Ken & Daria Dolan’s Smart Money Moves
Weekender

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4 Ways to Cut Your Rising Medical Costs

Bad news: We need to get ready for even higher medical costs. The government this week said we consumers and taxpayers will spend more than $4 trillion on health care by 2017. That's an annual increase of 6.7% – nearly three times the rate of inflation!

Higher prices and increased demand are the main reasons for this huge spike. But before you start to panic, take a deep, healthy breath because there are steps you can take now to lighten the load down the line. Read on for four easy ways to cut those costs and hold on to more of your hard-earned money without sacrificing quality care.

 

 Ken and Daria
Seen and Heard on Dolans.com
Dolans Video

How to Invest With a Weak Dollar

The dollar fell to record lows this week, and Chairman Ben Bernanke said the Federal Reserve is keeping a sharp eye on it since its value has a big impact on the price of oil. And guess what? Oil hit record highs this week! The falling dollar poses problems for all of us in the U.S., and not just at the pump. Our video shows you exactly how a weak dollar impacts you now and in the long term, and we share four smart money moves to boost your yield!

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We had a fire in our home in October 2007. We are currently not living in the home (we can't until it gets gutted and renovated). Are there any tax deductions we can take because of this situation?
- B.A.

We are so sorry to hear this happened to you. Since your home was damaged or destroyed by a fire, you may be able to get financial help from Uncle Sam by deducting a casualty loss on your return. Your deduction is generally the total of your unreimbursed loss reduced by $100 and further reduced by 10% of your adjusted gross income. 

Also, you can continue treating it as your qualified home (and deducting mortgage interest) if, within a reasonable period of time, you re-build the home and move into it, or sell the land on which the home was located.
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Just for fun
Just For Fun

Happy Leap Day!

If you've checked your calendar today, you've probably noticed that not only does February have 29 days this year, but also five Fridays. Hey, we can all use an extra Friday, right? The last time this occurred was in 1980, and it won't happen again until 2036. So what are you going to do with this extra day?

An old Irish folktale states St. Patrick declared Feb. 29 as the one day a year women are allowed to propose marriage. Sorry to disappoint you, ladies, but Daria snatched me up years ago. I'll probably just sit back and enjoy the extra compounded interest my investments are earning!


image Foreclosure Rates Jump Again:
How You Can Protect Your Home
Foreclosure numbers rose 57% in the last year, with an 8% hike in the last month alone. Even with interest rate cuts and efforts by lenders to work out payment plans, the problem is getting worse as homeowners are unable to make mortgage payments. Listen to our alert for specific steps to help you avoid foreclosure and protect your home.




image Know When to Fold ’Em
If you're worried about when to sell your stocks in the midst of our roller coaster economy, you're not alone. One of the biggest sources of investor regret is taking your money off the table too early or too late. But deciding when it's time to move on may be easier than you think. Follow our guidelines to selling stocks and getting the most from  of your investments.




Picture How to Organize Your Financial Records
As you're working on your taxes, you likely will come across old returns, bank statements, receipts and other papers you may no longer need to keep. Keeping your documents organized is crucial to a stress-free tax filing. Some should definitely be kept, but others can be tossed. Our simple chart tells you which financial records you should hold on to and for how long.




image Should I Borrow From My 401(k)?
With the current credit crisis tightening everyone's wallet, you may be considering borrowing from your 401(k) to cover a few bills. After all, it's a quick way to get some cash, and you can pay yourself back instead of dealing with any banks. But be careful – withdrawing from your retirement fund is a bigger step than you may realize. Here's what we think, and don't forget to plug in your numbers to our calculator to see what a 401(k) loan could end up really costing you.




Picture 4 Steps to Choosing the Right
Guardian
We know that deciding who will take care of your kids if you should die can be a gut-wrenching decision, but naming a guardian for children under age 18 is an important part of your estate planning. If you don't, a court could end up making the decision for you! Here are four key questions to help you pick the right guardian.