disability insurance, healthy, Stacia Robinson, insurance, BeneChoice Companies

Learn Why You Need Disability Insurance

I get it; you are healthy. You are young. You have a successful career. You may or may not have started your family. Why think about the daunting idea of disability insurance and furthermore, why have it?

Why? Because you NEED your income and beginning becoming disabled is not something your “young age” will save you from getting.

Think about this: one of your most valuable assets while young is your ability to earn an income. When surveyed, people ranked their top three important things in life as having a home, having their health, and having an income. If the threat of one is at stake, all are at stake. If your health declines, you’re unable to go to work thus lowering your income and threatening having a roof over your head for a home.

This brings up a very important question: what are you doing to protect the things that are the most valuable to you? How do you protect your home, health, and income?

The answer is simple: disability insurance.

Disability insurance can be purchased through your workplace or individually. It can provide an affordable financial safety net; a way to protect you and your family’s way of life. When you think about your daily expenses – the mortgage, utilities, food, gas etc – think about what you’d be able to pay if you were disabled short term or long term. Disability insurance gives you the peace of mind to not worry about a total loss of income should something happen.

Realistically, the odds work more in the favour of something happening to put you out of work, if even only briefly. Think about this: you have a 1 in 259,000,000 that you will win the lotto jackpot, but you have a 1 in 4 chance that you will be disabled during your career. With gambling odds being 25% against you and the protection of your family is at stake, disability insurance is a safety net worth having!

Talk to your employer about your options for disability insurance to find the best solution to for your individual needs.

Prepare For Next Year’s Taxes Now

Other than keeping track of your income, mileage and your expenses there is something else you can do now to help you with next year’s tax appointment. Find overlooked tax deductions.

 

The goal is to keep your hard earned money in your pocket if at all possible. Now saying this, everyone’s financial picture is different and it is best to consult with a tax professional before making any final decisions.

 

Colonial Life reports that “In recent years, 45 million Americans claimed $1.2 trillion of itemized tax deductions.” That is $26,666.67 annually.

 

Commonly overlooked tax deductions are:

  1. IRA contributions – Depending on your tax bracket, making IRA contributions make sense and could save you a few thousand dollars.
  2. Tax credits – 25% of eligible taxpayers don’t claim this credit and could save you money come tax time.
  3. College savings – If you don’t claim the child as a dependent, they can qualify for tup to  a $2500 deduction for the interest you pain on the student loan through the American Opportunity Credit.
  4. Home improvements – Normally home improvements are not tax deductible in the year they are created but can be added to the cost-basis of the home when you sell it.
  5. Job hunting costs – Itemize transportation, food and lodging, employment agency fees and printing costs for resumes, postage and business cards if your expenses are greater than 2% of your adjusted gross income (AGI).
  6. Use your Health Saving account, which is a pre-tax contribution that goes into a separate account for current and future health expenses.
  7. Keep track of and keep receipts, pictures and lists for charitable donations.
  8. Track moving expenses.
  9. Watch mortgage refinancing points.
  10. Make energy-efficient home improvements whenever possible.

 

It should be your goal to keep as much of your own money as you can, as you earned it. Your tax professional is trained to make sure you benefit the most.

 

Warmest regards,

 

Stacia
Source