10-11-2018 Columns

When should you see a financial professional? It can be challenging to achieve your financial objectives. Fortunately, you don’t have to go it alone – but when should you seek help? Here is some of the key life events in which you might be able to benefit from the services of a financial professional: First professional job – Eventually, you will land that first job, which will offer benefits and a 401(k) or similar employer-sponsored retirement plan. Since you may not have any experience with a 401(k), you may have several questions: How much should I contribute? What sorts of investments should I choose? When should I change my investment selections? A financial professional can help you review your plan and explain the aspects that may affect your investment choices. Marriage – When you get married, you and your spouse may decide to merge your finances, including your investments. But if each of you brings similar investments to the table, you might create some redundancies. A financial professional can look at your respective portfolios and recommend ways to diversify. Generally, the more diversified you are, the greater your protection against market downturns that primarily hit one type of asset class. (However, while diversification can help reduce the impact of market volatility, it can’t guarantee profits or protect against all losses.) Children – Once you have children, you’ll have new responsibilities – and you’ll have some new financial issues that should be addressed. If something happened to you, could your children still have the same lifestyle and educational opportunities? Would they even be able to stay in the same home? To help ensure your children’s security, you may need to add more life and disability insurance. While life insurance could help pay for your children’s education, you also should prepare for education costs as if you will be around. So you may want to consider an education savings investment such as a 529 plan. A financial professional can help you with your insurance and education-funding needs. Retirement – Once you retire, you will face a variety of financial decisions, but here’s one of the most important ones: How much money should you withdraw each year from your retirement accounts? To choose an annual withdrawal rate that’s appropriate for your needs, you should consider several factors: How much you have in your retirement accounts, how much Social Security you’ll receive, what other sources of income (such as part-time work or consulting) you might have, your age at retirement, your spouse’s projected retirement assets, your retirement lifestyle, and so on. It might not be easy for you to consider all these elements and then arrive at a suitable withdrawal rate, but a financial professional has the experience, training and technology to help determine a figure that could work for you. These aren’t all the life events that may lead you to contact a financial professional, but they should give you a pretty good idea of the type of assistance you could expect over time. So, consider reaching out for the help you need, when you need it. Doing so could help make your life easier as you move toward your financial goals. This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.

Combating the opioid crisis The statistics of opioid abuse and overdoses are truly shocking. Even here in our community, prescriptions meant to help with pain relief have ended up causing families more grief than one can imagine. I am proud to say that the Legislature has taken preventative steps to help combat this crisis, such as enacting House Bills 4323, 4403-4408, and Senate Bills 47, 166-167, 270, and 273-274. The Michigan House included $700,000 in the 2018 budget going to support statewide programs that target opioid addiction and abuse. We have also enacted measures to allow pharmacists to refuse to fill a prescription under certain circumstances, to create new student curricula regarding the risks of prescription drug abuse, and to require providers to counsel minors on the risks of opioid drugs when prescribed. The Michigan Senate also included new reporting measures to the Michigan Automated Prescription System (MAPS), establishing stricter bona fide prescriber-patient relationships, and having more information provided for treatment upon treating an opioid-related overdose. This legislation also allows a pharmacist to partially fill a prescription under certain circumstances, and limits opioid prescriptions to only a seven-day supply for acute pain to hopefully decrease addictions. Creating new laws to combat this is only one piece of the puzzle. To solve this crisis we must also spread awareness and share information on the services our state provides. To that end, I hope you will join me Thursday, October 25 for my Opioid Awareness town hall at Kinexus (449 W Main St., Benton Harbor) from 5:30-7 p.m. to learn more about the services Berrien County has for its residents. I hope to see you on the 25th and as always, it is an honor to serve you! If you have any questions or concerns, please do not hesitate to contact me at either 517-373-1403 or KimLaSata@house.mi.gov.

Flu vaccinations Berrien County health officials are urging residents to get vaccinated against the flu. Every person six months and older should get the flu vaccine every year, especially certain groups who are considered at highest risk, like young children, pregnant women, and adults who have chronic health conditions or are over the age of sixty-five. Anyone can get the flu, including healthy children and adults. Receiving a flu vaccine is the most effective method of preventing the flu. If you receive a vaccination and still get the flu, the vaccine may make flu symptoms milder and the length of illness shorter. The vaccine will also prevent you from spreading the flu to ot