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Gene Todd, Executive Vice President/Managing Director of First Bank's Wealth Management Group

From monthly archives: August 2017

We are pleased to present below all posts archived in 'August 2017'. If you still can't find what you are looking for, try using the search box.

Social Security and Medicare Trustees Reports: Financial Challenges Continue

Every year, the Trustees of the Social Security and Medicare Trust Funds release reports to Congress on the current financial condition and projected financial outlook of these programs. The newest reports, released on July 13, 2017, discuss the ongoing financial challenges that both programs face, and project a Social Security cost-of-living adjustment (COLA) for 2018.   What are the Social Security and Medicare Trust Funds?   Social Security: The Social Security program consists of two parts. Retired workers, their families, and survivors of workers receive monthly benefits under the Old-Age and Survivors Insurance (OASI) program; disabled workers and their families receive monthly benefits under the Disability Insurance (DI) program. The combined programs are referred to as OASDI. Each program has a financial account (a trust fund) that holds the Social Security payroll taxes that are collected to pay Social Security benefits. Other income (reimbursements from the General Fund of the ...

Family Business: Protecting Your Life’s Work

This year National Small Business week was April 30th to May 6th. The week celebrates over 28 million small businesses across the United States1 highlighting the hardworking local business owner. These individuals are passionate about their business and often pour their heart, sweat, and tears into it. Typically the business is the largest source of wealth and income for family business owners. It takes years to build a business; however, it can take only a moment to put that in jeopardy. We passionately feel everyone should have a strategy around managing risk and protection. Protect Your Earning Power In a recent study conducted of business owners2, it was discovered that many business owners are not adequately protecting their largest asset—the business—and earning power. On average, at least 60% of annual household income is generated from the business. In our experience, this percentage is much higher. Managing risk becomes even more critical for an owner who has their personal and busi ...

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