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Wheel Savings

Looking to get a new car?

Believe it or not, the smartest move might be to buy used!

Why? Because of leasing. So many American now lease their cars. Most of those leases are up in 3 years. Plus, leases penalize drivers who go over 10,000 miles a year. The result is an abundance of late model cars with relatively low mileage.

The vehicle information website Edmunds.com estimates that used car prices for cars 3 years old or newer are actually coming down! You’ll find the best deals on subcompact, compact and mid-size cars. In addition, many car dealers now offer extended warranties, some up to 100,000 miles.

If you’re in the market for wheels, remember, you’re in the driver’s seat!

Stop Annoying Phone Solicitations

Just a reminder that yu can register your smart phone as well as your land line (if you still have a land line) on the National Do Not Call registry.

There are 2 ways to do this:

1.) Visit donotcall.gov

2/) Call 888-382-1222

Keep in mind that it takes 31 days from the day you register for your registration to become effective and that charities and political groups are still legally allowed to contact you.

When's the Best Time to Take Social Security?

Money experts agree, the longer you can wait before starting to takew Social Security beneits the better off you'll be.

If you can afford, wait until the maximum age of 70 (when you must start receiving your benefits). Your payout will be 76% higher than if you had started drawing them at the minimum age of 62.

401(k) Lost & Found

During our working life, most of us change jobs. Many times. If you had a retirement account at a former employer that you lost track of, we may have good news.

Senators Elizabeth Warren and Steve Daines have sponsored a bi-partisan bill to create a searchable online “lost and found” for abandoned retirement accounts.

In the meantime, the Pension Benefits Guaranty Corporation operates a searchable database of pension accounts and expects to have 401(k) accounts added to it by 2018. The catch with the PBGC is the information is incomplete. It relies on companies voluntarily forwarding retirement account information to it. The Senate bill will create a comprehensive database.

Managing Your Money Manager

A few years back, the Department of Labor issued new rules to help protect consumers from money managers who were acting in their own best interest first and your interests second.

Now those rules may be repealed. Here are the steps you should take with anyone to whom you’ve entrusted your money:

  1. Ask that person to state in writing that they will act as a fiduciary at all times. The term “fiduciary” is a legal one. It means, under penalty of law, the fiduciary must always put your interests before any other in their financial dealings.

Just because someone calls themselves a “financial advisor” or “wealth manager,” it doesn’t mean they are legally a fiduciary. Often, the people will place your money into funds that pay them a higher commission or a bonus. It’s good for the advisor’s bank account, but my not be good for yours.

  1. Always ask your advisor to provide you with all of the costs and fees associated with any given investment. And again, make them do this in writing. What you want is a good faith estimate of what you’ll wind up paying in direct fees or sales commission.
  2. If you can find one, choosing an advisor who simply charges a flat fee may be preferable. Of course, always consult with your lawyer or other financial professional before taking any steps. And be advised that advisors who charge a flat fee or set percentage of the assets they will be managing can be more expansive that paying those direct fees and/or sales commissions. But the idea here is that a flat fee advisor has no financial interest in recommending one investment over another, besides helping you to get the best return so they will remain your advisor.

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