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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

Going Abroad This Summer? Don't Forget These Necessities

June 17, 2015 1:48 am

With the economy on the upswing, a majority of Americans are planning a vacation abroad this summer. Those heading overseas have additional details to plan than domestic travelers. If you’re traveling abroad in the future, don’t forget these necessary steps, recommended by TravelGuideWorldwide.com.

Research your intended destination.
Be aware of seasonal, political and environmental conditions that may result in trip delays. For example, high-speed trains in Europe can be an enjoyable and efficient way to explore, but strikes by rail workers are not uncommon and are usually announced in advance, so have a backup plan. Know routes and timetables of regional trains and your options for spending additional sightseeing time or even another night at your destination.

Check your passport's expiration date.
If your passport is scheduled to expire within six months, some airlines may not let you board and some countries will not let you enter. In the U.S., routine renewal applications typically are processed within four to six weeks, but expedited options are available at an additional cost.

Prepare a water safety plan.
Water sports are a favorite summer vacation pastime, so if you or your family can benefit from age-appropriate swimming lessons, a boater safety session, or a refresher scuba diving course, look into options and consider the price to be part of your vacation budget. Consider enrolling in a CPR course, too; your training may not be called upon this summer, but it may benefit you and your loved ones long after the memories of your summer vacation have faded.

Learn about recommended immunizations. Get information from reputable sources such as the Centers for Disease Control and Prevention (www.CDC.gov/Travel) on immunizations. Schedule vaccination appointments well in advance to ensure you're protected before your journey begins. Consider visiting a travel immunization clinic, whose team may be more up to date than your primary care doctor on vaccinations for foreign destinations. Remember to check with your health insurance plan to determine your coverage and costs.

Source: TravelGuardWorldwide.com

Published with permission from RISMedia.


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What Savers Can Expect from Auto-IRAs

June 17, 2015 1:48 am

If automatic IRAs, or auto-IRAs, were made universal, how significant could their impact be for increasing retirement readiness and reducing the national retirement savings deficit?

According to an evaluation by the Employee Benefit Research Institute (EBRI), the success of auto-IRAs boils down to age, opt-out rates and default contribution rates.

IRAs, authorized by Congress in 1974, were designed to provide a tax-deferred way to save for retirement by people who do not have access to a workplace retirement plan (especially for those at small employers, which tend not to sponsor retirement plans). While IRAs have been shown to produce significant retirement accumulations by those who contribute to them, the vast majority of people who do not have a tax-qualified retirement plan at work also do not take advantage of an IRA.

In response, proponents of auto-IRAs have been pushing for legislation which would require certain employers without retirement plans to automatically invest a designated amount of each employee’s compensation to an IRA, unless the employee changes the amount of the contribution or opts out of the arrangement. Employer contributions are not generally required in these arrangements; rather, an employer’s payroll system would be used to regularly deduct the savings from each paycheck.

In a best-case scenario, EBRI projections estimate the introduction of an auto-IRA for households currently ages 35-39 working for small employers would increase the probability of a successful retirement by 8.4 percent.

Looking at the potential impact on the estimated $4.13 trillion national retirement savings deficit, among households where the family head is ages 35–64, adding auto-IRAs with no opt outs would reduce the savings deficit to $3.86 trillion, a 6.5 percent decrease.

Source: EBRI

Published with permission from RISMedia.


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