Thursday, April 9, 2020

Invest in Your Family and Community

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Oregon reports six COVID-19 deaths, 83 new cases

COVID-19 has claimed six more lives in Oregon, raising the state’s death toll to 44, the Oregon Health Authority reported at 8 a.m. today.

Conversation with Samaritan’s Dr. Lesley Ogden – COVID-19

The other day, I reached out to Lesley Ogden, MD, CEO of both Samaritan North Lincoln Hospital in Lincoln City and Samaritan Pacific Communities Hospital in Newport, to get some insight on the Covid-19 situation on the central Oregon coast, and what this may mean for society and healthcare in the future.

City of Seaside approves sweeping relief program

With its normally bustling tourism economy on pause due to dramatic local, county, and state restrictions necessitated by the COVID-19 pandemic, the City of Seaside approved a diverse and far-reaching relief program in a special meeting of the City Council on Monday, April 6, 2020.

Oregon reports four COVID-19 deaths, 49 new cases

COVID-19 has claimed four more lives in Oregon, raising the state’s death toll to 33, the Oregon Health Authority reported at 8 a.m. today.

Otis armed robbery fugitive in custody after high-speed chase

Wanted fugitive Jacob Leeland Lunstedt was taken into custody today after a tip to Salem Police led to his capture by local law enforcement after a high-speed chase on Forest Service Road 1726.

Child care openings available to essential workers

Samaritan Early Learning Center in Lincoln City has been approved by the state to provide emergency child care for a prioritized group of essential workers.

Reporter rides bike in Lincoln City, takes pictures

I rode my bike through the seven miles that is Lincoln City Monday and took some pictures along the way. 

Oregon reports 1 COVID-19 death, 69 new cases

COVID-19 has claimed one more life in Oregon, raising the state’s death toll from 26 to 27, the Oregon Health Authority reported at 8 a.m. today.

Oregon reports four new COVID-19 deaths, 100 new cases

COVID-19 has claimed four more lives in Oregon, raising the state’s death toll from 22 to 26, the Oregon Health Authority reported at 8 a.m. today.

Coalition of state agencies ask for voluntary hold on burning

In response to the "Stay Home, Save Lives" Executive Order to reduce the effects of the COVID-19 virus, a coalition of Oregon state agencies are asking Oregonians to voluntarily refrain from conducting outdoor burning. 

Invest in Your Family and Community

Why do you invest? For many people, here’s the answer: “I invest because I want to enjoy a comfortable retirement.” And that’s certainly a great reason, because all of us should regularly put money away for when we’re retired. But you can also benefit by investing in your family and your community.

Let’s start with your family members, particularly the younger ones. How can you invest in their future? One of the best ways is to help send them to college. A college degree is still a pretty good investment: The average lifetime earnings of a college graduate are nearly $1 million higher than those of someone with a high school degree, according to a study by the U.S. Census Bureau.

To help your children or grandchildren pay for any college, university, vocational school or other postsecondary education, you may want to open a 529 savings plan. With this account, withdrawals are federally tax free, as long as the money is used for qualified higher education expenses, including those from trade and vocational schools. (However, if you withdraw some of the earnings on your account, and you don’t use the money for qualified expenses, it will be taxable and can also incur a 10% federal tax penalty.) Plus, you retain control of the funds until it’s time for them to be used for school, so if your original beneficiary chooses not to pursue some type of higher education, you can name a different eligible beneficiary.

Another way to invest in your family is to help your adult children avoid feeling obligated to provide financial assistance to you. For example, if you ever required some type of long-term care, such as an extended stay in a nursing home, could you afford it? The average cost for a private room in a nursing home is more than $100,000 per year, according to a study by Genworth, an insurance company. And Medicare typically pays very few of these expenses. So, to avoid burdening your adult children – while also preserving your own financial independence – you may want to consider some type of long-term care insurance. A financial advisor can help you determine what coverage may be appropriate.

Moving beyond your family, you may want to invest in the social fabric of your community by contributing to local charitable, civic, educational or cultural groups. Of course, now that we’re in the holiday season, it’s the perfect time for such gifts. Furthermore, your gift will be more appreciated than in years past because one of the chief incentives for charitable giving – a tax deduction – was lost for many people due to tax law changes, which raised the standard deduction so significantly that far fewer people chose to itemize deductions. However, you might still be able to gain some tax benefits from your charitable gifts. To name one possibility, you could donate financial assets, such as stocks that have risen in value, freeing you of potential capital gains taxes. In any case, contact your tax advisor if you’re considering sizable charitable gifts.

Saving for your retirement will always be important. But don’t forget about investing in your family and your community – because these investments can provide satisfying returns.

This article was written by Edward Jones for use by local Edward Jones Financial Advisor Wendy Wilson.

Edward Jones, its employees and financial advisors cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding your situation.

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Wendy Wilson
Wendy Wilson
As an Edward Jones financial advisor, I believe it’s important to invest my time to understand what you’re working toward before you invest your money. It's also important to understand the level of risk you're comfortable accepting when investing so we can balance it with the steps necessary to reach your long-term goals.

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