Posted by: Gary Thompson | May 8, 2012

The Ole Snip and Clip

I’m often asked by men over 50, “Why did I receive a bill for my colonoscopy if it is considered preventative under Obama-care?” There is a saying among health brokers that goes something like this, “If there is a snip or clip during the procedure it is no longer considered preventative”.

Often during an enrollment meeting, there is a heckler in the crowd that wants to argue over being billed for a recent colonoscopy. Since I am the closest link to the big bad insurance companies, the heckling is generally directed my way. I like to take those opportunities to have a little fun with the person. Since the person was not shy about sharing their experience in front of everyone my response is the following, “You are entitled to a free preventative colonoscopy. Just inform the doctor that if they wish to take a biopsy (snip) or remove a polyp (clip) just wake you up and reschedule the procedure. You have now been given your free preventative colonoscopy and can choose to schedule the follow up procedure that will result in a charge for the removal of a polyp or biopsy”.

Anyone who has ever experienced a colonoscopy knows the experience is one that you do not wish to repeat anytime soon. Most will opt for the one and done.

I found the attached article in The Tennessean this morning that shares a real life story. The lesson from this article is to remember you ‘the patient’ is in control of your own healthcare. Ask questions prior to making your appointment. Let the staff know your wishes prior to treatment. Your insurance company is adjudicating claims based on how the physician or treatment facility codes the claim. If you don’t ask – you won’t know.

To get more information on your health benefits please contact me, Gary Thompson at CS&A Insurance at 615.435.8299 or gthompson@chappellsmith.com.

Gary T Thompson
Employee Benefit Consultant
CS&A Insurance

Posted by: Mary Lewis | April 6, 2012

Market Value vs. Replacement Cost

 

I’m frequently asked the question “Why is the insurance replacement value of my home so much higher than the market value of my home.” This is not a complicated answer, but frequently disputed by a homeowner.

Market value, the price at which your home may sell today, is not the same as replacement cost, which is defined as, the price to repair or rebuild your home if it’s severely damaged. When rebuilding a home, contractors must work with and match existing materials, which requires skilled labor that costs more. Plus, when a contractor rebuilds a single home, there are no economies of scale. The cost to rebuild is always higher than the initial cost to build. Market value includes factors such as the quality of local school system and popularity of the neighborhood and, therefore, is not a good indicator of the proper amount of insurance coverage for your home. The estimated cost for your home, however it is significantly more reliable indicator of the appropriate coverage limit needed in the event of a major loss.

Key factors that contribute to rising construction costs

-Varied spikes in building material costs throughout 2010-2011

-Fluctuating energy costs.

-Increased demand for imported raw materials and building products.

-Anticipated rise in inflation for 2011-2012.

-Additional overhead expenses (Workers compensation insurance, professional liability and green practices) incurred by contractors will be passed to the homeowner.

There’s a desire to save on premium by underestimating cost, which could leave you dangerously exposed. You can choose a higher deductible which can save you money. Consult with your agent at Chappell, Smith and Associates, on ways to save on your premium, don’t be left with inadequate insurance.

Posted by: Carrie Reynolds | March 7, 2012

“Sleep tight; don’t let the bed bugs bite”

What used to be a harmless nighttime rhyme has now become our own real live nightmare! The National Pest Management Association says, “bed bugs are on the rise in America, with a 71% increase in bed bug calls since 2001″. In the same study, pest management professionals, found that 99 percent of respondents encountered bed bug infestations in the past year and more than eight out of ten noted that bed bug infestations are increasing across the country. This represents a sharp increase in prevalence as only a mere 11 percent of respondents reported receiving bed bug calls more than 10 years ago. While there is no guess as to why these pests have suddenly come out of hiding, some theories include increased travel, lack of awareness and precautions, and changing pest control methods. While these theories are not confirmed, there are some things we can do to protect ourselves.

Bed bugs are most prevalent in hotels, and reports of bed bugs sightings are striking fear into the hearts of many travelers. Bed bugs are brought into hotels by guests, and despite the misconception, infestations are not related to the sanitation in a hotel. The cleanest environments can have a very large infestation of bed bugs, and improving sanitation alone will not eliminate an established bed bug population.  Here are some tips to stay bed bug free or your next vacation or business trip.

  • Online Hotel Reviews: Before booking a hotel, check out customer reviews to see if any other travelers have reported bed bugs there. Start with sites like IgoUgo, Trip Advisor and bedbugregistry.com
  • Watch Where You Put Your Suitcase Avoid putting your suitcase on the floor, bed or chairs. In case there is a bed bug problem, you don’t want to transport them to your next location or back home. Keep the suitcase elevated until you’ve had a chance to inspect the room, maybe on a dresser or on a shelf in the closet
  • Inspect the Room: Now that your luggage is safe, take a look at the room. Pull back the bed linens, headboard, and inspect the seams of the mattress for signs of bugs (which could include rust colored stains)
  • Protect Your Luggage: Wrap your luggage in a large plastic bag when traveling or spray your suitcase with an insect repellent. Your bags could be next to an infested suitcase in the cargo hold or overhead bin of an airplane. And yes, the bugs can make it from one adjacent bag to another
  • Deep Clean Back Home: When returning from a trip, check your luggage and clothing. Vacuum your suitcases at home in case they became contaminated with the pests. And then immediately launder any item from your travels.

Bed Bugs are not covered on your typical insurance policy, most policies exclude infestations of any kind. However, since the rise in infestation, the commercial insurance industry has responded. Two national brokerage firms offer bed bug coverage. The coverage’s include decontamination services, rehabilitation charges, and crisis management, just to name a few. Last year it was estimated that a bed bug invasion could cost $1,000-$1,500, and hotels will spend about $600-800 per room to exterminate the bed bugs.

Traveling doesn’t have to become a nightmare if you know the steps to take to prevent these pesky bugs. There are many souvenirs you will want to bring home from your travels, but bed bugs are not one of them! To find out more about coverage’s you not commonly aware of, contact your agent at ChappellSmith.com.

Posted by: Christopher Turnbull | March 1, 2012

There is no I in TEAM

What makes a team successful or great? What do successful teams do to be the best that others don’t? There are many cliché answers to these types of questions. However, I believe we would all agree on a couple of things: 1) everyone on the team understands what the ultimate goal or mission is (e.g. to win the Super Bowl), 2) everyone on the team plays a critical role and executes their assigned tasks when called upon (e.g. they don’t drop the ball when they have a chance to score a touchdown), 3) everyone on the team, including the owners, managers, coaches, and players work together (e.g. no one has a separate or self-serving agenda), and 4) the team plans, practices, prepares, and executes their plan each and every day; not just on game day.

These same questions and answers can apply to running a successful business. If one of these items is missing, it will be difficult for a company to be truly successful.

If you agree with my answers above, then consider the following questions: Do you procrastinate and fail to complete projects in a timely manner (or at all)? Do you have to be asked where you are on projects? Can others criticize your lack of responsiveness and accountability?

The hardest working and most focused people periodically lose steam or get stuck in a rut. Unfortunately, your procrastination negatively affects other people or organizations that are counting on you. If you procrastinate too long, the pile of uncompleted projects gets bigger and bigger which results in stress for everyone.

How can you break the habit of procrastinating or avoid the stress of letting your team down? The following are some suggestions:

1) Define what the “completed” project looks like. Ask your supervisor or team leader specific questions so you know what the ultimate goal is and what should be accomplished.

2) Develop a Plan. Clearly defined steps will always beat random actions. My kids have heard me say this for years. When my son was younger, I could see him roll his eyes whenever I asked him “What’s your plan? Today, as a successful college student, he’s the first to say that learning to plan has helped him avoid problems, reduce stress, and helps him to overcome life’s challenges and difficulties. What are the important parts of any plan? You have to determine where you are today, what you want to accomplish, and then describe how you’re going to get there. I would encourage you to write your plan down and update it as needed … again, clearly defined steps will always beat random actions.

3) Take one bite of the elephant at a time. A project is made up of many tasks. You cannot accomplish all of them at one time. Therefore prioritize your tasks. Put them in order of importance or in the order in which they need to be accomplished. For example, don’t build the roof of a house before you dig the footings and lay the foundation.

4) Set realistic and specific deadlines for yourself. For example, before the end of the day, you are going to complete 3 specific tasks. No excuses. Do not put it off until “later”. If needed, set aside specific times of the day for completing certain tasks. For example, from 9:00 am to 10:00 am, on Tuesdays, Wednesdays and Thursdays, I’m going to work on my … (project). Every afternoon between 3:00 and 4:00 I’m going to answer my emails and return any unanswered phone calls. It will be almost impossible for you to stay focused and complete projects unless you dedicate specific and uninterrupted time to the task.

5) One and done! Don’t let work pile up. Although I consider myself a great multitasker, I recognize that the best way to complete tasks is to focus on them one at a time. Complete the task and get it off your desk. Then move on to the next one and complete it. Don’t start a new task until you’ve completed the one that is already on your desk. Of course, things come along that are an immediate priority. But, don’t let everything turn into a priority or crisis that keeps you simply putting out fires all day.

6) Learn to delegate or ask for help. I can tell you from experience that this is one of the biggest downfalls of most up and coming leaders. In fact, many never learn the importance of delegation. A good leader knows how to make sure things get done. However, that doesn’t mean that they should or can do all the work themselves. That’s why they have a team. The quarterback is responsible for leading the team on the field, coordinating the plays, and throwing the ball. Other team members are responsible for blocking, running and catching the ball. The quarterback can not play every position. If you’re the leader, you must take responsibility and ownership of the team, projects and tasks. That means you must ensure that tasks get completed on-time, on budget, etc. If you’re not the team leader, you have a responsibility to ensure you do your job, let the quarterback know what the problems are, and to execute your tasks without dropping the ball. The rest of the team is counting on you.

7) Communicate effectively and often. Most leaders are tasked with a lot of duties and responsibilities. As a leader, you must keep your team informed and up to date in order for them to do their job effectively. Conversely, as a team member, you also have a responsibility to keep your team leader informed. If your team leader has to ask you repeatedly where you are on a project or task, you are not doing a good job communicating.

8) Work with a fire in your belly and a sense of urgency. Get motivated. Although it would be nice to never have deadlines or limitations, that is not a realistic expectation in the business world. Your supervisors, co-workers, customers and family members are counting on you. I don’t believe the old adage that says “slow and steady wins the race.” Slow never wins a race. Don’t misunderstand me; I’m not suggesting you rush hastily or carelessly. When it comes to projects, it’s critical that you drive the project to completion on-time, on budget and with the resources that you have available. During the process, you need to keep your supervisor and team members up-to-date by scheduling regular meetings, sending e-mails and by whatever means are necessary.

9) Don’t be a quitter! It’s not uncommon to see people come to a screeching halt on a project the first time (every time) they run into a problem. Take ownership and responsibility! Learn to work through problems. That doesn’t mean you can’t and shouldn’t ask for help, but first, think! Develop solutions, weigh out the alternatives and make a decision. If your supervisor has to think and do your work for you, he doesn’t need you. Passing the project back to your supervisor is not an option.

Projects, problems, deadlines, and obstacles are the norm in the business world. But each of these things also comes with an opportunity to succeed, grow, innovate and profit. Take ownership of the opportunities presented to you. Tackle every assignment with a sense of urgency and ownership. Your effort may occasionally go un-noticed or be under-appreciated. But the successful completion of assigned duties ultimately makes you an invaluable asset to your company.

Posted by: Travis Wright | February 7, 2012

Don’t Shut Down, When You Burn Down

A neglected process by a number of business owners is implementing a disaster recovery plan.  Statistics show that after experiencing a catastrophic loss, 1 in 4 businesses will close their doors, permanently. One solution could be a formal written disaster recovery plan.  Having a well thought out disaster recovery plan might be the difference in a business staying open or being forced to close after a catastrophic event. 

When a business experiences a catastrophic loss, there are multiple factors that can lead to the operation closing.  For example, how long will it take for the business to re-open?  How do you keep customers from turning to a competitor? How do you prevent your employees from finding employment elsewhere?  These are just a few questions to consider.  Having a written plan in place on how to deal with these, as well as other questions specific to your business, might just ensure you don’t shut down, when you burn down.

Disaster Preparation and Response

  • Be sure to discuss terrorism and applicable natural disaster coverage with your Chappell, Smith & Associates, Inc. representative.
  • Keep copies of insurance policies and other critical documents in a safe and accessible location (e.g,. a fireproof safe).
  • Evaluate which disasters are most likely to occur in your area, remembering to include the possibility for terrorist activity. Be sure you are prepared for all of the risks you identify.
  • Develop a Disaster Recovery or Business Continuity Plan. If you already have one make sure that it is current. This entails preparing for anything that disrupts your business operations and planning for a backup option. You may consider identifying backups for essential operations, supply chains, personnel, business functions, data processes and communication channels.
  • Review your policy for off-site backup of EDP records. Ideally these records should be backed up and transmitted or sent off-site on a daily basis.
  • Have telephone call lists available (include cell phone and pager numbers) for all key personnel so required staff members can be contacted during non-working hours from any location. Review procedures for notifying employees that your facility is closed. Remind employees that they should never attempt to enter areas that are closed by police or other emergency responders.
  • Consider establishing an alternate method for your phone service if the switchboard becomes unusable (e.g. forwarding incoming calls to a cell phone or remote number).
  • If you are forced to temporarily close, you should have strategies in place for communicating with your customers and clients of the situation and status updates regarding any disruption in services.
  • Check available emergency supplies such as flashlights, batteries, emergency generators/fuel, patching materials such as plastic sheeting, wood 2x4s, duct tape, spare fire extinguishers, first aid kits, etc.
Posted by: Bill Bostic | January 9, 2012

Underage Sexual Harrassment Suits

In recent years, organizations in certain industries, especially the religious and education sectors, have been propelled into the spotlight because of lawsuits stemming from allegations of sexual misconduct or abuse toward minors. Sexual misconduct, molestation and abuse are serious liability issues for any business, but certain organizations are especially at risk if there is frequent, unsupervised interaction between children and an adult.

You can take several steps to ensure your organization does not have to undergo expensive and embarrassing lawsuits, including careful screening of all employees and volunteers; strictly enforced supervision guidelines; sufficient education and training; and a specific plan of action to follow when someone suspects or reports inappropriate behavior. Read on for more information on how you can protect your organization from these types of risks.

Conduct Background Checks

One of the most important things your organization can do to reduce the risk of a sexual misconduct or harassment allegation is to take on staff and volunteers carefully. Require that all paid staff, part-time or full-time and regardless of their job description, consent in writing to a federal criminal background check. Volunteers who have contact with minors in a close setting should also be subject to a background check before being allowed to mentor or conduct activities in your facility. If you sponsor or organize overnight trips, those volunteers should absolutely be required to consent to a federal background check. You should also search for all potential employees and volunteers in the National Sex Offenders Public Registry, to check for any type of sex offender record.

In addition to an official background check and examining the National Sex Offenders Public Registry, you should require all applicants – whether paid or volunteer – to provide a list of non-family references, complete with contact information. However, it is not enough to simply ask for this information – with every applicant, you should follow through and contact the references. Ask specific questions about the applicant’s reputation and character to evaluate whether he or she will present a risk to your organization.

Depending on the size of your organization, many people may look at one application and the review process could go through several hands. To make the process easier and more effective, require documentation for all background and reference checks conducted. Likewise, if any applicant is allowed to skip the background or reference check process, require that a waiver be signed by the person who made the decision to exempt the applicant.

Enforce Supervision Procedures

It is important to set guidelines for paid employees’ and volunteers’ conduct for two reasons. First, it protects minors from ill-intentioned adults and makes the environment safer. Also, it protects employees and volunteers from potentially false allegations, which is just as important for your organization.

Some suggestions for supervision guidelines include having two adults in the room with children, discouraging one-on-one contact, requiring two or more children to be present with one adult and having a leader or principal randomly checking in on classrooms on a regular basis. For religious organizations, consider implementing a policy that volunteers must be members of the community for at least eight months before being allowed to supervise children or youth alone. Of course, not all of these suggestions will be feasible for each organization. However, you should institute those guidelines that are applicable in order to have a preventative system in place.

If your organization conducts overnight trips, the liability becomes exponentially more serious. Be sure to provide an adequate ratio of adult volunteers to participants for security purposes, and never allow male and female participants to sleep in the same area. Sleeping areas should also have supervision guidelines such as the two-adult and the two-child rule previously mentioned.

Require Education and Training

An important step that some organizations overlook is providing adequate education and training to allow employees and volunteers to understand the risk of sexual misconduct allegations. If you educate employees and volunteers, they are more likely to work with you to help reduce the liabilities and risks associated with dealing with youth and children.

Take the time upon hiring to educate staff on the policies and procedures of . Be sure to emphasize that sexual misconduct training is not accusatory; rather, it is for their protection. Also, it is a good idea to re-train all staff annually as a reminder about the seriousness of the risk.

Respond Appropriately

Many organizations get into trouble not because they failed to conduct the necessary background and reference checks, but because when there was evidence of accusations or problems, they did not react quickly and appropriately.

In training sessions, stress that all staff – including volunteers – are required to report suspicions or evidence of abuse to senior staff members, provided they themselves are not involved in the allegation. Senior staff should forward these reports immediately to the proper law enforcement officials.

To avoid further risk, take immediate action. Remove the employee or volunteer allegedly responsible from duty and do not allow him or her to supervise or come in contact with youth until the investigation is complete. This may be a difficult step, especially if it causes hardship or if there is widespread belief the staff member is innocent, but it is crucial in preventing expensive lawsuits claiming negligence.

Documentation is the key to reduced risk in allegation response situations. Keep detailed, written records of the allegations and interviews from all victims and alleged abusers. Re-visit your records and make sure they reflect the adequate background checks and reference checks you conducted to further document your efforts to prevent abuse situations.

The bottom line is your organization should work to avoid all circumstances that could lead to accusations of sexual misconduct or abuse, whether those claims are legitimate or false. You have the duty to protect your staff, volunteers and participants from the risks of harassment and harassment accusations. The nature of your organization makes this significantly more difficult, but with proper guidance and careful planning, you can mitigate risks and liabilities.

Posted by: CS&A Insurance | January 3, 2012

Announcing CS&A Magazines and Publications

At CS&A Insurance has the most knowledgeable agents and producers in the industry. They often capture that expertise and experience by writing and publishing articles and magazines on various topics. CS&A Insurance or ChappellSmith.com has added a NEW Publications page to their website. There you will find a listing of magazines and articles that may be of interest and help when choosing not only your insurance coverages but also provide you with trusted information from industry experts at CS&A. You will also find articles of interest written by CS&A Clients in their specialized area of expertise. If you have questions, comments, feedback, article topics or would like to submit an article to be consideration for publishing, please feel free to call CS&A Insurance at 1.800.999.1109/615.435.8300 or submit a contact form from their website.

Posted by: Kayleigh Spurlock | December 29, 2011

A New Year, A New You

With the new year upon us, it brings a time of reflection and a time of hope. Despite the hardships we cannot prevent, there are some for which we carry the responsibility. Starting with ourselves, we can look inward and take control of the issues creating self doubt, worry or challenges. In hopes of evolving into the person we search to be, the following topics will allow us to feel rejunvenated and headstrong for the year 2012.

Planning for a Future of Financial Stability

Obtaining the peace of mind financial stability brings starts with reviewing your current financial resources. This is important because your financial resources affect not only your ability to reach your goals, but your ability to protect those goals from potential financial crises. These are the resources you will draw on to meet various life events. Calculate your net worth – this isn’t as difficult as it might sound. Your net worth is simply the total value of what you own: your assets, minus what you owe: your liabilities. It’s a snapshot of your financial health.

 First, add up the approximate value of all of your assets. This includes personal possessions, vehicles, homes, checking and savings accounts, and the cash value (not the death benefits) of any life insurance policies you may have. Include the current value of investments, such as stocks, real estate, certificates of deposit, retirement accounts, IRAs and the current value of any pensions you have.

 Now add up your liabilities: the remaining mortgage on your home, credit card debt, taxes due on the profits of your investments, if you cashed them in and any other outstanding bills.  Subtract your liabilities from your assets. Do you have more assets than liabilities? Or the other way around?

 Your aim is to create a positive net worth, and you want it to grow each year. Your net worth is part of what you will draw on to pay for financial goals and your retirement. A strong net worth also will help you through financial crises. Review your net worth annually. Recalculate your net worth once a year. It’s a way to monitor your financial health.

 Identify other financial resources. You may have other financial resources that aren’t included in your net worth but that can help you through tough times. These include the death benefits of your life insurance policies, Social Security survivor’s benefits, health care coverage, disability insurance, liability insurance, and auto and home insurance. Although you may have to pay for some of these resources, they offer financial protection in case of illness, accidents or other catastrophes.

 Healthy Portion Sizes

For a general idea of the amount of food you should be consuming, use the following recommendations:

  • A serving of meat is about two or three ounces – about the size of a deck of cards, or the palm of your hand.
  • One serving of grains is equal to one slice of bread, one ounce of cereal, or 1/2 cup of pasta or rice.
  • A serving of fruit or vegetables is equal to one piece of fresh fruit or vegetable, ½ cup chopped, or ¾ or fruit or vegetable juice. In general, it’s not as necessary to be vigilant about vegetable and fruit intake, as any amount is healthy—just be aware of the sugar content in fruit.
    • The key to any meal is to have 75 percent of your plate covered with vegetables and 25 percent covered with meat or pasta.

Making Time for Fitness

Everyone has time for fitness – even if your life already seems too hectic with your job, family and other commitments, there’s still room to tend to your health and fitness. Here are some tips:

  • Park your car far away, and walk farther to your destination.
  • Participate in a charity run, walk or bike event.
  • Take the stairs instead of the elevator or escalator.
  • Squeeze a stress ball while at work to relieve tension, burn calories, increase flexibility and improve blood flow.
  • Exercise during your lunch hour, even if it’s just a walk around the block or up and down a flight of stairs.

 Getting even 20 to 30 minutes of exercise per day will improve your health. It will also make you feel better overall and can be fun. Get out there and get active!                                                               

The Importance in Knowing Your Numbers 

 Knowing your blood pressure, cholesterol, blood sugar and body mass index (BMI) are extremely vital in determining whether you are at risk for developing major illnesses, such as heart disease and diabetes. If you know your numbers are out of healthy range, you can take measures to get yourself back into good health.

  •  Cholesterol: An unexpected heart attack may be caused by years of living with high cholesterol and extra fat stored in the body. Total cholesterol should be 200 or less. You should also ask your doctor what your HDL cholesterol (good) and LDL cholesterol (bad) levels are.
  •  Blood Pressure: Blood pressure is the amount of force that it takes for your heart to pump blood through your body. High blood pressure, known as hypertension, increases your risk of heart attack, stroke and kidney disease. It can also cause damage to your brain, eyes and arteries. Blood pressure should be around 120 over 80.
  • Blood Sugar: Glucose is sugar that is stored in the blood as your main source of energy. If your glucose levels are too high or too low, you can develop diabetes. The normal range for blood sugar is 80 to 120.
  •  Body Mass Index: BMI measures your weight in relation to your height. This measurement indicates whether your weight falls within a normal, healthy range. Your BMI should be less than 25. A BMI over 25 indicates you are overweight, and a BMI over 30 indicates obesity. Source: U.S. Department of Labor (Financial Stability) www.dol.gov/ebsa/pdf/savingsfitness.pdf 
Posted by: Kayleigh Spurlock | December 8, 2011

Savings Fitness: Planning for Retirement

       Today brings a joyful, yet sorrowful day to Chappell, Smith and Associates. We are celebrating two irreplaceable employees as they are honored in a luncheon for their time here with the company. As they look to the next chapter of life, they close this one as loyal and beloved leaders in our industry. Retirement brings enthusiasm for them as well as sadden good byes to the deepened friendships they’ve acquired through the years. Our hope is that they enjoy this adventure and embark on times to come. In thinking of retirement today and what the future may hold for all of us, this article anticipates to spark planning among it’s readers.

      While you are still young, retirement may seem abstract and far in the future at this stage in your life. However, preparing now for retirement is crucial, and the sooner you get started the better. The biggest advantage to starting young is time. If you put $1,000 into an IRA each year from age 20 to age 30 (11 years), and the account earns 7 percent annually, you will have $168,514 in the account when you retire at age 65. If you don’t start until age 30, but save $1,000 each year for 35 years straight earning 7 percent annually, your account would grow to only $147,913. Saving for retirement may seem like a strain on your budget right now, but you can start small and grow. Even setting aside a small portion of your paycheck each month will pay off in big dollars later. By starting young, you also can afford to invest more aggressively since you have years to overcome the inevitable ups and downs of the stock market. Developing the habit of saving for retirement now will make it easier to continue saving throughout your working years.

Planning for Retirement When There’s Little Time Left

        What if retirement is just around the corner and you haven’t saved enough? Some of these tips may be tough to swallow, but they will all help you toward your goal.

 • It’s never too late to start. It’s only too late if you don’t start at all.

• Commit everything you can to your tax-sheltered retirement plans and personal savings. Try to put away at least 20 percent of your income.

• Find ways to reduce expenses in your budget and funnel the savings into your nest egg.

• Take a second job or work extra hours.

• Aim for higher returns, but don’t invest in anything that you are uncomfortable with.

• Retire later. Even working part-time after your planned retirement age may be enough.

 • Refine your goal. You may have to live a less expensive lifestyle in retirement.

• Delay taking Social Security. Benefits will be higher when you start taking them.

• Make use of your home by renting out a room, or move to a less expensive home.

• Sell assets that are not producing income or growth, and invest in income-producing assets. Tips on How to Save Smart for Retirement

• Start NOW. Don’t wait. Time is critical.

• Start small, if necessary. Even small contributions can make a big difference given enough time and the right kind of investments.

 • Use automatic deductions from your payroll or your checking account for deposit into mutual funds, your IRA or other investment vehicles.

• Save regularly. Make saving for retirement a habit.

• Be realistic about investment returns. Never assume that a year or two of high market returns (or market declines) will continue indefinitely.

 • Roll over retirement account money if you change jobs.

 • Don’t dip into retirement savings.

 Article adapted from the U.S. Department of Labor publication of the same title. www.dol.gov/ebsa/pdf/savingsfitness.pdf

Posted by: Jeff Rhodes | December 7, 2011

DUI

The DUI arrest and subsequent resignation of FAA Director Randy Babbitt brings to mind, once again, the risks of drinking and driving.  The risks to our own safety and to the innocent people in our path are well documented.  We’ve all heard that “drunk driving kills” so many times, that I’m not sure many of us really believe it most of the time.  Most of us have had a drink or two with dinner, or at a party, and driven home without any issues whatsoever.   During the holiday season, this probably happens even more frequently. 

The risk of operating a vehicle while intoxicated is insipid.  It’s a seemingly minor risk that doesn’t hurt us time and time again.  Eventually, we push the limits, taking more and more risk, the more successful outcomes we have.  Thankfully, most would never drive when they feel DRUNK.  Usually, we feel fine and actually do retain a good portion of our wits and abilities behind the wheel. 

But a 0.08 blood alcohol level (the legal limit in most states) really isn’t much.  Many people feel “fine” after the number of drinks necessary to put them over the state BAC limit.  Remember – when it comes to the law, it’s not about how well you “hold your liquor.”  For the purposes of a DUI arrest, the limit is based solely of the ratio of alcohol in your blood to your body weight.   A 120 pound woman will probably be beyond the .08 limit by the time she starts her third drink.  For a 200 pound man, finishing three beers or three mixed cocktails will do it. 

You could become uninsurable, be fined, go to jail, lose your job, or lose your career for driving after a few drinks.  Think about the risks.  Be careful out there.

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