Every week, Shield Insurance Agency draws a winner from its clients and social media followers. Be sure to LIKE our Facebook Page to get yourself entered to win and see who the winners are! Shield Insurance Agency has given away thousands of dollars in local gift cards over the last 20 years serving Michigan.
Our financial experts weigh in on the money milestones to hit throughout your life.
Most of us dream of the day we can retire from the workforce. That doesn’t mean that we plan to sit around and watch the grass grow all day, but we would love the opportunity to enjoy life without worrying about our finances. And by the time we reach retirement age, many of us have been working for over half a century. We have earned the rest from constant labor. That’s why it is important to begin saving for retirement now. “No matter what your age, or marital status, people should start saving as early as possible,” says Yanela Frias, senior executive for Prudential Retirement. “You’re never too young or too old to start saving.”
People are living longer and expenses are higher than ever, Frias explains, which is why we need to plan to save more for retirement than previous generations. And while it is recommended to begin saving for retirement in your 20s, it’s never too late to start. “Studies have shown that to accumulate enough money to achieve a secure retirement, the average person needs to contribute 12 to 15 percent of their annual salary during their working life. So, for those who didn’t start saving as soon as they entered the workforce, it’s not too late to start,” explains Frias. “If you’re 50 or older, the IRS allows you to contribute more into your retirement savings plan than when you’re under 50. And that is a great way to catch up and make sure your account is growing as much as it possibly can.”
There is also no magic number for a retirement savings amount. It all depends on your goals and your estimated living expenses at retirement. Rich Ramassini, the director of the strategy and sales performance for PNC Investments, suggests asking yourself these questions while working with your financial planning advisor: When do you think you will start your retirement? What do you want your retirement to look like? How much will retirement cost? And, where will the money come from? With the answers to these questions in mind, you can develop a plan to begin saving for retirement.
It’s critical to practice healthy financial habits throughout your life, not just during times of booms and busts. And it’s important to understand that how we think about money can change dramatically over time. In your 30s, you may be thinking about buying a home or starting a family. In your 40s, you’re probably hitting your earnings peak and maybe want to start a new business or change careers, and in your 50s, retirement is just around the bend. All of those milestones require a shift in how you spend and save.
Michelle Perry Higgins, a financial planner and author of The Everything Binder, College Poor No More and Stocks, Bonds & Soccer Moms, says that following rules of saving are important to help secure your current and long-term financial life, no matter what your age: Keep all documents for your financial, estate, and personal affairs in one location so you—or someone acting on your behalf—can easily access information. Pay down debt, pay your credit card balance each month, and live within your means. And lastly, negotiate for more money—it never hurts to ask. “Your true monetary worth takes into account salary, bonus, retirement plans and employer contribution, stock options, car allowance, and any other benefits a company may offer,” explains Higgins. “Knowing the full value of your compensation package gives you the tools to negotiate wisely.”
Don’t assume that you can put off saving for retirement or that you don’t need to make a budget if you’re only making a little money. Everything counts, especially when you compound interest early in the game. In your 30s, you should make it a habit to maximize your company’s benefits and contribute to your retirement plan. Your minimum contribution should be the company’s match (so if your employer puts in 50 cents for every dollar up to $3,000 a year, for example, you’ll want to put in at least $3,000 to get the extra free $1,500 from your employer). Increase your retirement savings one percent every year as your salary increases. Start an emergency fund: The goal is six to nine months of living expenses. Other considerations: get rid of student loans and other debt, or consider purchasing your primary home.
Don’t assume that your retirement contributions can lapse while paying for your kids’ college education. Your retirement comes first. If needed, meet with a financial planner to get on track with retirement planning. If you have children, create or review your estate plan, review beneficiaries, and specify a guardian. If you’re married, talk about money with your spouse. It’s easy to put off thinking about money or hand over duties to someone else, but the person who has the most riding on your financial future is you. “I strongly encourage women to advocate for their financial security, be educated, and take control,” adds Higgins.
Don’t assume you’ll have enough for retirement. Sometimes, people set the process in motion and realize they’re falling short on what they need. Consider downsizing your home or relocating to an inexpensive area in preparation for retirement. Review long-term care needs. Start the catch-up option in your retirement plan—for example, if you’re over 50 you can contribute an additional $6,000 to your 401(k). Evaluate medical needs for retirement and insurance coverage.
Related: Three Financial Stages of Life—Plus, the Goals to Accomplish in Each One
Click here for the rest of the story…
RV fire safety is of premium importance to the conscientious RVer. Unfortunately, fire is one of the leading causes of RV loss in the U.S. today. The National Fire Protection Association (NFPA) estimates that 20,000 RV fires occur annually. Don’t let yours be one of them!
RV fires can start when your RV is moving or when it is parked. The following tips can help you recognize the most common fire hazards.
Click here for the rest of the story…
A new and massively costly complication is changing environmental liability: cleanup of hazardous per- and polyfluoroalkyl substances (PFAS) found in aqueous film-forming foams or AFFFs. Commonly used throughout the United States, these Class B firefighting foams are used to extinguish fires involving flammable and combustible liquids, oils, gases, and more. PFAS are held to some of the toughest cleanup standards among regulated contaminants. To make matters more challenging, there are few technologies proven to do the job – and many associated costs.
Cleanup costs of PFAS compounds in AFFF can be 5 to 20 times more than those of fuels released from a petroleum storage facility.1
PFAS waste is managed by waste disposal companies as federal hazardous waste. Disposal costs are often nearly double the typical cost of disposal of petroleum-impacted waste. There are several factors at work here:
This outline of cleanup costs associated with PFAS contamination following a typical energy industry fuel fire shows the considerable scope of this threat.
$2.25M
Collection and disposal of 1M gallons of AFFF, water, and fuel at hazardous waste management facility
$12M to $54M
The projected cost for soil cleanup
$10M to $15M
The projected cost for groundwater cleanup
$1.8M
One year of stormwater runoff management (collection, transport, and disposal of 800,000 gallons of runoff at hazardous waste management facility)
TOTAL COSTS
$26.05M to $73.05M
Click here for the rest of the story…
When COVID-19 hit in March 2020, many in the insurance industry anticipated a wave of litigation that would mirror the influx of lawsuits after the 2008 recession. During that year, investors trying to recuperate lost funds filed more than 200 new cases, increasing securities litigation by nearly 20 percent from 2007. So far, however, this prediction has not played out—at least not yet.
Courts have experienced a slowdown in securities-related lawsuits since the beginning of the pandemic, with only 29 cases filed since the initial shutdown. But some experts believe a surge of COVID-19-related litigation is on the horizon. In this article, we’ll explore what we know based on the COVID-19 securities cases that have been filed so far, and why there could be a rise in legal activity and related directors and officers (D&O) claims.
Unlike other events that precipitate stock market crashes, the pandemic has had a unique impact on the economic and legal landscape—in large part because it’s unlike any other financial crisis we’ve experienced. Despite the uniqueness of the situation, however, it’s possible to identify several reasons why the pandemic hasn’t sparked the same rise in securities litigation that we saw in 2008.
Importantly, this time the government quickly provided aid to help offset the pandemic’s impact on the stock market. On top of that, many companies went above and beyond to share information with stakeholders following the Securities and Exchange Commission’s (SEC) guidance from April 2020 to “disclose as much information as is practicable regarding [your company’s] financial and operating status(…).” These factors, plus the widespread belief that COVID-19 was just a temporary setback, likely kept many investors out of the courtroom.
Even with the litigation slowdown, however, there are a few cases currently working their way through the courts. The following is a breakdown of the three main types of COVID-19-related securities lawsuits experts have observed so far.
A few cases have been filed against companies that experienced outbreaks in their facilities. For example, some cruise-ship companies, prisons, and long-term care facilities are facing securities litigation.
Companies that claimed to be able to profit from the pandemic are also facing litigation. For example, shareholders at some vaccine development companies recently sued over false claims around the development of a COVID-19 vaccine.
Finally, shareholders with investments in companies most disrupted by the pandemic have started to file suits. Heavily impacted industries include real estate investment trusts (REITs) and businesses in the entertainment and travel industries.
With so few cases in court today, why could there be a rise in COVID-19-related securities litigation and D&O claims? Here, we review four factors that could make an impact.
Since March 2020, the stock market has been volatile, and it will likely continue that pattern for months, or even years. Because of this, reductions in stock prices will take time to develop. Many shareholders may wait until the market levels off to litigate to have a clearer picture of the long-term impact
According to news outlets, the new administration is signaling a tougher regulatory stance than its predecessor. If the SEC tightens restrictions and enforces stricter disclosures for publicly held companies, this may benefit future plaintiffs.
As noted above, there have only been a few securities lawsuits to date around COVID-19 losses, and most of the cases are still working their way through the court system. Without precedent to use as a guide, only time will tell if cases survive motions to dismiss and the percentage that is in favor of plaintiffs. If more plaintiffs pursue cases and are successful, it could whet the appetite for more suits.
Click here for the rest of the story…
If you’re a risk manager, safety officer, or a company stakeholder, you know the business liability exposure for company vehicles inside and out. You regulate and maintain your fleet and your drivers daily, and do everything you can to avoid being part of the more than 7 million auto accidents that occur in the U.S. every year.
But your liability may not end with your company fleet. If your business allows employees to use personal vehicles to conduct business, even only occasionally, you might be exposing your company to additional risk. Here are six areas to consider so your company can mitigate risk and better protect your employees and company.
Limiting your company’s liability begins with establishing clear hiring practices. Just as you would for employees driving company vehicles, make sure employees who will drive personal vehicles on the job have valid driver’s licenses. For every driver, obtain a motor vehicle record (MVR) to review accidents, infringements, and other behind-the-wheel behaviors. Evaluate MVRs annually and confirm that all employees driving personal cars continue to maintain good driving records. If employees are found exhibiting unsafe behaviors, take whatever measures you feel are appropriate—including training, suspension, or even dismissal.
Require employees who are driving personal automobiles for business purposes to sign vehicle use agreements. This document should describe your expectations for employees while they are behind the wheel. For example, employees should agree to:
The consequences for disobeying the agreement’s guidelines should be outlined as well. And remember to review and update these agreements regularly—and then obtain new signatures after staff review the revised agreement.
Your business should also set standards for employees’ automobile liability coverage. In general, state coverage requirements are typically low. California, for example, only requires $5,000 coverage for property damages, while other states only require $10,000 to $15,000 coverage for bodily injury. But a serious accident, resulting in disabling injuries or fatalities, can result in claims costs in the millions.
Your insurance carrier and broker can help recommend minimum coverage requirements and also suggest changes to your company’s commercial auto coverage based on your potential exposure. Employees who use their personal vehicles for work frequently may also want to consider adding business use endorsements to their personal automobile policies. Maintain copies of employees’ certificates of insurance detailing coverage periods and limits and request updated copies every year.
Click here for the rest of the story…
Each year, Americans observe National Hispanic Heritage Month from September 15 to October 15, by celebrating the histories, cultures, and contributions of American citizens whose ancestors came from Spain, Mexico, the Caribbean, and Central and South America.
The observation started in 1968 as Hispanic Heritage Week under President Lyndon Johnson and was expanded by President Ronald Reagan in 1988 to cover a 30-day period starting on September 15 and ending on October 15. It was enacted into law on August 17, 1988, on the approval of Public Law 100-402.
The day of September 15 is significant because it is the anniversary of independence for Latin American countries Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua. In addition, Mexico and Chile celebrate their independence days on September 16 and September 18, respectively. Also, Columbus Day or Día de la Raza, which is October 12, falls within this 30 day period.
Click here for the rest of the story…
Shield Insurance Agency has been in business for so many years, we can shop a lot of different companies for a lot of different types of insurance to be sure you get what you need for the price you can afford. Check out the list!
AAA
Accident Fund
Aegis
Ambetter
American Modern
ASI
Assurity
Berkshire Hathaway GUARD
Berkshire Hathaway Homestate
Blue Cross Blue Shield/BCN
Bristol West
Companion Life
Conifer
Delta Dental
Foremost
Freemont
Genworth
Golden Rule
Grange
Hanover
HAP
Hiscox
Humana
ING
Liberty Mutual
Liberty Union
Medishare
Molina Healthcare
National General
Nationwide
North American Company
Philadelphia
Principal Financial Group
Priority Health
Progressive
Reinsurepro
RLI
Safeco
State Auto
Superior Flood
The Hartford
Transamerica
Travelers
United Healthcare
Unum
Wolverine
Your home is most likely the biggest investment you will ever make in your life. That makes protecting your investment even more important. Home insurance protects lots of different things and all of them are customizable. You need to make sure you have the right type and amount of home insurance. Your independent insurance agent is here to help you make that choice. In Michigan, Shield Insurance Agency has a team of experts who are here for you.
Two types of content coverage are available to homeowners. The less expensive option is actual cash value. This pays you what something is worth today. What that means is your 10-year-old washing machine won’t have the value you need to get a new washing machine today. If you want to be able to actually replace things, you need to have replacement cost coverage.
Part of your home insurance is liability coverage. This protects you and the members of your family from lawsuits against you. It also pays for medical expenses if someone is hurt while visiting your home. If you have a dog, a pool, or a trampoline, you are at increased risk and should take that into account when choosing the amount of liability coverage you choose.
Like most types of insurance, home insurance has some exclusions. Some may surprise you. Flooding is not a covered peril. Sewer backup is also not covered. Earthquakes and other types of earth movement are also excluded. Termite damage as well as other pest damage is not covered, since as a homeowner it is up to you to protect your home from these types of damage.
When you are ready to get your home insurance, Shield Insurance Agency will be here to help.
Approach appliances with caution, use gas to cook, and more tips on how to safely get through a power outage.
During a power outage, your cell phone is your lifeline and you’re likely to want to keep it charged in case of an emergency.
Because you can’t depend on your phone indefinitely, write down phone numbers and addresses you might need, such as a nearby hospital, a school that’s providing supplies, the local library or storm shelter, or other public places that might have power—places where you’ll be able to go to recharge your electronics and contact loved ones.
Then conserve your phone’s battery life by switching the phone to a power-saving setting, such as airplane mode on an iPhone or economy mode on an Android device.
When you make your way to a local shelter or library, it’s a smart idea to take a power strip, says Maria Rerecich, senior director and head of product testing for CR.
This way, when you do find power, you can charge multiple devices at once—or share the makeshift charging station with others.
In homes that have lost power but suffered little other damage, you can safely cook on a gas stove. But you’ll probably need to light the burner with a match or lighter because the electronic ignition on a stove won’t work if the power is out. And if you have a gas grill, cooking with it is another option. If you were able to properly store your grill before the storm, in a dry space such as a garage, and notice no water damage to the grill or gas tank, it should be safe to use it to grill food.
Food in your refrigerator can maintain a safe temperature—below 40° F—for about 4 hours on average. Cook any perishables (raw meat and soft cheese, especially) within this time period; otherwise, toss these items. Even after that 4-hour window, food can spend an additional 2 hours above 40° F before it becomes unsafe to cook. A full freezer should stay cold for about 48 hours after the power is lost; a half-full freezer should stay cold for about 24 hours.
Anything that you cook but don’t eat, you’ll need to throw out after 2 hours because you’ll have no way to keep it cool enough to prevent it from spoiling. (You can always share with the neighbors.) Good to know: Lots of homeowners insurance policies will cover the replacement cost of spoiled food, so it’s really not worth taking the risk of consuming it.
Running a generator improperly can kill you in as little as 5 minutes if the concentration of carbon monoxide is high enough. And it happens: An average of 60 to 70 people a year die a year from generator-associated carbon monoxide poisoning, according to data from the Consumer Product Safety Commission.
“Carbon monoxide is a colorless, odorless gas, so you won’t even know you’re inhaling it,” says Don Huber, CR’s director of product safety. “No matter what, resist the urge to move a portable generator inside the house or the garage.”
Operate a generator as far from the house as possible—CR recommends at least 20 feet—and direct the exhaust away from doors or windows. If you don’t have a transfer switch installed, you can run an outdoor-rated extension cord of the appropriate gauge from the generator’s outlets to individual appliances, provided the cords are properly rated and you follow certain precautions. The gauge of extension cord your generator requires will be specified in the user manual.
Click here for the rest of the story…
Since 2006, Shield Insurance Agency has been an Endorsed Local Provider with Dave Ramsey.
Shield Insurance Agency has around a 4.9 Google Review Score with over 100 reviews. Check them out below!
Shield Insurance Agency | Website Development by EZLynx® • Copyright © . All Rights Reserved. | Privacy Policy