Life Insurance

Year-end financial checklist

Year-end Financial Checklist

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US Bank.com | October 11, 2022 | Shield Life Insurance | Financial Checklist

An end-of-the-year financial checklist is a good opportunity to make sure you’re still on track toward your financial goals. 

Sometimes it feels like a year can disappear in the blink of an eye. When you look back over the previous 12 months, you might be surprised at what may have changed for you, whether that’s in terms of the economy at large, your individual finances, or your personal circumstances.

That’s why the end of the year is a good time to review your accounts and investments and make smart adjustments for the new year. Also, with tax season around the corner, reviewing your portfolio and personal finances now could potentially help reduce your tax liability.

Use this year-end financial checklist as a guide.

1. Review your financial plan

Think about what you spent money on this year, and how much. Whether it was home improvements, a vacation, or boosting a loved one’s college savings, did you achieve your family’s financial goals? Or did you put some on hold in favor of other priorities that came up during the year? Do you foresee having to make any large purchases in the next year?

Also, consider what changed in your life this year. Births, deaths, marriage, divorce, and retirement can all have an impact on both your personal finances and your strategic financial plan.

Financial planning tips

  • Be honest with yourself. If money was tight, or if you had a surplus, this is a good time to adjust your spending and priorities.
  • Use a financial professional as a sounding board. An outside perspective is helpful when reviewing short- and long-term family financial goals. A financial professional might be able to make suggestions you haven’t thought about. 

2. Review your employee benefits

It’s tempting to just keep your employee benefits humming along in the background, but reviewing them yearly can make a big difference. Look at your employer-sponsored 401(k) or IRA account contributions for the year. Did you max out your contributions? If not, did you at least contribute as much as the company match?

For the 2022 tax year, the maximum 401(k) contribution is $20,500, plus an additional $6,500 if you’re 50+. The maximum IRA contribution is $6,000, plus $1,000 if you’re 50+. If you’re not maxing out your contribution, consider at least increasing it on an annual basis.

Don’t forget to pay attention to your allocations. Are you happy with the ratio of stocks, bonds and other assets, or do you need to rebalance?

Other employee benefits to review and adjust—with a financial professional, if you like—include corporate stock options and other incentive plans (restricted stock, restricted award units, etc.); health, life and disability insurance coverage; and your flexible spending account (FSA).

And don’t forget your health spending account (HSA), if you have one. For the 2022 tax year, the maximum HSA contributions are $3,650 for individuals, $7,300 for families, and an additional $1,000 for individuals age 55+.

Finally, are your beneficiaries up to date? Can you also designate a successor beneficiary? You work hard for your employees’ benefits, so be sure they end up where you want them.

Employee benefit tips

  • Calculate your remaining health insurance deductible. Can you accelerate or postpone medical treatments?
  • Use up your FSA. There are some qualified products you may not have thought of, from contact lens solution to bandages, that you can purchase with those funds.

3. Conduct a year-end tax review

Tax Day might not be until April 15, but it’s always a good idea to get a head start on preparation. For example, did you experience any life transitions (marriage, births, divorce, deaths, retirement, etc.) in the last year that could affect your tax withholding status?

Based on your anticipated income for next year, would deferring or accelerating any bonuses, property sales, other taxable transactions, deductible expenses, charitable gifts, etc., benefit you from a tax perspective? A financial professional can help you review your options.

Tax review tip

  • Explore tax loss harvesting. If you had investments that lost money, tax loss harvesting can help you reduce your tax liability. There are strict rules around how this is executed, so to avoid potential penalties, consider talking to a financial or tax professional before using this strategy.

4. Assess your investments

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Vehicle-Deer Collision

Vehicle-Deer Collision

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DIFS Encourages Drivers to Review Auto Insurance Policies to Understand Coverage for a Vehicle-Deer Collision

Media Contact: Laura Hall, (517) 290-3779, DIFS-press@michigan.gov  | Vehicle-Deer Collision

Consumer Hotline: 833-ASK-DIFS, AutoInsurance@michigan.gov  

FOR IMMEDIATE RELEASE: November 15, 2022

(LANSING, MICH) The Michigan Department of Insurance and Financial Services (DIFS) is reminding consumers to review their auto insurance coverage to make sure they understand what coverage may be available in the event of damage caused by a vehicle-deer collision. Though these types of crashes occur all year round, the fall deer hunting season, coupled with shorter daylight periods, often increases the number of these crashes, which can cost thousands of dollars to repair. Vehicle-Deer Collision

“Auto insurance may not be at the top of your mind as we head into the colder months, but this is a good time of year to review your policy so you are prepared for unexpected mishaps, like hitting a deer with your car,” said DIFS Director Anita Fox. “Understanding your auto coverage can make the difference between an inconvenience and a major financial problem, given that the cost of repairing damage from a vehicle-deer collision can be $5,000 or even more. In most cases, you will need to buy an optional coverage called comprehensive insurance to cover damage caused by something other than a crash with another vehicle, so it is important to consider your family’s insurance needs and budget before a potential loss.” 

According to the Michigan Office of Highway Safety Planning, each year there are approximately 50,000 reported vehicle-deer crashes in Michigan. About 80%of these crashes occur on two-lane roads between dusk and dawn, especially during the spring and during fall hunting season. A recent study conducted by AAA reported that Michiganders pay an average of $130 million each year to repair vehicle damage caused by collisions with deer.

To make sure that you are protected against this type of damage, you should discuss your current auto insurance policy with your licensed insurance agent or company. In most cases, you will need to buy an optional comprehensive coverage. Comprehensive pays if your car is stolen, or for repairs if it is damaged by a falling object, fire, flood, vandalism, or collision with an animal.

Here are a few tips on what to do after a vehicle-deer collision

  • Pull off the road, turn on your emergency flashers, and be cautious of other traffic if you exit your vehicle.
  • Report the crash to the nearest police agency and your insurance company or agent.
  • Document the incident. If it’s safe to do so, take photographs of the roadway, your surroundings, damage to your vehicle, and any injuries you or your passengers sustained. If witnesses stop, take down their account of what occurred, and ask for their contact information.
  • Do not approach the deer. Wounded animals can be dangerous, and an animal that appears to be dead may only be stunned.
  • Don’t assume your vehicle is safe to drive. Double-check that your car is drivable after colliding with a deer. Look for leaking fluid, loose parts, tire damage, broken lights, a hood that won’t latch, and other safety hazards. If your vehicle seems unsafe in any way, call for a tow.

If you have questions or concerns with your insurance policy or wish to file a complaint, contact DIFS at 833-ASK-DIFS Monday through Friday from 8 a.m. to 5 p.m. or visit Michigan.gov/DIFScomplaints.

The mission of the Michigan Department of Insurance and Financial Services is to ensure access to safe and secure insurance and financial services fundamental for the opportunity, security, and success of Michigan residents while fostering economic growth and sustainability in both industries. In addition, the Department provides consumer protection, outreach, financial literacy, and education services to Michigan residents. For more information, visit Michigan.gov/DIFS or follow the Department on Facebook, Twitter, or LinkedIn.

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Simple Steps for an Extra Safe Halloween

Simple Steps for an Extra Safe Halloween

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National Safety Council | October 21, 2022 | Safe Halloween

Kids love the magic of Halloween, but costume and traffic safety are essential for trick-or-treaters. These tips can help make a safe and happy holiday for everyone.

Costume Safety for a Safe Halloween

To help ensure adults and children have a safe holiday, fda.gov has compiled a list of Halloween safety tips. Before Halloween arrives, be sure to choose a costume that won’t cause safety hazards.

● All costumes, wigs and accessories should be fire-resistant
● If children are allowed out after dark, fasten reflective tape to their costumes and bags, or give them glow sticks
● Opt for nontoxic Halloween makeup over masks, which can obscure vision; always test makeup in a small area first to see if any irritation develops
● Remove all makeup before children go to bed to prevent skin and eye irritation

When They’re on the Prowl

Here’s a scary statistic: Children are more than twice as likely to be hit by a car and killed on Halloween than on any other day of the year. Lack of visibility because of low lighting at night also plays a factor in these incidents.

Keep these tips in mind when your children are out on Halloween night:

● A responsible adult should accompany young children on the neighborhood rounds
● If your older children are going alone, plan and review a route acceptable to you
● Agree on a specific time children should return home
● Teach your children never to enter a stranger’s home or car
● Instruct children to travel only in familiar, well-lit areas and stick with their friends
● Tell your children not to eat any treats until they return home, and take care to avoid any food allergies

Safe Halloween Tips for Motorists

NSC offers these additional safety tips for parents – and anyone who plans to be on the road during trick-or-treat hours:

● Watch for children walking on roadways, medians and curbs
● Enter and exit driveways and alleys carefully
● At twilight and later in the evening, watch for children in dark clothing
● Discourage new, inexperienced drivers from driving on Halloween

Visit the National Safety Council website for more great safety ideas!

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What Black Adults Need to Know About Stroke Risk

What Black Adults Need to Know About Stroke Risk

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Preventing and recognizing signs of the medical emergency are key

AARP | By  Joyce Sampson | September 21, 2022 | Black Adults

​Richard Horton, an insurance broker in Pasadena, California, walked around for at least a decade of his middle-aged years with blood pressure hovering around 178/95 millimeters of mercury (mm Hg, the unit of measurement for blood pressure), dangerously close to a hypertensive crisis and a sure candidate for stroke. For comparison, what’s considered a normal level for most adults is less than 120/80 mm Hg.

Diagnosed with high blood pressure during a routine physical exam in the late 1990s, he wasn’t worried. Per his doctor’s orders, he returned for weekly follow-up visits to monitor changes. The numbers didn’t improve. But Horton, who is Black, didn’t receive treatment.

“At that point,” he recalls, “the doctor said that in the medical field, we find that African Americans have a higher blood pressure rate than whites and others. Because of that fact, we’re not going to push medication, but we’ll keep an eye on your pressure. If it gets much higher, then we’ll prescribe medication.” (Research shows Black patients often aren’t offered the full range of appropriate treatments when it comes to blood pressure management.)

In August 2011, while preparing to close a big sale, Horton climbed out of bed and walked into the bedroom wall. He was having a stroke. During a hospital stay that lasted over two months, Horton, who was then 55, had a second stroke. He couldn’t walk, talk or use his left arm. ​

A growing gap | Black Adults

Nearly 800,000 people in the U.S. have stroke each year — this happens when a blood vessel that carries oxygen and nutrients to the brain is either blocked or bursts — and Black adults bear a disproportionate burden of those cases.

In fact, the risk of stroke among Black Americans is nearly twice as high as it is for whites, data from the Centers for Disease Control and Prevention (CDC) shows; some studies suggest it’s even higher. Black Americans are also much more likely to die from stroke, and those who do survive are more likely to be disabled than stroke survivors in other racial groups.

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You should buy life insurance in your 20s if another person would face a financial burden upon your death, including your spouse, partner, children, parents or a business partner.

Should I Buy Life Insurance in My 20s?

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Experian | by Tim Maxwell | Life Insurance

Quick Answer

You should buy life insurance in your 20s if another person would face a financial burden upon your death, including your spouse, partner, children, parents or a business partner.

In your 20s, buying life insurance likely isn’t at the top of mind. You’re probably focusing on paying off student loans or meeting basic expenses, and adding yet another bill to the mix can be hard to justify. Still, making room for life insurance in your financial plan may make sense.

It may be a good idea to buy life insurance in your 20s if you have dependents who rely on your income, you have a lot of debt or if you want to lock in a low rate while you’re young and generally in good health. Locking in a good rate now can give you peace of mind knowing there’s a financial safety net for the people you care about most.

When It Makes Sense to Buy Life Insurance in Your 20s

Purchasing life insurance may protect anyone who would be financially impacted if you die by providing them with a cash payout. The following are some instances where buying life insurance while you’re young may be a wise choice.

  • If someone relies on you financially: Life insurance can protect anyone who depends on your income, whether it’s your partner, spouse or children, or a parent, sibling or business partner.
  • You have a family or plan on having one: If you have a partner, spouse or children who rely on your income, getting life insurance is essential to help cover your family’s living expenses and debts if you die. If you’re single but want a family in the future, getting life insurance now can save you money in the long run since premiums are less expensive when you’re younger and healthier.
  • You have large debts: Life insurance can make sure student loans, mortgages or other large debts are not passed on to your family upon your death. While federal student loans are discharged when you die, most private loans are not. Even if loans are forgiven, they can leave behind with a large tax bill.
  • You want to cover your final expenses: The average funeral costs $7,848, according to the National Funeral Directors Association. While you shouldn’t have to worry about your funeral for years to come, anything can happen. Final expense life insurance can cover funeral costs so your loved ones don’t have to.

Consider getting life insurance if you want to help mitigate the financial burden your loved ones might face if you die. Your beneficiaries can receive a tax-free death benefit, which they can use to pay debts, living expenses, college tuition or for any other purpose.

What Type of Life Insurance Should You Buy?

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Shield Insurance Blog How Long You May Need To Walk Outside To See A Boost In Your Mental Health

See A Boost In Your Mental Health

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A new study underscores just how important it is for your mental health to spend time in nature or green spaces.

HuffPost.com | By Jillian Wilson | Sep 14, 2022, 05:45 AM EDT | Updated Sep 15, 2022

Mental Health

There’s a reason why the sounds of nature — chirping birds, flowing streams, falling rain — are often sound options for white noise machines and meditation apps: They’re calming.

A new small study published in Molecular Psychiatry further underscores this. The study found that a one-hour nature walk reduces mental health stress when compared to a one-hour walk in a bustling city environment.

The study followed 63 people who were randomly assigned a nature walk or an urban walk. The nature walk took place in a forest in Berlin and the urban walk took place on a busy street in the city.

Participants were instructed not to check their phones or stop in stores while on their walk. They were given a bagged lunch and a phone with a 30-minute timer that instructed them to turn around.

Before the walk, participants filled out a questionnaire and then underwent an fMRI scan that measured two tasks.

The first task measured brain activity during a “fearful faces task,” in which participants were shown 15 female and 15 male faces that either had a neutral or scared expression. The second task measured was brain activity during an “Montreal Imaging Stress Task,” which is designed to create a level of stress in participants. During the task, participants had a set amount of time to solve challenging arithmetic problems.

After the walk, participants filled out another questionnaire and underwent another fMRI scan that measured the same tasks they conducted before their walk.

The results showed that nature significantly improved people’s mental health.

The study found that those who took part in the 60-minute nature walk experienced lower stress levels following their time outside.

“The results of our study show that after only [a] one-hour walk in nature, activity in brain regions involved in stress processing decreases,” Sonja Sudimac, the lead author of the study, told Medical News Today.

Particularly, the researchers found the brain’s amygdala activity (which is responsible for our stress and fear response) decreased in those who were in the nature walk group.

This decrease was not seen in people who completed the city walk. According to the study, urban environments can negatively impact one’s mental health, leading to increased rates of anxiety, depression and mood disorders. (Just think about the stress that comes with frequently honking horns, running to catch a bus or dealing with long lines just to get some groceries.)

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Nordic Walking Can Improve Your Heart Function. Here's How It Works. - Shield Insurance Agency Blog

Nordic Walking Can Improve Your Heart Function.

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A recent study found people with coronary artery disease saw improved health outcomes after committing to the nordic walking workout for 12 weeks.

HuffPost | By Jillian Wilson | Sep 8, 2022, 05:45 AM EDT | Updated Sep 8, 2022

It’s widely known that walking is great for you. Research shows that walking can cut your risk of heart disease, reduce joint pain and naturally relieve stress.

A study published in the Canadian Journal of Cardiology in June also found that a specific kind of walking can be beneficial for people with coronary artery disease: Nordic walking. According to the Centers for Disease Control and Prevention, coronary artery disease “is the most common type of heart disease in the United States.” The study results suggest that people with the disease saw improved heart function after committing to Nordic walking for three months.

Nordic walking involves using poles similar to ski poles as you move. Unlike a regular walk, this kind of walking incorporates your upper body muscles in addition to your lower body muscles. According to the International Nordic Walking Federation, Nordic walking began as an off-season workout for skiers and has been around since the mid-1900s.

For the study, 130 people with coronary artery disease were randomly split into one of three groups. The first group followed a 12-week high-intensity interval training program; the second group followed a 12-week moderate-to-vigorous intensity training program; the third group followed a 12-week Nordic walking program.

After the workout program, participants were observed for 14 weeks, and their functional capacity ― or their ability to exercise or perform daily activities that require physical effort ― was tested by measuring how far they walked in six minutes.

Additionally, the researchers had participants fill out a heart disease-specific questionnaire and a 36-question health survey. Depression levels were also measured using the Beck Depression Inventory-II, which is commonly used to measure depression after heart attacks. Participants were tested at the beginning, the middle and the end of the study.

Nordic walking yielded the best results.

While all participants saw favorable health outcomes, those in the Nordic walking group experienced the largest increase in functional capacity compared to their baseline level at the start of the study.

In other words, those who committed to the 12-week Nordic walking program were most able to show increased exercise capacity during the six-minute walk test. And one’s functional capacity is “an important predictor of future cardiovascular events in patients with [coronary artery disease],” the study stated.

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Take a Trip for Brain Health - Researchers suggest travel therapy may benefit adults living with dementia

Travel therapy may benefit adults living with dementia

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Researchers suggest travel therapy may benefit adults living with dementia

By Peter Urban, AARP

EN ESPAÑOL

Not that anyone needs an excuse to take a holiday, but researchers in Australia suggest that a break from the daily routine has mental and physical health benefits, including for adults living with dementia.

“Medical experts can recommend dementia treatments such as music therapy, exercise, cognitive stimulation, reminiscence therapy, sensory stimulation and adaptations to a patient’s mealtimes and environment. These are all also often found when on holidays,” lead researcher Jun Wen, a lecturer in tourism and hospitality management in the School of Business and Law at Edith Cowan University, said in a statement.

Wen and fellow researchers suggest in a paper published in Tourism Management that travel therapy, like music and art therapy, should be available to adults living with dementia. “This research is among the first to conceptually discuss how these tourism experiences could potentially work as dementia interventions,” he said.

Although some research has shown tourism’s health benefits for people in general, additional research is needed to demonstrate how it can enhance the lives of people living with diseases like dementia and depression, Wen said.

“Tourism is generally considered a form of leisure that liberates people from the everyday. The emotional states, thoughts, and unique memories evoked by tourism have the potential to positively influence the well-being of individuals with dementia,” the researchers wrote.

Here are some ways, according to the researchers, that a vacation could serve as therapy for adults living with mild to moderate dementia.

• Sightseeing provides an opportunity to get the brain working by stimulating thinking, concentration and memory — especially when interacting with caregivers or other tourists.

• Travel brings people to novel environments where adults living with dementia may “experience new emotions, moods and other reactions, thereby stimulating brain functions that enable them to process such feelings.”

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22 Tiny Mental Health Habits That Can Improve Your Life In 2022 - Shield Insurance Agency Blog

22 Tiny Mental Health Habits That Can Improve Your Life In 2022

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Huffpost.com | By Amber Gibson12/28/2021 06:44pm EST | Mental Health | Health Insurance

Self-care won’t solve every problem, but these quick and easy activities may at least bring some happiness to your day.

Another roller coaster year is coming to an end, and the lingering effects of the ongoing COVID-19 pandemic have certainly taken a collective toll on our mental health.

There’s no way to know what 2022 has in store for us, nor can self-care erase the grief, trauma or other challenges we may have endured over the last 12 months. But as we look toward the new year, we can adopt healthy new habits to help incrementally improve our days, even if just for a moment. Sometimes, that’s more than enough.

Below are 22 happiness tips to try in the new year:

Start a gratitude journal.

This only takes a few minutes. Recording positive things about your day, whether major achievements or simple pleasures, can reduce stress, improve sleep and even foster better relationships by building a sense of empathy.

“There is no right or wrong way to write a journal, but I recommend that this becomes a daily exercise,” 

John Lee, director of clinical psychology at Executive Mental Health.

Lee suggests journaling at the same time each day, whether before dinner or before bed, and identifying at least one item for daily gratitude.

Take five deep breaths.

“Stress has many physical manifestations,” explained Amanda Goldstein, a psychiatrist in California. This can include issues like stomachaches or other digestive problems.

“By changing your breathing pattern, you can trick your brain into suppressing your fight-or-flight sympathetic nervous system and increase your parasympathetic activity, or rest and digest. Not only will this make you feel calmer, but it will also help you digest your lunch better.”

Keep a light therapy lamp on your desk.

“Your circadian rhythm regulates your sleep-wake cycle, which affects bodily functions and behavioral responses,” Goldstein said. “Exposure to sunlight, especially first thing in the morning, helps keep your clock on time. Since most of us work indoors, a light therapy lamp serves this purpose and gives a nice boost in energy and mood. And as an added bonus, it provides excellent lighting for video calls.” (Here’s how to use one properly.)

Drink water.

Our bodies are made up of 60% water, yet up to 75% of Americans are chronically dehydrated.

Sara Cullen, founder and CEO of GEM, said drinking enough water daily helps boost her mood. “Water is the essence of us and what we need in order for our micronutrients and functions to operate,” she said.

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Managing Diabetes is an Uphill Climb

Managing Diabetes is an Uphill Climb

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Source: Diabetes.org

Giving support to those you love can make all the difference.

Diabetes affects millions, but its impact goes far beyond that.

It affects everyone—family, friends, and loved ones.

When a family member, especially a child, is diagnosed, it sends an emotional shockwave. What are the medical costs? What about getting proper care? How can you help manage diabetes at school? Suddenly, you have the world on your shoulders. But you also have support. There are countless ways to help your loved ones live a healthy, happy life. Reach out and ask for help: we have it for you here.

Talk to a health care provider

Too often, it can be hard to know where to start when you find out someone you love has been diagnosed with diabetes. Ask your healthcare provider what you can do to keep your loved one safe and healthy. Reach out to other parents or family members who have been impacted by this disease. You are now part of a worldwide community. And asking for help is the first step in supporting your loved one’s journey to health.

Parents: it’s a challenge you can meet head on

Hearing that your child or loved one has diabetes can be a shock. But after that shock wears off, know that there are plenty of things you can do to help along the way. Sure, daily life with diabetes can be a challenge, but it’s a challenge you can meet head on.

With planning and preparation, you can get back to daily life and resume your routine activities. You can help make physical activity part of every day. You can create a balanced eating plan for your loved one—one that everyone can live with and thrive on. Throughout it all, know that diabetes can’t keep your loved one from doing whatever they want or achieving their highest goals. There are Olympic athletes with diabetes, as well as professional football players, politicians, actors, rock stars and CEOs. So, take a deep breath. You can do so much to make sure the people you love are thriving as they manage their diabetes.

Keep them safe at school

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