| |
|
I have some exciting news to announce. I am changing the name of Cummings Financial Organization to Concierge Financial Organization, effective April 1, 2015. We did this to better reflect the number of personal financial services that we offer our clients. As we like to say, being your "Personal CFO". Other than some changes to logos, only a few things will really change. For example, our new website address will be www.ourcfoteam.com. In addition, you'll be able to contact us via email at either [email protected], [email protected], or [email protected]. Don't worry, our old website address and email addresses will continue to work. However, we would like to standardize things over time, so using our new contact information would be greatly appreciated. We look forward to this exciting new time in our firm and continuing to grow with your help. Thanks for all the referrals and being such great clients. |
Working Together to
Improve Clients Lives
I have a lot of retired clients who ask me if I know anything about Social Security. A lot has been written about new strategies that help married couples get bigger Social Security checks. AARP even has a free Social Security calculator on their website so that people can see how these new strategies would work for them!
A word of warning; be careful! If you are thinking about "filing and suspending" to get more from Social Security, make sure they know to check with an expert. Social Security and Medicare are joined in unexpected ways. And if you don't know what you are doing, you can cause yourself some big problems!
For example, Medicare Part B premiums are automatically deducted from your Social Security checks. If you suspend your Social Security benefits without the help of an expert, what often happens is that Social Security continues to deduct your Medicare premiums from checks you aren't getting. Social Security squares this with their accounting by deeming your benefit "waived" for the time being...not suspended. That means that when you go to turn your benefit back on, they will give you all the money they owe you minus your Medicare Part B premiums. But your benefit will not have grown over that time (except for cost-of-living raises). That's because you technically "waived" your benefit instead of "suspending" your benefit.
It seems like semantics, but this is a very real "gotcha". You don't have to have any answers for all of this. By simply making you aware that you need to be on alert.
As always, feel free to call me with any questions and to help you with your Social Security and Medicare planning.
Best,
|
Be on the lookout! Unfortunately, fraud is real and something we constantly have to be on the lookout for. Identity theft is a real concern as our bank accounts, credit cards, and personal information is at risk. A new scam seems to be making the rounds. A scammer leaves a phone message saying that there has been a death in your family and to call for details. The message asks you to add *72 to the beginning of the call-back number. When you dial a number beginning with the *72 code, you are telling your cell-phone service to forward all future calls to the number after that code. This lets anyone call the crook by using your number-and you are charged for each call! You don't even realize it until the bill arrives! What can you do? Do not use*72 or any other code before calling a number that you don't know or recognize. In light of the financial threats that are created by identity theft and scammers, we have created an Identity Theft Plan Guide. This Guide provides a proactive check list and forms that you will need in the case of identity theft. We will be sharing this Guide with our clients in the next few months. We all need to look out for each other! As always, feel free to give me a call if there is anything you ever need...
|
|
|
|
"It wasn't on my calendar.
"
Bill just published his latest book about dealing with a loved one that has Alzheimer's. Here is the description of the book:
Most people do not plan for a medical, mental or aging crisis for a parent-or themselves, and if such a crisis is not on your calendar, prepare now. None of us know what we don't know, and when a loved one's health and/or mind are failing, this is no time to have a crash-course in learning.
- Who do I turn to for advice?
- What kind of questions do I ask?
- Do I plan a loved one's care for this immediate crisis-or make a plan that includes future needs as conditions worsen?
- How do I respond to the many needs: place to live (kinds of facilities), care (who provides and what kinds), costs (and how to pay them), and advisors (finding the right people to handle finances and elder planning).
If you have more questions than answers, this first-hand guidebook, written by a CPA/ financial planner about his dad's situation, will provide answers. Now you will be able to deal with your own situation with more knowledge and focus.
|
"Why Didn't My CPA Tell Me That?"
|
|
|
|
|
The information provided in this newsletter is educational in nature and is not intended to be construed as, legal, tax or investment advice and does not necessarily represent the views of the presenting party. Specific federal and state laws relevant to a particular situation may affect the applicability, accuracy or completeness of this information. Material presented is believed to be from reliable sources, but its accuracy is not guaranteed. If additional information is needed, the reader is advised to seek professional services.
William Cummings is an Investment Advisor Representative with securities and investment advisory services offered through Transamerica Financial Advisors, Inc. (TFA) Member FINRA, SIPC, and Registered Investment Advisor. Concierge Financial Organization, Inc. and TFA are not affiliated. Neither TFA nor its representatives provide legal, tax nor accounting advice. Persons who provide such advice do so in a capacity other than as a registered representative of TFA.
LD053076-03/15 |
|
|
