see where they are today, and they can see where they’d like to be. Then they can see the issues and difficulties. Then we can help them with strategies.”

fund, Cross said.

“Life happens,” she said. “They need to strategically think about their cash.”

The emergency fund is set up for unforeseen circumstances. It may be a separate bank account, or just a line item in someone’s main account.

Typically, an emergency fund is equal to about three to five months of expenses to be used for car repairs, medical expenses or other financial issues that may come up.

However, depending on income, Cross said, it can be a fund that is equal to a year or more of expenses, but it will take time to Analyze spending habits develop. It may be a few months. It may be Cross warns clients that sometimes certain three years.

She said while developing the fund, the spending habits may seem to be too much amount of money put away depends on the on first glance, but those actions may not person and their situation. be entirely detrimental. However, it is still important to look at finances and find that out. “This is going to help you avoid debt,” Cross said. “That would be something I “If someone has their eating-out budget, would hope people have as their New Year’s sometimes that’s an area where once they resolution to make sure they are building that are surprised (at how much) they spend on emergency fund at a good level, even if it is a eating and they can control that. But, if it’s little tiny bit. You will never regret having it manageable, you enjoy it, you are able to there.” keep enjoying it and you are able to keep the spending manageable in your world, then you don’t have to beat yourself up about it,” Cross New Year’s resolution said.

Cross said it may be effective for people to “It’s in context of the big picture,” she have developing a budget as their New Year’s added. “We get arms around the big picture resolution. for folks to really help them reach their long- “Anytime people feel inspired to budget, it term goals.” is a good time to do it. It makes it real,” Cross said.

Emergency fund Cross works for the Edward Jones at 1034 Ann Street, Delavan. For more information, The next step after the initial five-step process is to start developing an emergency call (262) 728-4224.

INVESTING IN YOUR FUTURE • 2017 • PAGE 5

Suited to the situation Financial plans are as varied as investors

By Jennifer Eisenbart STAFF WRITER

Lauer Financial Services in Waterford carefully studies each investor who comes in the door.

As Brian Lauer, who owns the company with his wife, Yvonne, says everyone is unique.

“When I do things, I do full-blown comprehensive financial planning,” Lauer said. “I say everyone’s financial plan is as different as … I used to say fingerprint, but now I say retinal scan.

“Everybody’s situation is unique,” he said. “And dynamics change.”

Lauer said that financial situations change not only due to age, but outside factors as well.

“When we’re young, and maybe we’re just starting out … there are things that are very important to get started with,” he said.

He said wills and guardianships are important, as is investing in life insurance. Lauer conceded, though, that

getting younger people started in investment is difficult.

“They’ve got other priorities for their funds,” Lauer said. “And in many cases, no one has told them to get started.

“It’s difficult to get a person Brian Lauer wrapped around it.”

Lauer said that once getting started, though, it’s important to keep an eye on investments, making adjustments as needed.

“Planning is not linear at all,” he said.

“Changes occur.”

He said he reviews every year with his clients, but transition times – which includes retirement – he insists on every six months.

“That’s when most of the changes occur,” Lauer said. “In many cases, no changes are made, but it’s very important

people monitor their goals and objectives against what they’re actually doing.”

He said every financial objective is based on spending.

“From there, you have to create your plan around that,” Lauer said.

He said if clients are in the accumulation process, he looks at pre-tax and post-tax investing. If clients are in a higher tax bracket, there are advantages to pre-tax investments, Lauer said.

“Or using more tax-deferred investments,” he said.

With lower tax brackets, Roth IRAs or general investments might work better because paying taxes now is not as expensive.

As people reach the middle of their careers, investors start to feel the urgency of the financial situation, Lauer said. With children often grown and out of the house, there is more income available.

“When they reach that age, it becomes imperative that they begin the goal-setting process, and begin to look at how they’re

going to achieve financial independence,” Lauer explained. “There’s not too many people who want to work until the day they die.”

The dynamics really change as people near retirement, which is the part Lauer considers the most difficult of being a financial planner.

“Accumulation planning is a science,” he explained. “Distribution planning, I feel, is an art.”

Lauer said understanding tax law and the impact of Social Security and Medicare all play a part when people approach or reach retirement age.

“Even where you’re taking the money from matters,” he said.

That is where a financial planner becomes most important.

“What a good planner will do is pull the package together,” Lauer said. “Quantify what your objectives are.”

Lauer Financial is at 228C N. Milwaukee St., Waterford. To reach the office, call (262) 534-7100.

When do you need a financial advisor?

Are you a do-it-yourselfer? If you can take care of home repairs, lawn work and other types of maintenance by yourself, you’ll save money and probably gain satisfaction. But you will almost certainly need some help in other areas of your life – one of which may be investing.

In fact, many people could benefit from the services of a professional financial advisor at several points in their lives: WHEN YOU’RE STARTING OUT IN YOUR CAREER When you land your first careertype job, you will have some financial decisions to make: Should I participate in my employer’s 401(k) or other retirement plan? (Hint: Yes!) If so, how much should I contribute? How can I juggle saving for retirement with paying off student loans?

These are the types of questions you can answer with the help of a financial advisor.

WHEN YOU’RE RETIRED Even after you retire, you’ve got plenty to think about in terms of financial moves.

For one thing, you need to ensure that your WHEN YOU’RE CLOSE TO investment portfolio provides you with RETIREMENT both sufficient income for your desired As you near retirement, you’ll have lifestyle and adequate growth potential to several issues to consider: About how much help you stay ahead of inflation. income will you need each year? When What’s the correct balance of should you start taking Social Security? investments for your needs? Are there How much can you afford to withdraw investments that can provide you with annually from your IRA and 401(k)? rising income without exposing you to A financial advisor has the tools, training undue risk? and experience to explore alternatives and Once you’re retired, you just won’t get a suggest suitable moves for you. lot of do-overs, so getting the right help is A financial advisor who understands you and your needs can help make appropriate moves for all milestones.

important.

If you’re a do-it-yourselfer, you may not get it right each and every time. But you won’t pay much of a price (except, perhaps in embarrassment) if that chair you built collapses under a stack of newspapers.

However, you also know when it’s time to call in a professional – and that’s whom you need when it comes to building your financial future.

This article was written by staff at Edward Jones for use by its local representatives. Topics discussed here are general. Readers are advised to consult a financial planner for specific questions.

WHEN YOU’RE SAVING FOR IMPORTANT GOALS Whether you’re saving for a down payment on your first home, or for your children’s college education, or for your own comfortable retirement, you’ll face many choices.

A financial advisor – someone with experience in helping people work toward these goals – can assist you in making the choices most appropriate for your individual situation.

WHEN YOU’RE REACHING A PERSONAL MILESTONE Like everyone, you’ll go through many major life events. Some will be joyful, such as marriage and the arrival of children, while others may be unpleasant or sad, such as divorce or the death of a loved one.

But virtually all these events carry with them some type of financial component – establishing new investment accounts, purchasing sufficient insurance, naming and changing of beneficiaries, and so on.

FILE PHOTO Investing in Your Future

Many people could benefit from the services of a professional financial advisor. Do a little research and make an appointment with an advisor to see if your situation warrants professional advice.

PAGE 6 • 2017 • INVESTING IN YOUR FUTURE

In my opinion

A long-term financial plan will help logic rule over emotion

W

hen stock markets are highly volatile, the roller coaster ride can test even the most stoic of investors. But those with a professionally prepared, long-term financial plan may fare better than most do-it-yourself investors.

The emerging science of neuroeconomics, which combines neuroscience with economics and psychology, has made amazing findings about the brain and investing-related emotions using imaging technology.

These studies have found that the survival wiring in your brain, which makes you desire reward and avoid risk or pain, has stronger grounding than your logical wiring. Put to the test, your desire to avoid pain – which always outweighs the desire for reward – will usually win over logic.

A financial plan can bolster your logic when your emotions want to take over.

Its greatest strength lies right within its construction. Your financial planner developed your plan based on your personal situation, including your goals, your age, your assets and income, your liabilities and your tolerance for risk.

Faced with volatility and the emotional desire to flee the pain of market losses

By

William Zurek INVESTMENT OFFICER

or increase the euphoria of market gains, your financial planner takes you back to the plan: Has anything changed about your personal situation as a result of the market? If not, there’s no reason to change the plan.

That’s not to say that financial plans should be created in a vacuum and then shoved in a drawer to be dusted off in 10, 20 or 30 years when you retire. Your financial planner will review your plan with you at least annually and whenever you face a life-changing event, including the birth of a child, an empty nest, retirement, divorce, illness, disability or the death of a spouse, parent or child.

Multiple studies of past market data have shown that the longer you have money invested in the market, the less

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volatility your portfolio experiences.

That’s because time allows the highest highs to offset the lowest lows. On average, the markets have had positive returns in seven out of 10 years for the past 70 years, according to the Financial Planning Association. The longer you are invested in the market, the more up years you accumulate.

Market swings make headlines because they reflect change – one of journalism’s criteria for news making. Daily swings don’t necessarily reflect a trend of any significance. The market can be up hundreds of points one day only to be down the same amount the next day.

Trying to guess which way it will go on a given day, week, month or even year is a fool’s game that plays to your emotions.

Financial planning, on the other hand, plays to your logic. As you reach milestones in your life, you can look at your plan and say, “Ah, yes. My planner talked about this, and we prepared for it.” That applies to market volatility as well; your financial planner takes into consideration the effect of market volatility and applies tools such as diversification, asset allocation and rebalancing, among other strategies, to your investment model.

While asset allocation and

diversification do not guarantee greater or more consistent returns, they may help offset risk.

Will your account balance at times show a drop in value? Absolutely. No one can guarantee you will never lose money on an investment. A financial plan and the counsel of your financial planner can give your logic the boost it needs to keep your emotions from running roughshod over your financial goals.

This article was written by Securities America for distribution by William Zurek.

Zurek is an investment officer with Community Investment Center, 1500 Main St., Union Grove. He is licensed to discuss and/or sell securities Wisconsin, Washington, Illinois, Florida and Missouri.

For more information, call (262) 878-3531 or email william.zurek@ securitiesamerica.com.

Securities offered through Securities America Inc., Member FINRA/SIPC. Advisory services offered through Securities America Advisors Inc. Community Investment Center and the Securities America Companies are separate companies Investment products are not FDIC insured, there are no bank guarantees and they may lose value.

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A dose of reality

INVESTING IN YOUR FUTURE • 2017 • PAGE 7

High school students get crash course in personal finance

L

ake Geneva Badger High School students learned the ins and outs of personal finance during a program offered by Community State Bank Dec. 8, 2016.

More than 300 students and 50 community volunteers gathered in the school’s gymnasium to experience the MyLIFE program sponsored by the Union Grove-based bank. It was the second straight year the school and bank joined forces for the program.

MyLIFE, which stands for My Local Interactive Financial Education, was developed by Community State Bank as a comprehensive interactive financial literacy program for high school students, according to a news release issued by the bank. The program is designed to demonstrate the importance of sound money management skills.

Earlier in the school year, Badger students had the opportunity to choose a career path that determined his or her starting salary for the event. Students were then randomly assigned a “life” – single, married or divorced, kids or not, a credit score and student debt – all potential real-life situations.

Once their “life” was assigned, the students were directed to the gym, where Badger staff, local business leaders, and

See PERSONAL FINANCE, Page 8

Community State Bank Retail Manager Mary Jo McCarthy discusses the importance of a savings account with Badger High School junior Manny Alejandro during a financial literacy program at the school Dec. 8, 2016.

SUBMITTED PHOTO Investing in Your Future

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PAGE 8 • 2017 • INVESTING IN YOUR FUTURE

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• Personal finance

(Continued from page 7)

community volunteers helped guide them through typical life decisions.

“Our program was designed to be as realistic as possible,” said Neil Buchanan, market president for Community State Bank. “We want the students to experience the difficult decisions that their parents make, but in a controlled environment.

“There are a variety of local businesses involved in the program, from grocery store owners to insurance representatives,” Buchanan continued.

“It’s a unique event that brings the whole community together for the benefit of our local schools.”

Business leaders, volunteers and school staff were instructed to explain all available purchase and payment options to the students, in order to test the students’ budgeting skills. Students were then required to manage a monthly budget that included housing, insurance, groceries, transportation, gas and repairs for their cars. Health emergencies and other unexpected expenses were also factored into the exercise, according to organizers.

Bank officials reported that many students realized towards the end of the program that they had exceeded their monthly budget, resulting in a review of their life choices or career path. A “help desk” staffed by volunteers was available to students who ran into budgeting trouble. The students were counseled about some of their financial choices that

may have led to their strained budgets.

“I love the idea of high school students getting a taste of what real life is all about,” said student volunteer Vania Salazar. “Becoming an adult isn’t always about doing what you want, when you want. It comes with responsibilities.”

In addition to Salazar, three more seniors from Badger also volunteered their time to help prepare for the event.

The students helped compile student life folders, assist at stations and guide students.

In recognition of their efforts, the bank awarded scholarships to four senior volunteers: Devon Frederick, Amy Linendoll, Salazar and Theresa Van Schyndel.

“We are very thankful for everyone who made this event possible,” said MyLIFE Coordinator, Kris Bernstein.

“Our program is a success because of the help from our local schools, businesses, students and volunteers.”

Since the program was launched in 2013, MyLIFE has been used in six schools in Kenosha, Racine and Walworth counties, reaching more than 2,500 students, according to bank officials.

The program has won the Wisconsin governor’s Financial Literacy Award twice and has spurred a middle school version known as MyLIFE Essentials.

Questions regarding the MyLIFE program can be directed to Buchanan or Bernstein at (262) 878-3763.

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SUBMITTED PHOTO Investing in Your Future

Badger High School juniors Taylor Garrels (left) and Tessa Fredrickson catch up as they travel through the MyLIFE stations offered by Community State Bank.

Among the financial learning stations were housing, insurance, groceries and transportation.

Facing financial fears

INVESTING IN YOUR FUTURE • 2017 • PAGE 9

Liberate yourself from haunted finances and prosper Did you retire the checkbook and register years ago? Do you now pay your bills automatically?

If you answered yes to these questions, then you may be in the dark about your account balance(s) and exactly where your money is going. One or more skeletons could be lurking in your financial closet. Oh, the horror!

Let’s get you to a healthier, happier place. It’s time to reverse the ghastly trends bewitching your finances and scare up some cash for life’s next big moment.

Prioritize for better management

To get the most out of your money, you need priorities.

Start with a list of core expense categories: home (mortgage, repairs, utilities), health (meals, gym, medical), vanity (clothing, hygiene), entertainment (movies, sporting events), travel, commute (car loan, gas), savings and miscellaneous. Organize as many expenses as you can under these.

When one doesn’t fit, boot that

skeleton and it won’t spook you any longer. Now, order the categories from most to least important.

When money is scarce, priorities help you to reduce or cut an expense altogether. Here’s a budget tracker to help you get started.

Tip: Any system you create or adopt to eliminate distractions and better sort through the numbers will increase your ability to make sound financial decisions.

Look into your haunted habits

Pull aside the cobwebs on your checking account and closely examine the ghosts of intentions past. Maybe it’s a gym membership you no longer use, or perhaps you’re spending too much on a hobby. Here’s one that can really haunt cash flow – dining out too often. It’s easy for new expenses to creep in, stay too long and burden you. Some begin as an investment in a good thing, but

See FEARS, Page 12

FILE PHOTO Investing in Your Future

How you manage your financial house can bring warmth to your life or haunt your cash flow.

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270397

INVESTING IN YOUR FUTURE • 2017 • PAGE 11

5 things life insurance companies

don’t always tell you

A life insurance policy can be the difference between financial security and disaster for families whose primary bread-winner passes away unexpectedly.

A significant loss of income can leave uninsured families struggling to pay bills, including final expenses. This is particularly serious when you consider that nearly half of all Americans don’t have enough emergency savings to cover three months worth of expenses, and more than a quarter have no emergency funds at all, according to a Bankrate survey.

Still, life insurance isn’t the answer to all of life’s financial challenges, especially if you buy a policy without fully understanding how it works, or what life insurance can and can’t do for you. Here are five things your life insurance company won’t always tell you about life insurance:

Not everyone needs life insurance

While most people can probably benefit from having life insurance, it’s not for everyone.

For example, most financial experts agree the majority of people don’t need to buy life insurance for their kids. The purpose of life insurance is basically to: replace lost income (most kids have no income); pay final expenses (they’re likely to be manageable); or accrue cash value. You may think a whole life policy could give your child money toward his or her education once the policy matures.

However, there are other ways to save for a college education that offer tax benefits a whole life policy doesn’t.

Likewise, if you’re a young worker with no dependents and no debt, you might not need life insurance right now. You could put what you’d spend on premiums into your retirement savings. Or, if you’re older with no dependents and already have a legacy set aside for your descendants, you

What’s smarter – Paying off debts or investing?

If you’re just starting out in your career, you will need to be prepared to face some financial challenges along the way – but here’s one that’s not unpleasant: choosing what to do with some extra disposable income. When this happens, what should you do with the money? Your decisions

might choose other types of investments.

However, anyone who has debt and dependents could probably benefit from having life insurance protection.

Online tools can help you figure out how much life insurance you really need Years ago, people relied on their insurance agent or company to advise them on how much life insurance to buy. The internet has made it easy to know exactly how much death benefit you really need.

Online tools and “robot advisors” have become very useful resources for helping consumers figure out how much life insurance is appropriate for their unique circumstances. A quick web search for “life insurance calculator” will yield numerous results, including calculators not provided by insurance companies or anyone in the insurance industry. For example, personal finance websites Yahoo Finance and Nerd Wallet both offer life insurance calculators.

No single “best” type of policy fits everyone

Life insurance comes in three basic types: term (the cheapest kind, it has an end date), whole (costs more, has no end date, accrues cash value and premiums are fixed) and universal (also permanent and accrues, but with premiums that can vary). Insurance agents are happy to sell you any kind of policy, but of course their commission rewards are greatest when they can sell you more expensive policies.

Each type of life insurance has advantages and drawbacks for different people, depending on a lot of factors like your age, health, why you need life insurance, and how long you need it.

To ensure you’re getting the best value, understand the policy and how it works for you before you buy.

could make a real difference in your ability to achieve your important financial goals.

Under what circumstances might you receive some “found” money? You could get a year-end bonus from your employer, or a sizable tax refund, or even an inheritance. However the money comes to you, don’t let it “slip through your fingers.”

Instead, consider these two moves: investing the money or using it to pay off debts.

Which of these choices should you pick? There’s no one “right” answer, as everyone’s situation is different. But here are a few general considerations: • Distinguish between “good” and “bad” debt. Not all types of debt are created equal. Your mortgage, for example, is probably a “good” form of debt. You’re using the loan for a valid purpose – i.e., living in your house – and you likely get a hefty tax deduction for the interest you pay.

On the other hand, nondeductible consumer debt that carries a high interest rate might be considered “bad” debt – and this is the debt you might want to reduce or eliminate when you receive some extra money. By

While people with debt and dependents could probably benefit from having life insurance protection, it’s not right for everyone.

FILE PHOTO Investing in Your Future

Your term life policy doesn’t (always) have to end

Term life is cheapest because it has a definitive end date. Term life aims to provide insurance for when you most need it, such as until your kids finish college.

However, most term policies sold today are convertible - at the end of the initial term you can either continue with a new term (at a higher rate), or convert the term policy to whole life (also at a higher rate).

You may be able to sell your term policy for cash

If you’re a senior and you own a convertible term policy that will soon expire, you may think your choices are limited simply because there was no “cash value” built up in the policy over the years. Your life insurance company is

doing so, you can free up money to save and invest for retirement or other goals.

• Compare making extra mortgage payments vs. investing. Many of us get some psychological benefits by making extra house payments. Yet, when you do have some extra money, putting it toward your house may not be the best move.

For one thing, as mentioned above, your mortgage can be considered a “good” type of debt, so you may not need to rush to pay it off. And from an investment standpoint, your home is somewhat “illiquid” – it’s not always easy to get money out of it. If you put your extra money into traditional investments, such as stocks and bonds, you may increase your growth potential, and you may gain an income stream through interest payments and dividends.

• Consider tax advantages of investing.

Apart from your mortgage, your other debts likely won’t provide you with any tax benefits. But you can get tax advantages by putting money into certain types of investment vehicles, such as a traditional or Roth IRA. When you invest in a traditional IRA,

unlikely to tell you otherwise and, in fact, many insurers prevent their agents from informing you of any alternatives to either letting the policy expire or converting it to a more expensive new policy. But the truth is that you may be able to unlock the value in your policy by selling it to outside investors for a lump-sum cash payment.

According to the Life Insurance Settlement Association, in the right situation, a policyholder can turn a term life policy into cash in their hands, provided that it is able to be converted to a new policy and has a death benefit of at least $100,000. By selling your life insurance policy, you can avoid higher premium costs and generate some cash to help fund your retirement.

Call (888) 521-8223 or visit www.lisa. org to learn more.

(BPT)

your contributions may be deductible, depending on your income, and your money grows on a tax-deferred basis.

(Keep in mind that taxes will be due upon withdrawals, and any withdrawals you make before you reach 59-1/2 years old may be subject to a 10 percent IRS penalty.) Roth IRA contributions are not deductible, but your earnings are distributed tax-free, provided you don’t take withdrawals until you reach 59-1/2 and you’ve had your account at least five years.

Clearly, you’ve got some things to ponder when choosing whether to use “extra” money to pay off debts or invest.

Of course, it’s not always an “either-or” situation; you may be able to tackle some debts and still invest for the future. In any case, use this money wisely – you weren’t necessarily counting on it, but you can make it count for you.

This article was written by staff at Edward Jones and provided here by local Edward Jones Financial advisors. The topics are general and readers are advised to consult a professional for specific questions.

PAGE 12 • 2017 • INVESTING IN YOUR FUTURE

• Fears

(Continued from page 9)

then life happens. Be honest – you won’t finish all you start. The wind shifts and so will you.

Tip: By facing the realities, you can re-align your spending with your greatest wants and needs.

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encourage regular reviews of expenses and other sound financial habits.

Live peacefully and prosper

The hard work has been done – you faced the ghosts, weren’t spooked, retired Don’t get spooked them and got your financial house in order.

Financial habits form easily. While Congratulations, you chose the future over some can be difficult to reverse, few things the past! Now, go forward with renewed are as frightful as a shrinking account energy. balance. Be strong and level with yourself. Here are a few suggestions for the cash Which expenditures can you continue to you’ve scared up: afford? Which need to be retired? Calm • Open or boost a savings account; those eerie voices in your head that won’t • Take on a certificate with a yield; leave you alone. You should be doing this.

• Invest in a money market fund; You could be there instead. The calling • Enjoy that vacation you’ve wanted to may be medical expenses, a bigger car to take; accommodate the kids, a much-needed • Contribute to your retirement savings; and home repair or a vacation.

• Get a head start on home Tip: As Benjamin Franklin warned, improvements before the spring.

“Never leave that till tomorrow which you “You rarely hear anyone say, ‘I started can do today.” saving for retirement too early in life,’” says Kevin Driscoll, vice president of Be patient, advisory services at Navy Federal Financial Group. “If you start saving earlier than but be constant

Depending on the amount of money later, you’ll be financially healthier throughout your retirement years.” you’re trying to scare up, it could take Tip: Align your money closely with months or years to save, so start now. short and long-term goals to reduce anxiety Monitor progress and hold the course dutifully. The ghosts that once haunted your and enhance your well-being.

Get started. cash flow probably lingered for months (if not years). Saving money often takes time, “Invest in your future today and reap the and while the impact of your new financial rewards of financial freedom later,” says Thomas Racca Jr., manager in Navy Federal’s priorities could produce an immediate Personal Finance Management division. “The bump, most will take longer to deliver. choice is ultimately up to you. If you work Some experts in supernatural phenomena recommend you clean your house regularly hard at following these steps, then you can to discourage ghosts from returning. Some achieve your personal goals and also enjoy the journey along the way.” believe ringing a bell is a good practice.

(BPT) Tip: Set alarms in your phone to

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269013

INVESTING IN YOUR FUTURE • 2017 • PAGE 13

Paying for college

FILE PHOTO Investing in Your Future

Studies show college education can be worth the price. The U.S. Census Bu- tuitions continuing to rise, families must find the most effective way to finance a reau estimates that students who attend college can earn nearly twice as much child’s college education to avoid jeopardizing their ability to save for retirement. over their lifetimes as those with only a high school diploma. But with college

Options reduce need for student loans While only a fortunate few students can expect a free college education by winning full academic or athletic scholarships, everyone can take advantage of a combination of academic aid, grants, fellowships, work-study and student loans to pay for a four-year degree, says Peter Gayle, a vice president for Prudential Advisors. Unfortunately, many prospective students and their families often don’t know where to look.

With student debt increasingly becoming a long-term burden on graduates and families, adds Gayle, it’s never been more important to minimize the out-ofpocket expenses to put a student through college – and reduce reliance on student loans.

To put the weight of student debt in perspective, The Federal Reserve Bank of New York noted that in 1995, 54 percent of graduates had loans averaging $11,491.

It’s more recent data in 2015 showed 71 percent of graduates joined the workforce with student debt averaging slightly more than $35,000. What’s more, the Federal Reserve Bank of New York estimates 25 percent of those who owe federal student loans are delinquent or in default.

The good news is that anyone willing

to put in the time can likely find programs that help foot the bill – helping to reduce the need to take out loans – so a student’s education won’t break the budget or jeopardize a financial future. According to Gayle, families can take a few initial steps before choosing a school: • Learn how the financial aid process works and get the most out of options that don’t need to be repaid; • Understand each school’s actual net price – after financial aid – and set realistic expectations, choosing from the most affordable institutions; • Explore types of financial aid, including grants, work study programs and scholarships; examine the specific types of aid available per school and find out how much of a family’s demonstrated financial need each school will cover; • Understand the kinds of loans available, including a variety of federal loans and private loans, which may be used to fill any financing gaps after exhausting other options; and • Understand how parents’ “available income” is used to calculate how much parents are expected to contribute to their child’s education, especially for federal financial aid purposes.

Several guides, including Prudential Financial’s www.prudential.com/ payingforcollege, can help families take a carefully considered approach to financing a college education while safeguarding a student’s long-term financial future, including the ability to save for retirement.

For families that must use student loans, the federal government is making it easier to understand how to borrow, process applications and repay loans through new online tools. Since 2010, all new federal loans, except Federal Perkins Loans, have been issued through the U.S. Department of Education, which offers information about borrowing and repaying loans.

There are multiple options to repay federally funded student loans, which generally require repayments to start six or nine months after a student graduates, leaves school or drops to half-time enrollment. A few popular choices for repayment include types of income-driven plans, which calculate payments based on a borrower’s ability to repay. One catch: It’s critical to re-certify income and family size annually to avoid huge monthly payment increases.

When debt becomes too burdensome, some loan programs offer forgiveness

through public service, federal government employment, and options like teaching in underserved school districts.

Private loans are trickier since there is no standard: Interest rates and repayment terms vary from lender to lender. It’s also worth considering the need for life insurance to cover the full loan balance to aid co-signers or beneficiaries in the event of the borrower’s death, says Gayle.

Financial advisors would be well-equipped to help explore this and other options, Gayle notes.

Employers are also beginning to offer employee student debt benefits to put their employees on a course for financial security. At Prudential Financial, for example, new employees hired through the company’s campus recruitment program beginning in January 2017 could earn an incentive of up to $5,000 toward paying off student loans after one year of service.

Other companies match student debt payments with contributions to employee retirement savings plans.

“Prudential Advisors” is a brand name of The Prudential Insurance Company of America and its subsidiaries located in Newark, NJ.

(BPT)

PAGE 14 • 2017 • INVESTING IN YOUR FUTURE

Top tips for understanding and paying back student loans

With an estimated $1.3 trillion in student loans outstanding, it’s safe to say student loan debt is a reality for millions of Americans.

While this figure may sound daunting, experts say that greater financial literacy can help students and graduates better understand their loans and pay them back.

“The reality is, people out there are hungry for information. They want to understand the facts when it comes to paying back student loans and the best way to do it,” says the educator turned hip hop artist Dee-1, who celebrated paying off his student loans by writing the song “Sallie Mae Back.”

To help students get on the right track, Dee-1 has teamed up with Sallie Mae to educate students on financing college, paying back loans, and managing finances. They are offering the following tips from the top of Dee1’s paying back student loans playlist: • Know who you owe and how much.

Understand if your loan is from the federal government–about 93 percent of all loans are– or a private lender like Sallie Mae. If you are unsure, call your lender or check your credit report. Be responsible. Know your monthly payment amounts and due dates.

• Separate wants from needs. Managing your money means managing your lifestyle.

Prioritize payments you must make every month, and make sure your student loan is one of them.

• Exceed your own expectations. Pay more than the minimum amount due each month. If you get a raise or tax refund, use part or all of it to increase your monthly loan payment. The faster you pay off your loan, the less you’ll spend in the long run.

• Confront reality. If you run into trouble, don’t hide from it, don’t be embarrassed by it, and don’t give up. Stay positive, focused, and look for solutions. Call your lender or touch base with your cosigner, if you have one.

• Get excited about your future. Be passionate about managing your money wisely and effectively. You can’t make your student loans disappear magically overnight, but you can make a plan for paying them back.

“The exhilaration Dee-1 expresses in paying off his student loans is contagious,” says Martha Holler, senior vice president, Sallie Mae. “We hope his excitement and his direct, doable tips help newly minted graduates get into the rhythm of repayment.”

For more information, visit SallieMae. com, a one-stop resource that includes monthly budget worksheets, loan repayment calculators, and information about payment options -- including the company’s Graduated Repayment Period, which allows graduates in good standing to make 12 months of interestonly payments before transitioning into full principal and interest payments.

New tech tools also are making managing loans easier than ever. For example, Sallie Mae recently unveiled a new mobile app – available for Apple and Android – to help customers manage their accounts, access loan information, and make payments from smartphones.

Don’t let the prospect of paying back student loans overwhelm you. Financial literacy is a game changer and can position you to move up in the workforce on good financial footing.

(STATEPOINT)

There are specific financial vehicles to help kids save for college. Talk to your financial advisor to set up a plan that works for your budget.

FILE PHOTO Investing in Your Future

Now’s the time to start saving for her future Whether your children or grandchildren are infants or in high school, it’s not too late or too soon to put money aside to help them achieve a great private college education. It is also a good idea to make college education savings one of your 2017 financial resolutions.

One way to energize your savings is with a prepaid tuition plan that lets your family save on the cost of college by locking in tomorrow’s tuition at today’s prices. By using Private College 529 Plan, your tuition is guaranteed no matter how much rates increase over the years or how investment markets perform. Use the guaranteed tuition at an ever-growing list of close to 300 private colleges and universities, including many of the nation’s top-ranked schools.

Save on college costs

Private College 529 Plan is not an investment account; it is different than a traditional 529 plan as families are pre-purchasing tuition. The prepaid tuition can be used at any participating school from Princeton to Stanford and everything in between.

Participating schools include large research universities, liberal arts

colleges, faith-based institutions and more.

Families can potentially save thousands of dollars by prepaying, which can expand a student’s range of potential schools to institutions that might once have seemed beyond a family’s means. For example, assume a year of tuition at a particular university is now $35,000.

If tuition rises 4 percent a year for 10 years, tuition would be $57,000 – offering a savings of over $20,000.

These savings can give the child more options. You do not commit to any particular school until the student enrolls. Participation in the plan does not guarantee admission to any college or university; nor does it affect the admissions process.

The plan is sponsored and guaranteed by the nearly 300 participating colleges and universities – not the government. Since the schools bear all the financial risk and pay all the fees, you get the most for your money.

Private College 529 Plan accounts can be redeemed only for undergraduate tuition and mandatory fees. Therefore, it is a smart idea to invest in a 529 savings plan to help

cover the cost of room and board, computers, books and other qualified education-related costs. If your child doesn’t go to one of the Plan’s schools, you can request a refund or use the funds for a relative’s education.

Tax advantages

Congress authorized 529 plans, including Private College 529 Plan, to help families save for college. While you don’t get a federal tax deduction for contributing, the increase in value of your account is tax-free if you spend the money on qualified college expenses, such as tuition.

More than 30 states allow tax deductions or credits on state returns.

There are estate-planning benefits, too. Contributions are considered completed gifts and qualify for annual gift tax exemptions. You can even front-load your account with five times the annual gift exclusion and remove that amount from your estate. There are no income limits for account owners; and the Plan’s contribution caps are very generous, currently $265,400.

To learn more or open an account, visit www.privatecollege529.com/ prepay or call toll-free (888) 718-7878.

(NAPS)

INVESTING IN YOUR FUTURE • 2017 • PAGE 15

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PAGE 16 • 2017 • INVESTING IN YOUR FUTURE

Are you on the RIGHT PATH to retirement?

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