Financial Thanksgiving

Financial Thanksgiving

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2016-11-23

Thanksgiving is usually a time to take stock of the things we are thankful for in our lives. Here are some things in our financial lives that we can be thankful for:

Retirement Accounts

Retirement is something that a lot of Americans haven’t properly planned for. Over a third of Americans are completely reliant on Social Security (in other words they don’t have any retirement savings), and a full two-thirds of American retirees are dependent (although not completely reliant) on it. So, if you are one of those with the foresight to have a retirement savings account (401k or IRA), be thankful. 

For that matter, let’s include emergency funds and general savings accounts in this category.  Saving your money is a smart thing to do no matter which way you look at it, and again, if you’re one of the smart ones, give yourself a pat on the back.

Dedicated Health Accounts

Whether we’re talking about a health savings account or long term care insurance, having a savings account dedicated to one’s health expenses is most certainly something to be grateful for.  In an HSA, up to $3,350 for individuals and $6,750 for families can be deposited into the account and deducted from federal income taxes. Then, that money can roll over year to year and grow tax-free. 

With regards to long term care insurance, nearly 70% of Americans 65 and older need long term care at some point.

Life Insurance

“Ten out of ten Americans will die at some point in their lives.” 

Life insurance is unlike other types of insurance. The policyholder is guaranteed to need it at one time or another. “This distinction is important to understand, notes David Lerner and Associates’ Vice President of Insurance Services, Dan Gardella. “When viewed through this lens, life insurance isn’t an expense — it’s an asset that will eventually provide a return on your investment. As long as you pay the premiums and maintain the policy, your beneficiaries will eventually receive the death benefit.”

 

IMPORTANT DISCLOSURES

Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC

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About

Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Teaneck and Princeton, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 516-921-4200 Visit our website: www.davidlerner.com

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Contact

Jake Mendlinger
Account Manager
Zimmerman/Edelson
516.829.8374 X 232
jmendlinger@zimmed.com

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