04-11-19 Columns

What can you do with your tax refund? We’re getting close to the tax-filing deadline. For many of us, this means it’s that time of year when we get our biggest financial windfall – a tax refund. If you have recently received a refund, or are expecting to get one in the next few weeks, what should you do with it? Of course, you could just spend the money on something you want, but if you’d like to maximize the financial benefits from your refund, you might want to consider other options, including the following: Invest the money. In 2018, the average tax refund was about $2,700. For this year, it might be somewhat lower, due to changes in the tax laws and the failure of taxpayers to adjust their withholdings in response. However, if you were to receive in the neighborhood of $2,700, you’d be almost halfway to the annual IRA contribution limit, which, in 2019, is $6,000. (If you’re 50 or older, you can put in up to $7,000). If you have already “maxed out” on your IRA, you could use your refund to fill in gaps you may have in other parts of your investment portfolio. Pay insurance premiums. Let’s face it – nobody really likes paying insurance premiums. Yet, if you have anyone depending on you, you will certainly need life insurance, and possibly disability insurance as well. And if you want to help protect your financial resources later in life from threats such as an extended – and hugely expensive – stay in a nursing home, you also may want to consider long-term care insurance. Your tax refund could help pay for some of these premiums, boosting your cash flow during the months you would normally be making these payments. Contribute to a college fund. It’s never too soon to begin saving for college, which has grown increasingly expensive over the last several years. So, if you have young children, you may want to think about investing some or all of your refund into a college-savings account, such as a tax-advantaged 529 plan. Pay off debts. You might be able to use your refund to pay down some debts – or perhaps even pay off some of your smaller ones. The lower your monthly debt load, the more money you will have available to invest for the future. Keep in mind, though, that you might not want to look at all debts in the same way. For example, putting extra money toward your mortgage might help you pay it off faster, but you’ll also be funding an asset – namely, your house – that might not provide you with the same liquidity as you can get from investments such as stocks and bonds. Help build an emergency fund. By building an emergency fund containing six to 12 months’ worth of living expenses, you can help yourself avoid dipping into your long-term investments to pay for large, unplanned-for bills, such as a major car repair or an expensive dental procedure. Your tax refund could help build such a fund, with the money ideally being placed in low-risk, liquid vehicles. Clearly, you can help yourself make progress toward a number of your financial goals with your tax refund – so put it to good use. This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.

Protecting our seniors Our senior citizens have given so much to our community, state, and nation, and for that, we are eternally grateful. In recent years, senior citizens have increasingly become the targets of scammers, and people who see them as easy targets for abuse or neglect. To help fight back and protect our aging loved ones, I was pleased to see the Attorney General announce the creation of the bipartisan Michigan Elder Abuse Task Force. This panel will include representation from more than 30 different organizations, including law enforcement, state agencies, the Michigan House, Senate and Congressional delegation, and advocacy groups. The task force is expected to address a wide variety of issues, including protecting vulnerable adults from undue influence, increasing maximum penalties for abusers, creating a special prosecutor for elder abuse, requiring mandatory reporting of deaths in facilities caring for vulnerable adults, and developing local level multi-disciplinary elder abuse community investigation teams. In addition to this task force, there is a bipartisan group of representatives that have come together to combat elder abuse and increase protections for Michigan’s senior population. The eight-bill bipartisan plan will add legal protections for adults age 65 and older and establish increased criminal penalties for individuals who financially or physically abuse vulnerable and older adults. Elder abuse is a serious crime. The abuse or neglect of any one of our seniors diminishes all of us. These additional protections and increased criminal penalties will ensure people think twice before targeting or taking advantage of older adults. I understand that this office belongs to the hard-working people of Southwest Michigan, and I am always eager to hear your feedback. You can reach me via email at PaulineWendzel@house. mi.gov, or by phone at 517-373-1403. You can also follow my Facebook page at @RepWendzel or visit my website at www.repwendzel.com.

Work zone safety starts with us With the warmer months fast approaching, the Michigan Department of Transportation is reminding motorists to be on the lookout for orange barrels and to drive safely through construction zones as crews work to fix our roads. This week, in an effort to highlight work zone safety during National Work Zone Safety Awareness Week, MDOT is encouraging people to wear orange and to share images including the hashtags #Orange4Safety and #NWZAW to help spread awareness. Work zone safety is a serious concern. The state Office of Highway Safety Planning reports that in 2017, there were 4,341 work zone crashes that resulted in 23 fatalities and 808 injury crashes. It is a sad commentary that so many needless accidents occur in work zones that are highly visible and clearly marked. Most of these crashes happen during the day between the months of May and September, when the weather is nicer. Statistics show that, unfortunately, inattentive or distracted drivers cause them, with the leading cause of death being driving too fast for the conditions. As I discussed in a previous column, distracted driving is a worsening problem with too much at stake — it endangers road crews and other drivers and passengers, and lives can be irrevocably changed in fractions of a second. We should be alert when behind the wheel at all times, but especially while driving through work zones. Join me and let’s work to be a part of the solution to improve work zone safety, not only during National Work Zone Safety Awareness Week, but every time we drive. I appreciate hearing your thoughts on the important issues facing Southwest Michigan. You can reach me at 517-373-6960 or SenKLaSata@Senate. Michigan.gov.

Take charge of sexual health There’s no avoiding the statistics: the number of reported sexually transmitted disease (STD) cases are at an all-time high, and if you are sexually active, you are at risk of infection. So what can you do? Arm yourself with the facts about STDs and talk with your healthcare provider—that’s always an important place to start. When it comes to protecting your sexual health, the best offense is a good defense. A relationship between patient and healthcare provider emphasizing teamwork and communication is key: when the relationship works better, sexual health works better. The Berrien County Health Department’s Sexual Health Clinic is here to help you plan for a healthy future. The clinic offers accessible, non-judgmental, and supportive services to women, men, and teens regardless of income, insurance status, background, or sexuality. Services are low/no-cost, are 100% confidential, and include birth control, STD testing, and annual wellness exams and testing for men and women. Services available are: Recommended annual wellness exams (pap smears, pelvic exams, breast exams, and testicular exams); STD testing and treatment; rapid HIV testing and counseling; pregnancy testing; birth control methods including the pill, the patch, Depo-provera shot, and emergency contraception; free condoms; immunizations, including the human papillomavirus (HPV) vaccine for men and women; education and support to help you plan for a healthy future and take control of your sexual health. Sexual Health clinical services are provided at little-to-no cost. Most major insurance plans are accepted, including most Medicaid plans. Costs are based on a sliding-fee scale determined according to your income and no one is turned away for inability to pay. Sexual Health Clinic services are available at all Berrien County Health Department locations (Benton Harbor-Niles-Three Oaks) by appointment only. To make an appointment for any location or for more information, please call (269) 926-7121.

Voting for the Violence Against Women Reauthorization Act Last week, the U.S. House of Representatives voted on and passed a reauthorization of the Violence Against Women Act (VAWA). I was proud to join my colleagues to vote for this important legislation that provides protection for domestic violence survivors. VAWA plays a critical role in combating domestic violence, dating violence, sexual assault, stalking, and other terrible crimes. Since VAWA was first enacted, we’ve seen our nation’s response to these crimes improve and the rates of domestic abuse continue to decline. Folks here at home like Grace Lubwama – the Chief Executive Officer of YWCA Kalamazoo – have made clear that the reauthorization of the VAWA funding ensures services – such as transitional housing, emergency shelter, medical, and legal counseling supports – are accessible and available at YWCA Kalamazoo to protect survivors. Programs authorized and funded under VAWA provide funding to ensure safety and support for survivors, increase prevention efforts, expand educational awareness surrounding domestic violence and sexual assault, implement training for health professionals and law enforcement, and to coordinate responses across agencies. To learn more about important legislative issues, follow me on Twitter at @RepFredUpton or visit my website: upton.house.gov. You can also call my offices in Kalamazoo (269-385-0039), St. Joseph/ Benton Harbor (269-982-1986), or Washington, D.C. (202-225-3761).