Issue # 10, October 2013                                                                                                             

 

Does Money Buy Happiness?

 

I was recently interviewed by a local T.V. station and the topic was, "does money buy happiness".  It is a frequent question I get from clients and friends, which usually turns into a lively debate.  I think most of you reading this have probably been asked the question.  So here is my take on it.  I think money does not buy happiness but it allows you to buy things to help you not be unhappy.  Sound confusing? Let me explain. Money allows you to buy things like shelter, clothing, food and other basic essentials of living that will keep you from being unhappy.  The more money you have the more quantity of things you can buy.  But you are the one that brings the happiness.  For example, someone can buy a big fancy house but that is not the same as big fancy home because you are the one that makes it an inviting home.  You can go to the finest schools and get the best degree, but you are the one that has to put it to good use.  You can buy all the trendiest toys, gadgets, and cool stuff for your children but you have to provide the guidance and structure for them to become healthy, happy, and well-rounded individuals.

 

In my many years as a CPA and Financial Planner, I have noticed some common successful traits for clients who did not have a lot of wealth then became wealthy, through selling a business, inheritance, earnings, or stock options (doesn't matter how they obtained it).  The common trait for sustaining the wealth is that they are the same person before they had the wealth as they are after, and the money does not define who they are.  In addition, they surround themselves with experienced professionals, like financial advisors, CPAs, attorneys, etc. who can guide them to make sound financial decisions about their wealth.

 

One of the great things about my profession is that I not only help people manage their money, I help them manage most of their financial affairs, like taxes, charitable planning, risk, elder care, college planning, buying cars, and the list goes on and on.  This ultimately helps my clients live their ideal, happy life.

 

Have a Safe Halloween!

 

 

Sincerely, 


William "Bill" Cummings, CPA
Cummings Financial Organization 

 

When can you retire? 


Ever wonder how much longer you need to work and when you can actually retire?


In order to answer that question, you will need to start by reviewing your current plan. If you do not have one, it's time to get one in place. Here are some things you will need to consider:

  • What are your lifestyle expectations? Planning on traveling the world, dining out at expensive restaurants, and keeping up with a 10,000 square-foot house? If so, your plan is going to look differently from someone who plans on staying local, down-sizing their home, and eating simple meals.
  • How much will you get from Social Security? The amount you collect from Social Security can vary significantly with even just a 1 year difference in the time you retire. You will need to determine if you really can afford to retire earlier.
  • Do you know what your pension or other retirement plans' rules are regarding distribution? You will need to find out what your plans consider full retirement age. Not understanding the penalties of early distribution can cost you severely and prevent you from retiring when you intended. 

To read more about retirement click here. 

 
In This Edition
A personal message from Bill
When Can You Retire?
Money and Happiness
Meet CFO's New Partner
Facts About Medicare Open Enrollment
Bill talks with Fox about money and happiness.
 

Fox 13   

 Does money really make you happy? Bill tells us the truth about money and happiness on FOX 13's Good Day Tampa Bay! 


Click here to see the full video! 

 

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Meet CFO's New Team Member & Partner

Cummings Financial Organization is proud to welcome Scott Russell to our team as a Partner and a TFA Financial Advisor. Scott comes to us with over 19 years of experience in the financial services industry, most recently as Vice President of Technology and Advisory Services at Transamerica Financial Advisors.

 

Scott is excited to share his financial experience with our clients and provide them with high quality service. Just a few of Scott's specialties include:

 

* Financial Planning

* Investment Management

* Investment Due Diligence
* Special Needs Planning
* Technology 

* Service Culture Management

 

Join us in welcoming Scott to CFO. We look forward to continuing to work with you to achieve your financial goals!

Facts About Medicare Open Enrollment 

 

When does the open enrollment period start?

The Medicare open enrollment period begins on October 15 and runs through December 7. Changes made during open enrollment are effective as of January 1, 2014.

 

During the open enrollment period you can:

  • Join a Medicare Prescription Drug Plan
  • Switch from one Medicare Prescription Drug Plan to another Medicare Prescription Drug Plan
  • Drop your Medicare prescription drug coverage altogether
  • Switch from Original Medicare to a Medicare Advantage Plan
  • Switch from a Medicare Advantage Plan to Original Medicare
  • Change from one Medicare Advantage Plan to a different Medicare Advantage Plan
What should you do?

Review your current Medicare plan and determine if you are satisfied with the coverage and level  of service is acceptable. You may also want to reconsider changing plans if your costs are too high or your health has changed. If your current plan doesn't meet your health-care needs or fit within your budget, you can switch to a plan that may work better for you.

 

What's new in 2014?

Most Medicare Prescription Drug Plans have a temporary limit on what a particular plan will cover for prescription drugs and other out-of-pocket expenses. The Affordable Care Act (ACA) gradually closes this gap (called the donut hole) by reducing your out-of-pocket costs for prescriptions purchased within the coverage gap. 

 

Where can you get more information?

Pay attention to notices you receive from Medicare and from your plan, and take advantage of help available by calling 1-800-MEDICARE or by visiting the Medicare website, www.medicare.gov. Your financial professional can also help you find the information you need.

 

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. Cummings 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. 

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