- Created on Monday, 04 November 2013 08:42
According to a 2013 survey, almost 90 percent of middle-income Americans do not feel prepared to handle the financial cost of a critical illness. Most respondents said they would have to use their savings, but 75 percent had less than $20,000 in savings and 25 percent had no savings at all.
A critical illness can be especially challenging, but even healthy people with medical insurance can face substantial out-of-pocket expenses. The total health-care cost for a typical family of four covered by an employer-sponsored PPO insurance plan is $22,030 in 2013. More than 40 percent of this total – $9,144 – is paid by employees through payroll deductions and out-of-pocket expenditures.
One strategy that may help reduce health-care costs while saving for future expenses is to combine a high-deductible health plan (HDHP) with a health savings account (HSA).
- Created on Wednesday, 30 October 2013 23:39
WHAT'S HAPPENING MYRON: I was on the air this past Sunday deciding on an entertainment news story to talk about when I stumbled across an article I couldn't believe I was reading. The caption read, "Chris Brown Arrested for Assault." I'm thinking to myself, "really?"
As I read the story, I couldn't believe the details of what led to his arrest.
Brown and his bodyguard, Christopher Hollosy, had been arrested and released without bail early Sunday morning following an altercation with another man outside the W Hotel in Washington D.C. The man was treated at the hospital and released.
- Created on Tuesday, 29 October 2013 17:39
Most people hold the Ivy League in high esteem as an exclusive oasis of intellectual thinking where one can acquire an excellent education. What they might not know is that its long-revered universities were also once intimately involved in slavery, depending on that evil institution for everything from funding to free labor.
Furthermore, places like Princeton served as a proving ground for the sons of plantation owners being trained in classes on slave management that:
"For Sullenness, Obstinancy, or Idleness... Take a Negro, strip him, tie him fast to a post; take then a sharp Curry-Comb, & curry him severely til he is well scrap'd; & call a boy with some dry Hay, and make the Boy rub him down for several Minutes, then salt him & unlose him."
- Created on Tuesday, 29 October 2013 16:17
If you leave a job or retire, you might want to transfer the money you've invested in one or more employer-sponsored retirement plans to an individual retirement account (IRA). An IRA rollover is an effective way to keep your money accumulating tax deferred.
Using an IRA rollover, you transfer your retirement savings to an account at a private institution of your choice, and you choose how you will invest the funds. To preserve the tax-deferred status of retirement savings, the funds must be deposited in the IRA within 60 days of withdrawal from an employer's plan. To avoid potential penalties and a 20 percent federal income tax withholding from your former employer, you should arrange for a direct, institution-to-institution transfer.