A new year has begun, what will it bring?
What We Already Know
Needless to say, a new year will bring many unexpected things. Surprises both bad and good. Tragedies and successes. It has always been that way, and will always be that way.
The truest quote ever said when asked what the market will do, is answered by “It will fluctuate,” which is attributed variously to J. P. Morgan, John D. Rockefeller, and Henry Poor (of Standard and Poors).
Predictions
Can we price things with any more accuracy than “it will fluctuate”? Every year, financial firms try to predict the future. It is my contention that barely any of them are truly successful.
Awareness
In view of unexpected events, it is prudent to have savings and emergency fund. No matter how high prices may increase, I would never invest my last dime. There is always a need for some cash. To take advantage on an unexpected expense. To take advantage of items on sale. To take advantage of a stock whose price has declined.
RMD
Now that we are in a new year, and since we are of a certain ago, it is time to determine what our RMD will be. The balance of our deferred accounts (non-Roth IRAs and 401k) as of December 31 are used to calculate the RMD amount. I take care of this in January of each year, so I will be doing this in the coming week.
Healthcare and Insurance
What a wacky world we Americans live in with medical insurance as is it. I won’t pontificate. But I just learned some things I will pass along.
Sometimes a referral is needed to a specialist, so the primary physician makes a referral, hopefully to someone in the insurance company’s network.
I have learned to always call the insurance company to verify that the specialist is actually in network. There have been times someone was in network but then exited the network but still is listed.
Secondly, I need to verify that the specialist’s office location is in network. For those that have offices in more than one location, not all locations are considered in network. So aside from verifying the specialist is in network, I verify that the actual office location is also in network.
What’s on your mind for 2025? Let me know here.
Please Use Soft Voices sign is from a zoo. 2024.
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