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John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

Safely Operate Your Portable Generator

October 20, 2014 1:32 am

(Family Features) In a variety of situations, portable generators can supply temporary or remote electric power. From emergencies to recreational and construction activities, portable generators become a welcome addition to any instance when power is needed. For outdoor events such as tailgating, hunting and camping, an inverter generator is a quiet, reliable option. These temporary power sources can be used to power televisions, radios, small appliances, fans and space heaters. However, it is important for operators to understand that there are risks involved when operating a portable generator.

"Portable generators are helpful in various situations, but the dangers of carbon monoxide poisoning caused by their improper use are very real," said Joe Harding, representative for Portable Generator Manufacturers' Association (PGMA).

Before using one of these helpful devices at your next event, there are a few things to remember in order to keep friends and family safe.

  • Do not run portable generators inside homes, garages, basements, crawlspaces, sheds or other partially-enclosed spaces, even if using fans or opening doors and windows. Carbon monoxide can quickly build up in these spaces and linger for hours, even after the generator has shut off.
  • Only operate a portable generator outside, far away from windows, doors and vents to reduce the risk of carbon monoxide gas accumulating and potentially being drawn toward occupied spaces.
  • Install battery-operated carbon monoxide alarms or plug-in alarms with battery backup according to the manufacturer's instructions. Smoke alarms cannot detect carbon monoxide gas.
  • Always place your portable generator downwind and point the engine exhaust away from occupied spaces.
  • The symptoms of low-level carbon monoxide poisoning can be similar to those caused by other illness such as cold, flu or food poisoning. If you suspect you or a family member are experiencing any of these symptoms due to carbon monoxide poisoning, get outside to fresh air immediately and call 911 for emergency medical attention.
  • Always refer to the generator owner's manual for further information about safe operation and potential hazards.
Regardless of the events requiring the use of portable generators, safety precautions should be considered in order to reduce risks of carbon monoxide poisoning.

Source: PGMA

Published with permission from RISMedia.


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7 Cardinal Rules to Retirement Planning

October 17, 2014 1:32 am

An onslaught of retiring baby boomers; the uncertain duration of Social Security funding; difficulty with workplace retirement accounts like 401(k)s—even if these factors were stronger than they are now, you’d still have a heavy burden in managing your finances during retirement, says financial planner Carl Edwards.

“Financial planning for retirement has always been a daunting prospect; the current landscape simply makes your preparation that much more crucial in using your assets well,” says Edwards, a highly credentialed consultant and owner of C.E. Wealth Group, (http://www.cewealth.com).

“Many advisors and clients rely too much on single product lines. This misuse often gives products and the financial industry in general a bad name. Advisors who are restricted in the types of financial products they can offer or understand may not provide the best advice. Independent and credentialed planners, on the other hand, don’t have their hands tied in what they can offer clients and may provide better advice.”

Edwards reviews seven essential points that everyone should know regarding retirement planning.

• Avoid trying to time the market. Markets often move in cycles and some investors believe that they can boost their investment returns by buying at the bottom and selling at the top. The problem is that investors are terrible at correctly predicting market movements and multiple studies have shown that market timers usually end up with significantly smaller retirement savings than buy-and-hold investors. While it can be stressful to see your portfolio plummet during a market correction, it’s important to stay calm and focus on your long-term strategy.

• Use risk-appropriate financial vehicles. Retiring can be a risky business. The days of relying on employer-provided pension plans are largely over and retirees now have to deal with risks including investment, inflation, healthcare, longevity and others. Though the total elimination of risk isn’t possible, we can manage many of them through competent retirement planning and a clear understanding of factors like your goals, time horizon and financial circumstances.

• Invest in the most tax-efficient manner. Taxes can take a big bite out of investment returns, which is why we stress tax-efficient planning with our clients. While taxes are just one piece of the overall financial puzzle, it’s important to structure your investments so that you are able to keep what you earn.

• Complete a cash flow analysis.
Retirement will involve major changes to your finances. Sources and timing of income will change and financial priorities may shift as you start generating income from retirement savings. A cash flow analysis will identify spending patterns and help ensure that you have enough income to support your retirement lifestyle.

• Guarantee your required income. For many retirees, having income that is not subject to market fluctuations is an important part of their retirement plan. Many will have at least some level of guaranteed income from Social Security or defined benefit pension plans. However, if you are worried that your expenses exceed your guaranteed income, a financial advisor can help you explore options for additional streams of income for life. Guarantees are subject to the paying ability of the income provider.

• Utilize longevity planning.
Today’s retirees are living longer than ever and many worry about outliving their assets. Longevity planning is about preparing for a happy, comfortable and independent retirement and can help ensure that your wealth lasts as long as you need it to.

• Consider the effects of inflation.
Inflation is one of the biggest issues facing retirees because they are disproportionately affected by rising prices. Escalating food, fuel and medical costs can devastate a retirement portfolio unless these costs have been factored into your planning. Positioning your retirement portfolio to fight inflation is critical to ensuring adequate income in retirement.

Published with permission from RISMedia.


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