Money Matters
MONTHLY NEWSLETTER Money Matters Keeping our clients informed about current financial issues and trends MARKET MONTH— November 2014 The Markets November 2014 October lived up to its reputation for volatility as triple-digit intraday swings in the Dow became almost commonplace. Despite being spooked for much of the month--at one point the S&P 500 was down almost 8% from its most recent high--both the S&P and the Dow industrials rallied strongly to end the month at fresh all-time records. Generally encouraging corporate earnings from U.S. companies, a strong Q3 GDP, and increased central bank support overseas helped equities markets overcome fears about the end of the Federal Reserve's quantitative easing and global concerns about slowing growth and the threat of Ebola. Increased U.S. energy resources and reduced global demand meant that oil prices continued to drop, ending the month at roughly $80 a barrel. The dollar maintained its September gains against a basket of six foreign currencies; since oil is traded in dollars, a stronger dollar also helped keep oil prices in check. Money Matters is published twelve times a year by The Harbor Group, Inc. Subscription is at no cost to our clients of the firm. Call for rates on reprints. Copyright 2014 by The Harbor Group, Inc. Meanwhile, after a bounce at mid-month, the price of gold plummeted to roughly $1,170 an ounce. Not surprisingly, the volatility in equities caused the yield on the benchmark 10-year Treasury to fall briefly to its lowest level since June 2013 as investors sought the relative safety of Treasury securities. All rights reserved. The Month in Review Inside this issue: 2014 Year-End Tax Planning 4 Why Losses Really Do Matter 7 Good News For a Change 8 Open Enrollment Season is Here 9 Harbor Group Contact Information 11 The U.S. economy grew at an annualized rate of 3.5% during the third quarter, according to the initial estimate by the Bureau of Economic Analysis. That was slightly less than Q2's 4.6%, but still much stronger than during 2014's first quarter. The 248,000 new jobs created in September helped cut the U.S. unemployment rate from 6.1% to 5.9%; it's the first time since July 2008 that joblessness has been below 6%. Also, the Bureau of Labor Statistics said hiring during the prior two months was stronger than previously thought. However, at least some of the decline in the unemployment rate resulted from 97,000 people, such as retiring baby boomers, dropping out of the The Harbor Group, Inc.—402 Riverway Place, Bedford NH 03110-6765—PH 603.668.0634 FX 603.668.4561—www.harborgroup.com Money Matters Page 2 November 2014 labor force. That brought the percentage of people in the workforce to 62.7%--the lowest participation rate since 1978. As expected, the Federal Reserve's monetary policy committee halted new bond purchases, which have helped support the economy for the last six years by making credit easier to get. The statement said that despite improvements in the labor market and the overall economy, the committee sees inflation being held in check by lower energy prices. Therefore, it still anticipates the Fed funds interest rate will remain at its current level for "a considerable time." However, that timetable could be accelerated by unanticipated upticks in inflation and/or employment (or pushed back if either declines). As Fed bond purchases came to an end, the Bank of Japan went in the opposite direction, announcing it will expand its securities purchases. The move is designed to prevent potential deflation (Japan's 1% annual inflation rate is far below the central bank's 2% target). The added buying could help make Japanese exports cheaper. Eurozone manufacturing output saw its largest monthly decline since late 2008 in August, according to the European Union's statistical agency. The 4.3% decline in German industrial production was especially unsettling, and September's 0.3% annual inflation rate in the eurozone--the lowest level in five years--raised concerns about the possibility of deflation. To help combat that weakness, the European Central Bank will expand its bond purchases to include asset-backed securities and certain bank bonds, but declined to lower its key interest rate, at least for the time being. China's growth rate, while still robust compared to the rest of the world, slowed to 7.3% during the third quarter, according to the National Bureau of Statistics--below the 7.5% official target for annual growth. Real estate prices and sales continued to be a soft spot. To try to jump-start lending, China's central bank plans to inject roughly $33 billion into its banking system. Data on the U.S. housing market was generally encouraging. September's 2.4% increase in existinghome sales represented the fastest growth of 2014, according to the National Association of Realtors®. New home sales also were up 0.2%, which put them 17% higher than in September 2013, and the Commerce Department said both housing starts and building permits were up for the month. However, home prices were a different story. The 0.2% increase in the S&P/Case-Shiller 20-City Composite Index in August represented the slowest annual growth rate in almost two years. U.S. inflation continued to be well-contained. Consumer prices rose 0.1% in September, which left the Consumer Price Index up 1.7% for the last 12 months. The Bureau of Labor Statistics said increases in food and housing outweighed a 0.7% drop in energy costs. Meanwhile, wholesale prices fell 0.1% in September, largely because of declines in both food and energy costs, though wholesale prices overall are 1.6% higher than in September 2013. Retail sales in the United States slipped 0.3% in September, though the Commerce Department said they were 4.3% ahead of a year earlier. The biggest declines were seen in building and garden supplies, clothing, and nonstore retailers, all of which were down more than 1% during the month. U.S. durable goods orders fell 1.3% in September, according to the Commerce Department. However, much of that was due to a 3.7% decline in the typically volatile transportation sector; excluding transportation, new orders were down 0.2%. The Harbor Group, Inc.—402 Riverway Place, Bedford NH 03110-6765—PH 603.668.0634 FX 603.668.4561—www.harborgroup.com Money Matters Page 3 Eye on the Month Ahead With the Fed's quantitative easing officially at an end and monetary policy meetings on hold until December, equities markets may begin to focus on what's left of earnings season as well as the jobs and inflation data that will affect future Fed actions. The results of Tuesday's midterm elections also could influence the mood of the markets. Data sources: Economic: Based on data from U.S. Bureau of Labor Statistics (unemployment, inflation); U.S. Department of Commerce (GDP, corporate profits, retail sales, housing); S&P/Case-Shiller 20-City Composite Index (home prices); Institute for Supply Management (manufacturing/services). Performance: Based on data reported in WSJ Market Data Center (indexes); U.S. Treasury (Treasury yields); U.S. Energy Information Administration/Bloomberg.com Market Data (oil spot price, WTI Cushing, OK); www.goldprice.org (spot gold/silver); Oanda/FX Street (currency exchange rates). All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. Past performance is no guarantee of future results. All investing involves risk, including the potential loss of principal, and there can be no guarantee that any investing strategy will be successful. November 2014 The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the NASDAQ stock exchange. The Russell 2000 is a market-cap weighted index composed of 2,000 U.S. small-cap common stocks. The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide. The U.S. Dollar Index is a geometrically weighted index of the value of the U.S. dollar relative to six foreign currencies. Market indices listed are unmanaged and are not available for direct investment. Key Dates / Data Releases 11/3: Auto sales, ISM manufacturing report, construction spending 11/4: Balance of trade, factory orders 11/5: ISM services report 11/6: Business productivity/costs 11/7: Unemployment/payrolls 11/13: JOLTS job turnover report 11/14: Retail sales 11/17: Industrial production, Empire State manufacturing survey 11/18: Wholesale inflation, international capital flows 11/19: FOMC minutes, housing starts 11/20: Consumer inflation, Philly Fed manufacturing survey, home resales 11/21: Options expiration 11/25: Q3 revised GDP, home prices 11/26: Durable goods orders, personal income/spending, new home sales IMPORTANT DISCLOSURES Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, or legal advice. The information presented here is not specific to any individual's personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice. The Harbor Group, Inc.—402 Riverway Place, Bedford NH 03110-6765—PH 603.668.0634 FX 603.668.4561—www.harborgroup.com Money Matters Page 4 2014 Year-End Tax Planning The 2015 tax filing season may seem like a long time away, but time is passing quickly. Individuals who want to explore minimizing their tax burden and maximizing their tax savings are eager to get started now on 2014 year-end planning. By taking certain steps now, before 2014 draws to a close, individuals may be able to reduce the size of their tax bill otherwise due when they file their returns next year. This communication explores some of traditional year-end planning techniques, how events in 2015 may impact year-end planning, and more, including the Affordable Care Act, which impacts almost everyone in one way or another. Applying some traditional techniques One year ago, prospects for comprehensive tax reform were looking up in Congress. Two senior lawmakers, Sen. Max Baucus, D-Montana, and Rep. Dave Camp, R-Mich., had worked together to develop a tax reform package. In early 2014, Camp introduced a sweeping tax reform bill, the Tax Reform Act of 2014. If it had passed, Camp’s bill would have turned traditional year-end planning upside down. However, momentum for tax reform quickly faded. Baucus retired from Congress to become U.S. ambassador to China. Camp also announced his plans to retire after 2014. Several proposals in Camp’s bill have moved separately in the House, but not yet in the Senate, and any action on the overall bill is extremely unlikely before year-end. November 2014 What does this mean for tax planning? It means that the current Tax Code, with all its complexities, will be around for 2015 and likely for 2016. The current individual income tax rate structure (10, 15, 25, 28, 33, 35, and 39.6 percent) will be in place for 2015. The same is true for the current tax treatment of capital gains and dividends. The limitation on itemized deductions and the personal exemption phaseout are also expected to remain unchanged for 2015. The alternative minimum tax (AMT) is “patched,” thanks to the American Taxpayer Relief Act of 2012 (ATRA), providing enhanced exemption amounts and allowing the use of nonrefundable personal credits against regular tax and AMT liability. All these developments provide some certainty in tax planning for year-end 2014. Individuals should take a look at traditional year-end tax planning techniques. One traditional technique is, if possible, to spread the recognition of income between 2014 and 2015. This may come into play for individuals who are able to postpone year-end bonuses, maximize deductible retirement contributions, and delay year-end billings. Individuals may want to consider the prepayment of real estate taxes or mortgage interest. Timing the recognition of capital gains and losses at year-end may help to minimize an individual’s net capital gains tax and maximize deductible capital losses. Life changes can also impact traditional year-end tax planning. Individuals who married or divorced, changed jobs, retired, or experienced other life events in 2014 need to review how these events may have revised their tax planning. A change in employment, for example, may bring about severance pay, sign-on bonuses, stock options, moving expenses, and COBRA health benefits, which all must be taken into account in yearend tax planning. Retirement savings strategies also fall within traditional year-end planning techniques. Individuals also can contribute up to $5,500 to an IRA or Roth IRA for 2014. If they qualify, individuals can make additional so-called “catch-up contributions” of up to $1,000. This treatment is targeted to individuals age 50 and older. Keep in mind that individuals have until April 15, 2015, to make an IRA contribution for The Harbor Group, Inc.—402 Riverway Place, Bedford NH 03110-6765—PH 603.668.0634 FX 603.668.4561—www.harborgroup.com Money Matters Page 5 2014. Code Sec. 401(k) plans and similar arrangements, including new myRA accounts, should be explored to determine their maximum benefit. Gift-making in general should be part of a year-end review. Individuals can make tax-free gifts of $14,000 per recipient (unlimited in number) for 2014. Married couples may combine their gift-tax exclusion amounts and make tax-free gifts per recipient of up to $28,000 for 2014. There is an important and often over-looked provision affecting gifts. An individual can make unlimited tax-free gifts used for qualified tuition or medical expenses of another person. The qualified tuition or medical expenses must be paid directly to a medical or educational institution. Planning for net investment income tax For some individuals, the new net investment income tax has become part of their year-end tax planning. The Affordable Care Act created the net investment income tax to help fund health care reform. There are three categories of net investment income: Category 1: gross income from interest, dividends, annuities, royalties and rents, if the income is not derived in a trade or business; Category 2: income from a “trade or business” that is a passive activity, as determined under Code Sec. 469, or is from a business as a financial trader; and Category 3: net gains from the sale of property, unless the property is held in a nonpassive trade or business. Under Code Sec. 469, individuals may group multiple activities into a single activity. Generally, an individual must meet the material participation standard of Code Sec. 469 for each activity. Grouping into a single activity can make it easier for a taxpayer to meet the standard by combining the taxpayer’s hours and participation. By grouping activities, a taxpayer may be able to avoid having income treated as net investment income. The Affordable Care Act envisioned that the net investment income tax would impact higher income taxpayers. November 2014 The Affordable Care Act set certain income thresholds for triggering the net investment income tax: $200,000 for single taxpayers; $250,000 for married couples filing a joint return; and $125,000 for married couples filing separately. Tax extenders add complexity Prospects for permanent extension of many of the so-called tax extenders also appear dim before yearend. However, there will likely be an extension of the extenders, probably for two years. That means extension will be retroactive to January 1, 2014 because many of the extenders expired after December 31, 2013. For planning purposes, individuals should consider their tax strategies under one scenario that includes extension of the extenders and another that does not. Keep in mind that some of the extenders impact other provisions of the Tax Code. The list of expired extenders is long. Among the more popular are the state and local general sales tax The Harbor Group, Inc.—402 Riverway Place, Bedford NH 03110-6765—PH 603.668.0634 FX 603.668.4561—www.harborgroup.com Money Matters Page 6 deduction, the higher education tuition deduction, the teachers’ classroom expense deduction and the mortgage insurance premium deduction. Some extenders were made permanent by ATRA. They include the student loan interest deduction, special enhancements to the earned income tax credit, the child tax credit and the child and dependent care credit, as well as special enhancements to the adoption credit and adoption assistance programs. Any news about the fate of the extenders will likely not come until late in 2014 or even in early 2015. The House and Senate have taken very different approaches to the extenders. The House has passed several extenders in stand-alone bills that would make them permanent. The Senate has taken the traditional approach of wrapping all the extenders in a comprehensive bill (called the EXPIRE Act). When lawmakers return to work after the November elections, the leaders of the House and Senate are expected to confer about how to move the extenders before year-end. New considerations from Affordable Care Act As of January 1, 2014, the Affordable Care Act requires all individuals to carry health insurance or make a shared responsibility payment, unless exempt. For many, employer-provided health insurance will satisfy the individual mandate. Others will satisfy the individual mandate if they are covered by Medicare or Medicaid. Individuals who are not exempt will need to make a shared responsibility payment when they file their 2014 returns in 2015. Generally, the shared responsibility payment amount is either a percentage of the individual's income or a flat dollar amount, whichever is greater. The amount owed is 1/12th of the annual payment for each month that a person or the person's dependents are not covered and are not exempt. For 2014, the payment amount is the greater of: 1 percent of the person's household income that is above the tax return threshold for their filing status; or A flat dollar amount, which is $95 per adult and $47.50 per child, limited to a maximum of $285. November 2014 The individual shared responsibility payment is capped at the cost of the national average premium for the bronze level health plan available through the Marketplace in 2014. The lack of health insurance does not automatically mean an individual must make a shared responsibility payment. The types of exemptions are broad. For example, an individual may have no affordable coverage options because the minimum amount he or she must pay for the annual premiums is more than eight percent of household income. An individual also may have a hardship that prevents him or her from obtaining coverage. Some seven million individuals have obtained health insurance through the Affordable Care Act Marketplace. Many qualified for a special tax break to help offset the cost of coverage (the Code Sec. 36B credit) and many took advance payments of the credit. In these cases, individuals must reconcile the amount paid in advance with the amount of the actual credit computed when they file their tax returns. Life changes in 2014 may impact the final credit amount. The Harbor Group, Inc.—402 Riverway Place, Bedford NH 03110-6765—PH 603.668.0634 FX 603.668.4561—www.harborgroup.com Money Matters Page 7 For more details about the year-end planning ideas we have discussed, and to review other strategies, please contact your personal tax advisor. Together, you can create a customized 2014 year-end tax strategy tailored to your specific situation. Why Losses Really Do Matter Everybody who told us that the steep market drops earlier this month wouldn’t last can rightly claim they’re right. When the S&P 500 was down 7.4% during a two-week selloff, there was no way to know whether we’d have to endure more of the same. Staying the course turned out to be exactly the right strategy, but that doesn’t mean that we shouldn’t be concerned about downside risk. In fact, during the downturn, all of us should have been working hard to keep our portfolios from falling as far and as fast as the American indices. Isn’t this a contradiction? There is no contradiction between holding on during market downturns and building portfolios that are unlikely to keep pace with a bear market free-fall. You hold on because no living person knows when the stock markets will recover, but history tells us that they always do seem to recover and eventually deliver returns that are higher, on average, than the returns you get when the money is safely stored under your mattress. But you also pay attention to downturns because the further your portfolio falls, the harder it is to recover. There’s actually a rational reason why you tend to fear losses more than you enjoy your gains. The mathematics show the asymmetrical effect of losses vs. gains. If your $1 million portfolio loses 10%, falling to $900,000, then it requires an 11.11% gain to get you back where you started. It doesn’t seem fair, but that’s how it is. A 20% loss requires a 25% gain, and if your portfolio were to drop 40%, you’d need a subsequent 66.67% gain to climb back to your original $1 million nest egg. November 2014 Chances are, you know how we fortify portfolios against losses: we include a variety of different types of assets--including bonds which, against every single market prediction at the start of the year, are actually delivering positive returns almost all the way across the maturity spectrum. We include foreign stocks, which haven’t exactly been knocking the lights out this year, but which will, someday, offer strong gains when the U.S. markets are weakening. All of these different movements tend to have a calming effect on the portfolio’s returns, not always in every circumstance, but fairly reliably over time. The result? A smoother ride puts more money in your pocket. If an investor experienced returns of +20% and -10% in alternate years over the next 20 years, a $100,000 portfolio would grow to just under $216,000. If a more diversified investor experienced a smoother ride of 10% a year, her portfolio would grow to just under $673,000. The power of steady compounding is a marvelous thing to see. The drag of losses can be debilitating to a portfolio’s growth. You won’t experience either of those trajectories, of course. But if you can somehow avoid the worst of the market’s falls, even if it means never beating the market during the up-cycles, you raise your chances of long-term success. If you can do this and remain invested through a lot of uncertainty, like we experienced earlier this month, chances are you’ll enjoy better long-term returns than a lot of the “experts” you see screaming at you to buy or sell on the cable finance channels. The Harbor Group, Inc.—402 Riverway Place, Bedford NH 03110-6765—PH 603.668.0634 FX 603.668.4561—www.harborgroup.com Money Matters Page 8 Oh, and that 7.4% drop? The S&P 500 will have to go up 7.99% to recover the ground it lost in that two -week period. Good News For a Change One leading candidate for the “most under-reported story” of 2014 is the remarkable drop in the U.S. government’s budget shortfall. The final numbers announced by the U.S. Treasury for fiscal 2014 (ending September 30) shows a $483 billion deficit. That’s about $1 trillion lower than the record $1.4 trillion deficit recorded in 2009. As a percentage of the U.S. Gross Domestic Product, the deficit came in at 2.8%--below the average of the last 40 years. Digging into the numbers a bit, the government collected just over $3 trillion in the past 12 months, which comes to 17.5% of America’s total GDP. That’s up from $2.8 trillion last year, largely the result of a stronger economy, but also reflecting higher tax rates on higher-income Americans. Meanwhile, spending was essentially flat; rising from $3.45 trillion to $3.50 trillion, reflecting decreased defense spending and cuts in the unemployment insurance program, flood insurance and disaster relief, crop insurance, the Supplemental Nutrition Assistance Program and a variety of housing programs. If there is bad news in this picture, it’s that Social Security, Medicare and Medicaid are taking over an ever-larger share of the budget, and these costs have been rising much faster than inflation. “Entitlement” expenses are not discretionary; they are basically written contracts with the American people. Medicaid in particular is worrisome; while discretionary expenditures are down almost totally across the board, Medicaid spending growth came in at 10.2% in 2014, and is projected to rise 14.3% next fiscal year. How does all this affect you? Notice that the partisan budget bickering has quietly faded away. Congress has extended government funding several times without fanfare, and is expected to do so again during the lame duck session after the elections. This might induce the rating agencies to give American bonds back their A+ credit rating. November 2014 We may see a tax reform bill sometime next year, which will certainly lower the U.S. corporate tax rate, and may address America’s tangled individual tax code. Earlier this year, a House bill proposed to repeal dozens of tax credits, deductions and tax preferences, including the mortgage interest exemption and deductions for charitable contributions. The legislation would create two individual income tax brackets at 10% and 25%. Another proposal would replace most current federal taxes with a 23% national retail sales tax. And you may hear more about reforming Social Security, Medicare and Medicaid. The Social Security fix is relatively straightforward; for persons under the age of 50 today, full benefits would be deferred a year or two, to reflect the fact that people are living (and capable of working) longer. Medicare proposals have ranged from giving total discretionary control to states, to creating a voucher system that would cap benefits for each participant. Finally, all of us who are recommending Roth conversions have to pause when we see proposals that would replace income taxes with a sales tax. The premise of a Roth conversion is that you are paying, today, equal or lower taxes on the converted retirement dollars than you would be paying in the future. The Harbor Group, Inc.—402 Riverway Place, Bedford NH 03110-6765—PH 603.668.0634 FX 603.668.4561—www.harborgroup.com Money Matters Page 9 If future marginal tax rates go down to zero, and all government revenues are shifted to a sales tax, that dramatically changes the Roth equation. Yes, this is unlikely, but even the unlikely contingencies have to be factored into today’s financial decisions. After all, who thought the budget deficits would fall below 3% of GDP so quickly? Open Enrollment Season Is Here: Give Your Benefits a Check Up Open enrollment season is your annual opportunity to review your employer-provided benefit options and make elections for the upcoming plan year. To get the most out of what your employer has to offer and potentially save some money, take time to read through the enrollment packets or information you receive before making any benefit decisions. Review your health plan options Even if you're satisfied with your current health plan, compare your existing coverage to other plans your employer is offering for next year. Premiums, out-of-pocket costs, and benefits offered often change from one year to the next and vary among plans. You may decide to keep the plan you already have, but it doesn't hurt to consider your options. Some tips for reviewing your health coverage: November 2014 Start by reading plan materials you've received in your open enrollment packet and find out as much as you can about your options. Look for a "What's New" section that spells out plan changes. List your expenses. These will vary from year to year, but what you've spent over the course of the last 12 months may be a good predictor of what you'll spend next year. Don't forget to include copayments and deductibles, as well as dental, vision, and prescription drug expenses. Reevaluate your coverage to account for life changes. For example, getting married, having a baby, or retiring are events that should trigger a thorough review of your health coverage. Consider all out-of-pocket costs, not just the premium you'll pay. For example, if you frequently fill prescriptions, you may save money with a plan that offers the broadest prescription drug coverage with the lowest co-payments, even if it charges a higher premium than other plans. Compare your coverage to your spouse's if he or she is eligible for employer-sponsored health insurance. Will you come out ahead if you switch to your spouse's plan? If you have children, which plan best suits their needs? Take advantage of technology. Some employers offer calculators or tables that allow you to do a side-by-side comparison of health plans to help select the best option. Decide whether to contribute to a flexible spending account You can help offset your health-care costs by contributing pretax dollars to a health flexible spending account (FSA), or reduce your child-care expenses by contributing to a dependent-care FSA. The money you contribute is not subject to federal income and Social Security taxes (nor generally to state and local income taxes), and you can use these tax-free dollars to pay for health-care costs not covered by insurance or for dependent-care expenses. The Harbor Group, Inc.—402 Riverway Place, Bedford NH 03110-6765—PH 603.668.0634 FX 603.668.4561—www.harborgroup.com Money Matters Page 10 If your employer offers you the chance to participate in one or both types of FSAs, you'll need to estimate your expenses for the upcoming year in order to decide how much to contribute (subject to limits). Your contributions will be deducted, pretax, from your paycheck. One thing to watch out for this open enrollment season: Because of a change to the "use-it-or-lose-it" rule, employers may now allow participants the chance to roll over $500 of health FSA funds that are unused at the end of one plan year to the next plan year. So before you decide how much to contribute to your health FSA, read through your employer's materials to see whether this change will apply to you-employers aren't required to adopt this new carryover approach. If your employer has not, you'll lose any contributions you don't spend by the end of your benefit period (including any grace period). And remember, you must enroll in a health or dependent-care FSA each year; enrollment is not automatic. Find out what other benefits and incentives are available Many employers offer other voluntary benefits such as dental care, vision coverage, disability insurance, life insurance, and long-term care insurance. Even if your employer doesn't contribute toward the premium cost, you may be able to conveniently pay premiums via payroll deduction. To avoid missing out on savings opportunities, find out whether your employer offers other discounts or incentives. Common options are discounts on health-related products and services, such as gym memberships and eyeglasses, or wellness incentives such as a monetary reward for completing a health assessment. Get the information you need November 2014 Ask your benefits administrator for help if you have any questions about your benefits, the options available to you, or enrollment instructions or deadlines. You generally have only a few weeks to make important decisions about your benefits, so don't delay. The Harbor Group, Inc.—402 Riverway Place, Bedford NH 03110-6765—PH 603.668.0634 FX 603.668.4561—www.harborgroup.com Page 11 Harbor Group Contact Information Main Client Service Line (603) 668-0634 Marc A. Hebert, MS, CFP® CERTIFIED FINANCIAL PLANNER™ Professional / Principal mhebert@harborgroup.com Timothy M. Riley, MS, CFP®, ChFC CERTIFIED FINANCIAL PLANNER™ Professional / Principal triley@harborgroup.com Vickie Worrad, CPA, CFP® CERTIFIED FINANCIAL PLANNER™ Professional vworrad@harborgroup.com Inna Rivilis, MSFP, CFP® CERTIFIED FINANCIAL PLANNER™ Professional irivilis@harborgroup.com Ryan Callaghan, CFP® CERTIFIED FINANCIAL PLANNER™ Professional rcallaghan@harborgroup.com Christopher MacBean, MSFP, CFP® CERTIFIED FINANCIAL PLANNER™ Professional cmacbean@harborgroup.com Sharon Rocheleau Asset Management Administrator srocheleau@harborgroup.com Ginny Albanese Asset Management Administrator galbanese@harborgroup.com Sherrie Gibson Asset Management Administrator sgibson@harborgroup.com Shirley Peverly Trading Specialist speverly@harborgroup.com Timothy Colonna Information Technology tcolonna@harborgroup.com Sean Riley Administrative Support sriley@harborgroup.com Marc Hebert’s Media Appearances To listen to audio streams of Marc’s show, go to www.wgiram.com Show Station Times Location Marc Hebert’s Money $ense Show WGIR AM 610, WQSO FM 96.7 Seacoast 9:00 a.m.—11:00 a.m. Saturday Southern, Central and Eastern New Hampshire Financial and Economic Updates on the Morning News WGIR AM 610, WQSO FM 96.7 Seacoast 8:30 a.m.—9:00 a.m. Thursday Southern, Central and Easter New Hampshire Marc Hebert’s Money Matters Web Cast WMUR ABC 9 www.WMUR..com Project Economy Section Available on www.WMUR.COM World Wide Web Go to www.wgiram.com or www.iheartradio.com to listen to live audio streams of Marc’s radio show Saturday’s from 9:00 a.m.—11:00 a.m. DISCLOSURE : Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by The Harbor Group, Inc.), or any non-investment related content, made reference to directly or indirectly in this newsletter will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from The Harbor Group, Inc.. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. The Harbor Group, Inc. is neither a law firm nor a certified public accounting firm and no portion of the newsletter content should be construed as legal or accounting advice. A copy of The Harbor Group, Inc.’s current written disclosure statement discussing our advisory services and fees is available upon request. The Harbor Group, Inc.—402 Riverway Place, Bedford NH 03110-6765—PH 603.668.0634 FX 603.668.4561—www.harborgroup.com
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