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Financial Fitness Blog

1099-R coming in the mail

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Sue Lukas

If you took a reportable distribution from your WEA TSA Trust 403(b) and/or WEAC IRA account(s) during 2017, we will send a 1099-R to the address on file on or before January 31, 2018. You will receive your 1099-R from our custodian, Mid Atlantic Trust Company.

While you're getting ready for tax time, check the beneficiaries for your 403(b) and/or IRA with Member Benefits. Beneficiaries on your retirement account supersede what you may have in your will, so it’s good to be in the habit of making sure they’re current as your life circumstances change. You can review beneficiaries when you receive your statement. 

Learn more about our new statements.

Sue Lukas, RIS Specialist

Insurance is NOT one-size-fits-all

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Mark DannehlIf you’re like most people, you may think of auto and home insurance as a commodity—or one-size-fits-all. But when you do that, you risk leaving yourself (and your family) exposed to financial loss or purchasing coverages you don’t need.

Instead, by going deeper and considering these three principles, you may be able to increase the likelihood of making sure your appropriately covered.

  1. Buy value, not price. For example, is exposing yourself to loss by lowering your liability limits worth saving a few dollars every month? Make sure you understand the implications.
  2. Maximize your insurance dollar. The risk of a catastrophic event may be low, but it does happen… and it can be financially devastating. If you’re looking to save money, explore reducing your deductible before you consider reducing coverage.
  3. Insure for the catastrophic—it’s the real reason we have insurance. Umbrella insurance is often overlooked, but most financial planners consider it a must-have. It’s also very affordable.

Let us help you review your insurance needs and coach you to be a better insurance consumer. Call 1-800-279-4010 for a free consultation or schedule an appointment online.

Get more details on these principles by reading our article, “Are you wisely protected?”

Mark Dannehl, Personal Insurance Consultant

Get proactive about radon

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Tim GanoungJanuary is National Radon Action Month. If you've never tested your home, doing so now could make all the difference to you and your family. You can’t see, smell, or taste radon, but it could be present at a dangerous level in your home.

According to the United States Environmental Protection Agency (EPA), radon is the leading cause of lung cancer deaths among nonsmokers in America and claims the lives of about 21,000 Americans each year. Fortunately, you can take just a few steps to help prevent exposure to this silent threat.

  1. Test your home. The EPA and the U.S. Surgeon General recommend that all homes in the U.S. be tested for radon, and it's both easy and inexpensive. Get a test kit.
  2. Spread the word. Encourage family and friends to learn about radon and test their homes.
  3. Buy a radon-resistant home. Learn about radon-resistant new construction by reading Building Radon Out: A Step-by-Step Guide to Build Radon-Resistant Homes (PDF).

More information about radon exposure, testing, and mitigation  

Tim Ganoung, Personal Insurance Consultant