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Tips Reducing Debt
Money Tips

Keeping Your Credit Strong

by Kimberly Johnson
written by Kimberly Johnson

Keeping your credit clean is a matter of due diligence and you should make it a priority to give yourself a “credit checkup” every year, much like you would make it a priority to get a medical or dental checkup. Keeping Your Credit Strong
Even if you don’t think you have credit problems, you should get copies of your credit report. You can get them from TransUnion, Equifax, and Experian. Check these to make sure everything on there is correct. If you find errors on your credit report, clear these up immediately.
Keeping Your Credit StrongIf you apply for a credit card or loan, then you can get all 3-credit reports for free. Additionally, if you receive a letter that denies you credit, make a copy of it and enclose it with your written request for a copy of your credit report.
Most debts that are over 7 years old may not appear on your credit report, if this is the case, don’t open up old wounds by going looking for them! Many creditors after 7 years of having no contact will write off the debt. In some cases they will continue their efforts to locate you, either way, don’t open Pandora’s box if the debt isn’t listed on your credit report.
Be aware that when you apply for a loan or any type of credit, the lenders will request copies of your credit report, this will add points to your credit score and this inquiry stays on your report for about 3 years.
Nowadays almost everyone will check your credit report so if you are buying a car do not allowing the sales person to check your credit until you know this is what you want.
Keep tabs on your credit report periodically and if you have notice charges on your report that appear suspicious contact the three credit bureaus immediately.
When you do have credit card bills or loans, try to pay them off in full but if you don’t have the money to pay the bill in full, make sure you pay as much as you can (at least the minimum on the bill to avoid bad credit reports. Also, if you have any debts that have not yet gone to collection, find a solution for getting those bills up to date before you get a bad mark on your credit.
If you do get into trouble with your credit, you might want to find someone that you trust who can help guide you through the process of repairing your credit. If you don’t know someone personally, try finding a Debt Counselor that is qualified to assist you.
No matter whether you clear your debt yourself or use professional help, one good way to get started is with budgeting.
Come up with out a budget that includes your monthly installments. Then make another budget that comes as close to your debts as you can. Finally make a budget that satisfies your demands for survival after you have cut back funds.
If you come up with ways to save money by cutting back, finding some way to earn more money, and having a budget then you will have a guaranteed strategy for getting yourself out of debt. Plus once you are out of debt you will also notice an increase in your income.

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Checklist for Retirement
Money Tips

Saving Money After Retirement

by Kimberly Johnson
written by Kimberly Johnson

When it comes to saving for retirement, much focused is placed on saving in your 30s, 40s, and 50s. Of course, you will want to do so. The sooner you start saving for your retirement, the more money you will have. With that said, did you know that you can still save money after you have retired? You can. Saving Money After Retirement
 
Saving Money After RetirementBefore focusing on a few of the many ways that you can save for retirement after you have already retired, it is important to examine your reasons for doing so. It is no secret that our wants and needs change, sometimes on a monthly basis. You may have been fine with the plan of staying around home, but you may have since changed your mind. Would you and your spouse like to travel the world or the country? Would you like to travel with friends? Do you want to start your own business or take up an expensive hobby? If so, you will need to save money, to extend to life of your retirement savings.
As for how you can make money after you retire, start examining your expenses. For starters, look at your bills. How much money are you paying for auto insurance, electricity, heat, internet, television, and phone? Are there ways that you can reduce their costs? Is there a cheaper phone, internet, or television package you can purchase? Can you find cheaper auto insurance through a different company? If you can, make the switch.
It is also important to examine unnecessary purchases. These purchases tend to reduce after leaving the workplace, but are you still spending money on things you don’t need? Do you like to get a soda or coffee when you leave the house? If so, consider packaging a drink for you to take from home. As nice as it is to help your family in their time of need, make sure that you can afford to do so first. If your retirement goals depend on you saving more money, don’t offer to help send your grandchildren to college or buy them a new car, no matter how hard it can be to say no. Remember that your retirement should come first.
Another easy way that you can save money after you retire is by making use of senior discounts. Many businesses, including retail stores and restaurants, do offer them. If you know you qualify for a senior discount, ask for it. Do not wait for this discount to be offered to you.
An easy way to save money after you retire is to supplement it. Are you still able to work? Can you comfortable move around or stand for long periods of time? If so, consider getting a part-time job. Many retailers need part-time employees. Some of these employees are only needed to work ten hours a week. This may be the perfect type of opportunity for you. This is an easy way to make and save more money for your retirement. Just make sure that you choose a job that you love and actually enjoy being at.
If you find yourself in need of more money for retirement, as opposed to just wanting more, it is advised that you examine your current living situation. Is your home paid off? If so, you are at an advantage, but examine your maintence costs. Is the home in constant need of repairs? Are your utility bills higher than you can afford? If so, you should consider relocating to a more affordable home. In fact, you may want to consider renting. If you are able to find an affordable apartment, the money from the sale of your home can do wonders for your retirement savings account.
As you can see, there are a number of ways that you can save money after you retire. In fact, it is recommended that you do. Your retirement goals can change at any point in time. There is also always the chance of an emergency, such as a medical emergency. Since retirement can be risky, you should be financially prepared.

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Why Have An Estate Plan?
Estate Planning

Why Have An Estate Plan?

by Jeff Dailey
written by Jeff Dailey

A recent study showed that in today’s economy, more and more people see estate planning as “discretionary” – something that can be put off until times are better. Unfortunately, disaster doesn’t know the difference between a bullish or bearish stock market, an employed versus unemployed person, or a younger individual versus an older individual. Simply put, the benefits of having a current, up-to-date estate plan far outweigh what happens if you don’t.
Let’s start with addressing what an estate plan does. An estate plan helps to document your preferences and instructions with regard to your financial affairs and more in the event of your incapacitation or death. The basic legal documents found in a typical estate plan include a last will and testament, a living will, a healthcare power of attorney and a financial power of attorney. Some individuals prefer to use trusts as a complement to, or sometimes in lieu of a last will and testament.
There are four components to a good estate plan, including:

  • having proper legal documents for your situation
  • a well organized catalog of all your important personal information and instructions for your family to access after your death
  • a documented legacy – all the personal stories, accomplishments, and heritage information that you want passed to the next generation
  • advanced communication – sharing your preferences, viewpoints and wishes with your loved ones.

People create estate plans for a variety of reasons. Some people have a strong desire to avoid probate. Remember, probate is simply the legal process whereby a court appointed person identifies all of your assets and liabilities and their value, pays your final bills, and distributes what’s left of your assets to your heirs according to law. Your probate officer is typically a close family member or friend, but can sometimes be an attorney or other professional. In some states, it’s actually quite a simple process. In other states it can be a little more complex.
If you want to know what strategies will help you better manage probate, a qualified estate planning attorney can assist you. He or she will make sure your beneficiary designations on your financial accounts and insurance policies are completed properly and will encourage you to consider various types of trusts.
Some people create an estate plan to make sure that their assets will be transferred in a tax efficient manner. Others who may be worried about creditors or the privacy of their estate settlement might find value in having a trust. Again, you’ll want to seek qualified legal assistance in creating an advanced technique like a trust.
Most importantly, an estate plan helps to ensure that your wishes and instructions are carried out in the manner you specify, that family harmony is maintained, and that your loved ones’ burdens in settling your affairs are minimized. Without a plan, the distribution of your property is provided for according to the law in the state where you resided or owned that property. Each state has this so called “intestacy law” which applies to individuals who die without a valid last will and testament. This body of law differs from state to state, but generally establishes an order by which your loved ones (e.g., spouse, children, parents, siblings, etc.) receive your property. This order may differ greatly from your actual intentions, which makes creating an estate plan one of the most important things you can do.
Provided by Greenberg Traurig

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Last Will and Testament Importance
Estate Planning

Last Will and Testament Importance

by Jeff Dailey
written by Jeff Dailey

Did you know that only 35% of Americans have a Last Will and Testament, and only 29% have financial or healthcare power of attorney documents? Some reasons offered by the study for not having these important documents are listed below: Last Will and Testament Importance

  • 1 in 5 people (20%) thought that their assets would automatically transfer to their spouse or family
  • Another 20% thought it was too expensive
  • 11% didn’t believe it was necessary
  • 9% thought it just took too much time

Dying Without a Will
Last Will and Testament ImportanceEach state has its own laws that govern what happens to your property and your dependents. If you own property in multiple states, both sets of laws will need to be followed, and they could be different. The legal term for this type of law is an “intestacy law.”
Intestacy laws set forth a ranking, or order, of recipients your assets will be distributed to after you pass. While laws differ from state to state, generally the ranking provides that:

  • Assets will transfer to your spouse first
  • If you don’t have a spouse, then your children are next in line
  • If you have no children, then your parents – if they are still alive — receive your assets
  • If you have no living parents, your assets will go to your brothers and/or sisters
  • If you are an only child or your siblings aren’t alive, then your nieces and nephews stand next in the order to receive assets

How does this sound to you? Many people would probably agree that this order isn’t well-aligned with their actual intent. This not only applies to your financial assets but also to your precious items of personal importance.
Another major issue is applicable for those with minor children. If you and your spouse/partner pass at the same time and there is no will, the court will appoint a guardian. Most, if not all loving parents would agree that this would be a highly undesirable situation. This has an even greater impact for unmarried couples with minor children.
Bottom line
Without a will or appropriate legal documents, there will be no way to identify or honor your intentions.
For those of you who lack basic estate planning legal documents, check out our article on Top 7 Ways to Find an Estate Attorney, and How to prescreen estate planning attorneys to identify the right professional for you.
Get it together! Last Will and Testament Importance
Starting to gather and organize all of your important documents and thinking through your preferences now can save you time and money in the estate planning process.
Last Will and Testament Importance

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Simple Tips on How to Save Money
Money Tips

Four easy ways to avoid bank fees

by Rod Spurgeon
written by Rod Spurgeon

Four easy ways to avoid bank fees

Banks earn income from a variety of sources. Credit card loans, home mortgage loans, business loans, and student loans comprise much of their core revenue generating products. But there are other sources that are just as valuable as these traditional services. They’re called account fees, and banks earn billions each year on the revenue they collect from financial account holders. It’s up to you to learn what these fees are and how to refrain from handing over your hard earned cash unnecessarily to financial institutions. FourFour easy ways to avoid bank fees easy ways to avoid bank fees
Many customer incur bank fees when they don’t plan how to use the benefits of their accounts efficiently. This can cause customer frustration when there’s less cash on hand than expected to pay bills and other expenses. To keep more of your hard-earned money for your use, here’s a list of common bank charges and how to avoid them:

  • Overdraft fees can cost an account holder hundreds of dollars each year, if not more. There are two ways to avoid these. First, review the balance in an account before accessing money in it. Be sure to factor in any pending automatic payments. This is an important point to remember. If an individual forgets about upcoming payments, it can cause that person to assume there’s a higher balance in the account than there really is, and spend more than he or she should as a result. This might have the effect of forcing electronic payments to bounce. Both the bank and business attempting to withdraw money from the account will likely charge overdraft fees for this inconvenience, leaving the account in an even deeper deficit.

Second, set up overdraft protection as a backup plan to avoid fees when there isn’t enough cash in an account to make a payment. Link the account to a credit card, checking or savings account that can act as a reserve source of cash to cover the overage. Ask your bank how to do this if you’re unsure of the process.

  • When a person needs cash on the go and there aren’t any in-network ATMs available nearby, non-network ATMs can do the job. Fees from accessing out-of-network ATMs, however, can easily cost $4 or more per transaction. If there are no free withdrawal options within your vicinity, go to a nearby store that offers cash back with any purchase. Instead of handing that $4 to the bank, spend it on yourself. Some stores might require a minimum transaction amount for a cash back withdrawal, so ask before jumping in line with a .50 cent purchase.

If finding a convenient ATM location is a persistent problem, consider opening an account online with a bank that offers better free ATM access. Some banks also reimburse customers for using out-of-network ATMs, to a certain limit. These are also worth consideration to avoid ATM fees.

  • Account maintenance fees are becoming more of the norm as some banks have shifted away from free checking. While these fees can add up fast over the course of a year, there are usually ways to avoid them. Some banks waive the fees with direct deposit or when an account holder maintains a minimum balance. If you have more than one checking account, it might be possible to split your direct deposit to both accounts. Send the minimum amount to avoid banking fees to one account, then send the rest to your primary account. Speak to your employer about this possibility.
  • An often overlooked opportunity to avoid new bank fees is to keep an eye on monthly statements as they become available. This allows an account holder to learn about new changes to a bank fee structure and to take action to avoid them. This is also why it’s important to ask for paper copies of your statements and review them every month when they arrive in the mail. If your bank charges for paper copies and you don’t want to incur the charge, ask for email reminders when the statements become available, then review them online as soon as possible.

While your bank is hungry for cash to boost its bottom line, you don’t have to be the one to feed it. Stay aware of the fee structure for your accounts and take steps ahead of time to avoid unnecessary charges. It’s your money, and you should keep it where it belongs – in your possession.
Rod Spurgeon
ownyourdefense.net

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Preventing Holiday Shopping Identity Theft
Fraud & Security

Protect Yourself From Medicare Fraud

by Jeff Dailey
written by Jeff Dailey

Most doctors, pharmacists, plans, and other health care providers who work with Medicare are honest. Unfortunately, there a few that are dishonest. Medicare is working with other government agencies to protect you and Medicare. Medicare fraud happens when Medicare is billed for services or supplies you never got. Medicare fraud costs Medicare a lot of money each year. You pay for it with higher premiums. Protect Yourself From Medicare Fraud
 

The following are examples of possible Medicare fraud:

  • A health care provider bills Medicare for services you never got.
  • A supplier bills Medicare for equipment different than what they provided to you. Someone uses another person’s Medicare card to get medical care, supplies, or equipment.
  • Someone bills Medicare for home medical equipment after it has been returned.
  • A company offers a Medicare drug plan that hasn’t been approved by Medicare.
  • A company uses false information to mislead you into joining a Medicare plan.

If you believe a Medicare plan or provider has misled you, call 1-800-MEDICARE (1-800-633-4227). TTY users should call 1-877-486-2048. When you get health care services, you may want to save the receipts you get from providers. Use your receipts to check for mistakes on statements you get. These include the Medicare Summary Notice if you have Original Medicare, or similar statements that list the services you got or prescriptions you filled.
If you suspect billing fraud, here’s what you can do:

  • Contact your health care provider to be sure the bill is correct.
  • Call 1-800-MEDICARE
  • Call the Inspector General’s hotline at 1-800-HHS-TIPS. (1-800-447-8477). TTY users should call 1-800-377-4950. You can also send an email to HHSTips@oig.hhs.gov.

Fighting Fraud Can Pay
You may get a reward of up to $1,000 if you meet all these conditions:

  • You report suspected Medicare fraud
  • The Inspector General’s Office reviews your suspicion
  • The suspected fraud you report isn’t already being investigated
  • Your report leads directly to the recovery of at least $100 of Medicare money

For more information, call 1-800-MEDICARE (1-800-633-4227). TTY users should call 1-877-486-2048.
Note: For your protection, your full Medicare number is no longer printed on your Medicare Summary Notice. The first 5 digits of your number are replaced with “Xs.”
How Medicare Protects You
Medicare works with other government agencies to protect Medicare from fraud and to protect you from identity theft. With help from honest health care providers, suppliers, law enforcement, and citizens like you, Medicare is improving its ability to prevent fraud and identity theft. Some dishonest health care providers have been removed from Medicare, and some have gone to jail. These actions are saving money for taxpayers and protecting Medicare for the future. Below and on the next page are other ways Medicare is working to protect you.
You Are Protected from Discrimination
Every company or agency that works with Medicare must obey the law. You can’t be treated differently because of your race, color, national origin, disability, age, religion, or sex. If you think that you haven’t been treated fairly for any of these reasons, call the Department of Health and Human Services, Office for Civil Rights for your state, or call toll-free 1-800-368-1019. TTY users should call 1-800-537-7697. You can also visit www.hhs.gov/ocr for more information.
The Medicare Beneficiary Ombudsman
An “ombudsman” is a person who reviews issues and helps to resolve them. The Medicare Beneficiary Ombudsman shares information with the Secretary of Health and Human Services, Congress, and other organizations about what works well and what doesn’t work well in Medicare. The Ombudsman helps improve the quality of the services and care you get from Medicare by reporting problems and making recommendations.
How Does the Medicare Beneficiary Ombudsman Help You?
The Ombudsman makes sure information is available to all people with Medicare about the following:

  • Your Medicare coverage
  • Information to help you make good health care decisions
  • Your Medicare rights and protections
  • How you can get issues resolved
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Seniors Concerns and Needs
Money Tips

Women, Money and Investing

by Jeff Dailey
written by Jeff Dailey

Women, Money and InvestingWomen have overtaken men and now control more than half of all personal wealth in the United States today. That amounts to $14 trillion controlled by women and by 2020 that number is projected to be $22 trillion. Several trends are driving this shift. First is the
growth of women in the workforce which has grown tremendously since 1980 but the main factor is women are inheriting more wealth. As women see their wealth grow, now their need to manage it effectively is increasing as well. However, even with this shift in wealth women tend to not have confidence managing their wealth. Women, Money and Investing

  • Less than one in five women invest online
  • 44% of women surveyed by WorthFM said they have not been actively involved in investing aside from their 401K
  • 65% of women offered a retirement plan through work do not take advantage of their 401K
  • The number one goal of women age 55 to 64 is simply to save money
  • Only 47% of women say they would be confident discussing money and investing with a financial professional on their own
  • 75% of women want to learn more about money and investing

Fnl_Apriem_Logo_WOW-01In 2014 Apriem Advisors started Apriem Women of Wisdom (WOW). Our mission is to focus on the unique financial needs of women by celebrating, encouraging, embracing and educating. We hold monthly events with a variety of topics such as Investing 101, Social Security, Medicare, Estate Planning, College Planning Charitable Planning and Taxes. During these events we invite our women clients to participate in becoming more informed investors by expanding their knowledge of financial issues. Our hope is women will gain confidence by discussing their needs and fears during our events and will begin to organize their financial life and gain a greater peace of mind. Please join us and be a part of our Apriem Women of Wisdom (WOW)… www.apriem.com.
Megan Piedmont, Wealth Advisor
Apriem Advisors
Sources: Fidelity.com, Business Insider, Women & Wealth

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Retirement Mistakes To Avoid
Retirement Planning

Retirement Mistakes To Avoid

by Jeff Dailey
written by Jeff Dailey

Retirement Mistakes To Avoid

Retirement Mistakes To AvoidAre you ready to start planning and preparing for your retirement? If so, congratulations you are making a step in the right direction. The earlier you start planning for your retirement; the better off you will be when the time comes. Retirement Mistakes To Avoid
 
The decision to start planning and preparing for retirement is a wise decision. As previously stated, the earlier you start, the better. With that said, the earlier you start planning for retirement the more mistakes you are likely to make. These mistakes, a few of which are outlined below, can cause financial problems and more when you are ready to retire.
Not creating a budget for yourself and not tracking your spending are two mistakes that you will want to avoid making. This often leads to you spending more money than you have. You should be saving for retirement, especially at around the age of forty, not getting into debt. For that reason, never spend money that you don’t have and never spend all of your money. It is best, but a must when you reach the age of forty, to start paying for all of your purchases with cash, checks, or debit cards. Before doing so, however, make sure that you have enough money to spend and keeping on saving for retirement.
Another common mistake that people make, when creating a retirement plan, involves not taking health into consideration. Health and the impact it can have on your retirement can work two different ways. For starters, what if you get sick? Can you afford the cost of emergency surgery or long-term medical care? Even if you are healthy now, remember that your health can always take a turn for the worse. It is also important to note advancements in medical technology. Many men and women are living longer than they originally planned for. You don’t want to run out of retirement money just because you lived longer than expected.
In keeping with your health and wellbeing, it is important to examine your spouse and visa versa. There is a good chance that one of you will live longer than the other and possibly a significant amount of time longer. Make sure that you have enough money to retire on your own, in the event that your spouse passes away. It is also important to recheck all important documents. Make sure your will, mortgage, and all property deeds are in order and designed to protect the surviving spouse.
Relying too much on government assistance, like social security, is a mistake that many make. This is a mistake that can be damaging to you. Did you know that social security will only pay for portion of your retirement needs? On average, it only covers about 40% of your needs. What plan do you have for the other 60%? If you don’t have a plan, now is the time to develop one.
The biggest mistake that many individuals make is dipping into their retirement funds before they are ready to retire. This is a huge mistake that can have a negative impact on your retirement and your finances in the future. You should never take money from your retirement funds, unless it is a dire emergency. Use your retirement savings as a last resort. If you need cash quickly, consider approaching your local bank or speaking to friends or family members to acquire small loans.
Not knowing all of your saving options is another mistake that you will want to avoid making. Did you know that there are multiple ways that you can save money for retirement? There are, for example, a employer’s 401(k) program, as well as Individual Retirement Accounts (IRAs). There are also many others who use stock and bonds to save extra money for retirement. In fact, it is advised that you spread out your retirement savings to offer you protection. Do the proper amount of research online or schedule an appointment with a financial advisor before it is too late.

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5 Reasons to Meet a Financial Advisor
Retirement Planning

5 Reasons to Meet a Financial Advisor

by Jeff Dailey
written by Jeff Dailey

5 Reasons to Meet a Financial Advisor

5 Reasons to Meet a Financial AdvisorAre you planning and preparing for your retirement? If you are, you may have some questions. After all, soon-to-be retirees want and should have all of their bases covered. Of course, you can find retirement advice online or seek answers from those you know. There are, however, a number of benefits to meeting with a professional financial advisor. In fact, five reasons why are outlined below. 5 Reasons to Meet a Financial Advisor
1 – Knowledge and Expertise
While anyone can claim to be a financial advisor, a small amount of research or recommendations from those that you know can help you ensure that you are dealing with a true professional. When doing so, you should receive valuable information. Most financial advisors are trained and experienced in the world of finance, as well as retirement. Generally, you should feel comfortable and trust the advice given to you by a financial advisor.
2 – Realistic Goals
Another benefit to meeting with a financial advisor is that he or see can make sure that your feet are on the ground. Unfortunately, many men and women get carried away with their retirement goals. If you want to start a business, you may be able to so. If you want to spend your days vacationing, you should also be able to do so. But, only if you have enough money saved. A financial advisor can let you know if it is even possible for you to meet your retirement goals in the remaining time that you have left to save.
3 – A Good Value for the Money
Yes, scheduling a meeting with a financial advisor will cost you money. Unfortunately, this is a problem for many. After all, to save for retirement, you are supposed to be saving money and reducing your expenses. While this is true, meeting with a financial advisor can be considered an investment. The small appointment fee is one that you can easily make a return on, should you adhere to the advice provided by your financial advisor.
4 – Easy to Schedule an Appointment
Many soon-to-be retirees don’t want to go through the trouble to find and then schedule an appointment with a financial advisor. Doing so doesn’t have to be difficult. First, ask for recommendations from those that you know and then call to make an appointment. The internet can also be used to research and find quality and reliable advisors. Your local bank may also be able to provide you with assistance.
5 – The Consequences
The consequences of not meeting with a financial advisor or not being prepared for your retirement are enough reason why you should schedule an appointment. At this point in your life, you should have been contributing to your 401(k) and you should also have an Individual Retirement Account (IRA) with money in it. If not or if you don’t even know what these accounts and plans are, you need to meet with a financial advisor right away.
As you can see, there are a number of benefits to scheduling an appointment with a financial advisor. A financial advisor does more than an accountant. In addition to helping you save money, they can also help you determine exactly how much money you need to retire comfortably. Yes, you can develop this total on your own, but financial advisors know to take other factors into consideration as well, such as medical emergencies and inflation. Do you?

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