Up & Coming Weekly

November 24, 2020

Up and Coming Weekly is a weekly publication in Fayetteville, NC and Fort Bragg, NC area offering local news, views, arts, entertainment and community event and business information.

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Page 16 of 24

WWW.UPANDCOMINGWEEKLY.COM 16 UCW NOVEMBER 25-DECEMBER 1, 2020 MONEY Ideas for thanking your family submitted by DEBBIE BEST DEBBIE BEST, Financial Advisor at Edward Jones Investments. COM- MENTS? 910-488-7535 It's almost Thanksgiving. Although 2020 may have been a difficult year for you, as it has been for many people, you can probably still find things for which you can be thankful — such as your family. How can you show your appreciation for your loved ones? Here are a few suggestions: •Invest in your children's future. If you have young chil- dren — or even grandchildren — one of the greatest gifts you can give them is the gift of edu- cation. You may want to con- sider contributing to a higher education funding vehicle. •Be generous. Do you have older children, just starting out in life? If so, they could well use a financial gift to help pay off student loans, buy a car or even make a down payment on a home. You can give up to $15,000 per year, per recipient, without incurring gift taxes. Of course, you don't have to give cash — you might want to con- sider presenting your children with shares of stock in compa- nies they like. •Review your insurance coverage. If you weren't around, it would leave some gaping holes — financial and otherwi- se — in the lives of your family members. That's why it's essen- tial you maintain adequate life insurance. Your employer might offer a group plan, but it may not be sufficient to meet your needs. There's no magic for- mula for determining the right amount of coverage, so you'll have to consider a variety of fac- tors: your age, spouse's income, number of children and so on. Also, you may want to consider disability insurance — if you were unable to work for a while, it could cause a real problem for your family's finances. •Preserve your financial inde- pendence. W hen your children are young, you take care of them. But you certainly don't want them to have to do the same for you — so it's essen- tial you maintain your finan- cial independence throughout your life. You can do this in at least a couple of ways. First, consider investing regularly in your 401(k), IR A and other retirement accounts. The grea- ter your resources during your retirement years, the less you may ever need to count on your family. And second, you may want to protect yourself from the devastating costs of long- term care, such as an extended nursing home stay. A financial professional can suggest a stra- teg y to help you cope with these expenses. •Create an estate plan. To leave a legacy to your family, you don't have to be wealthy — but you do need a comprehen- sive estate plan. You'll have to think through a lot of questions, such as: Have I named benefi- ciaries for all my assets? How much do I want to leave to each person? Do I need to go beyond a simple will to establish an arrangement such as a living trust? For help in answering all these issues, you'll want to work with an attorney. By making these moves, you can show your loved ones, in a tangible way, how much you value them — and that can help you keep the spirit of Thanksgiving alive all year long. There are a number of ways you can show your appreciation for loved ones as you ponder f inancial wellness. Medicare has changed. Find out how it can affect you. We are not connected with, nor endorsed by, the U.S. Government or the Federal Medicare Program. I understand I have no obligation when an agent contacts me to answer my questions about insurance. Premiums can change if all policies of the same form and class in your state are changed. Plan F, Plan G, High Deductible Plan F and High Deductible Plan G premiums based on attained age will also change each year on or after your birthday. L030NC, L035NC, L036NC, L037NC, L038NC, F001, F002 6248_C Important changes to the federal Medicare program became effective at the beginning of the year. As a result, retirees in your state may be eligible for coverage with new options. Find out if you qualify for Medicare Supplement insurance from Physicians Life Insurance Company that can help limit your out-of-pocket expenses. Get the facts that matter to you: • Critical dates for Medicare eligibility • Options that can help keep more money in your pocket • Medicare benefits many retirees may not be aware of For FREE information, call: 1-855-502-3366 or visit MedSupBenefit.com/upcoming

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