Both the markets and the 10 Year Treasury closed the week up – despite the graphic images of war in Ukraine. Why is the economy reacting in this fashion, and is a recession imminent? Annex Wealth Management’s Mark Beck and Derek Felske discuss.
In our recent poll, we asked readers “Are you noticing a larger bill at the grocery store?”
It’s hard to miss – 97% of readers answered yes.
Today, many of us are seeing inflation on nearly all the shelves at the store. In January, the Labor Department quoted a sharp rise of a 7% surge in general food prices, an increase that hasn’t been reported since 1981.
With no reprieve in sight, it’s likely the prices at the grocery store will keep rising to offset the costs of production. Many readers said this has affected how they spend – perhaps they’re keeping a sharper eye out for deals or skipping their local grocery store for a discount supermarket like Aldi. Others have decided to ride out the price hikes while keeping their shopping habits the same.
If you are looking to save, here are some simple tips:
Save in the meat aisle:
Look for markdowns or nearly expired meat. Then freeze, freeze, freeze.
Turn small savings into big savings:
Get the grocery store card. Cut the coupons. Shop with an app. These small steps add up to big savings. Also, get cash back. Shop with a credit card that gives you grocery store points.
Buy in bulk:
Membership fees will pay for themselves if you frequent those stores like Sam’s and Costco. Buy in bulk. Larger packages often have lower per-unit pricing.
https://www.foxbusiness.com/economy/farmers-feel-the-squeeze-of-inflation
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Are you thinking of retiring early? This week’s MoneyDo may help.
It’s important to have a health insurance plan in place throughout your working years. However, don’t neglect to plan for health insurance in retirement as well. You may be aware that Medicare eligibility generally begins at age 65. But what if you retire before then?
Given your individual situation, there may be several options available to you prior to Medicare eligibility:
Employer Options – Some employers provide retiree health benefits capable of covering you until Medicare eligibility. Check with your benefits administrator to find out if you have any options available.
COBRA – COBRA allows you to stay on your employer’s group health plan. What’s the catch? COBRA is typically expensive, and it has a time limitation. You pay 100% of the premiums, including a small administrative fee. The coverage generally lasts for 18 months after a qualifying event (such as termination or retirement).
Health Care Marketplace – Also known as the “exchange” or “Obamacare,” the health care marketplace is a way for individuals to shop for various health plans through a platform operated by the Federal government. You can learn more at the website HealthCare.gov. Depending on your income, you may qualify for tax credits to offset some or all of the premiums. Recently passed legislation made these tax credits more generous for 2021 and 2022 only.
Stand-alone Plans – Many insurance carriers offer plans outside of the Healthcare Marketplace. Various offerings are available. One example is catastrophic health plans, which have lower monthly premiums but higher potential out-of-pocket costs.
Medical Cost Sharing Plan – Various faith-based organizations, such as Medi-Share, offer an alternative healthcare expense sharing arrangement where members share each other’s medical costs. Although generally an affordable choice, these plans are not health insurance and have unique aspects which much be carefully considered.
As you research and study alternatives, make sure you’re aware of what’s available and what works best, given your health care needs. Items to consider:
- Annual or monthly premium.
- Deductibles or other out-of-pocket expenses.
- Out-of-pocket annual maximums.
- Your current medications and coverage under a new plan.
- Will your current doctors fit into a new network?
We encourage you to research your pre-retirement health insurance options thoroughly. If you need help, seek out a financial planner you can trust to help you make a decision which is appropriate for your situation.
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Gross losses from gift card fraud in 2021 exceed $148 million.
fortunly.com
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UPCOMING EVENTS →
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