Money Talks Blog by Oxford Planning Group

It’s the holiday season and hopefully there is a lot of fun, family, friendship, festivity and general good times too be had by all.  It’s also a very busy time of year.  There are demands on our calendars, our wallets and pocketbooks, our diets and much more.

Anyone that’s taken a flight on an airplane has heard the instruction about taking care of your own oxygen mask first before helping others next to you.  Well, at this busy time of year it’s a great reminder.

You might wonder what this has to do with financial planning.  Well, it has a lot in common. 

During the holidays, we’re bombarded by constant advertising about the latest greatest device, bobble or food product we all need.  The advertisements put pressure on us to believe that we need these things to keep up with everyone around us, to be the cool people and to generally keep up with each other. We are also overwhelmed with social events that can take up a lot of time and money as well.  

Overall, it’s a time we get pulled in many directions and we often see budgets blown as well as diets and exercise go out the window.  Then, as the new year approaches, we see resolutions to lose weight, to get in shape, to stay on a budget and pay down debt, only to repeat every year.

Its really a time to take care of your self first. Have fun, but don’t forget the basics.

• Make sure to get enough sleep
• Follow a budget or set a spending goal ahead of time
• Don’t over-commit (I think we all do this)
• Try to squeeze in some exercise, even if only to keep up some momentum

The better we feel, the more likely we are to keep on track with our goals.  We often forget to take care of ourselves first.  We work long hours to allow time off on the holidays.  We are rushed, so we grab food that is easy, but maybe not healthy.  And- when it comes to spending, many studies show that we are more likely to be impulsive if we are not at our best and don’t have a goal in mind.

As always, we are here to help, simplify and to help keep your goals in priority.

Happy Holidays everyone -

Oxford Planning Group, LLC

As last month was Long Term Care Awareness Month, we wanted to re-share a previous post about long term care with some very relevant information. 

Do you have a plan for Long Term Care?

As we age, or in the event of a medical event, we may need Long Term Care.  Surprisingly, a large percentage of people have no plan for such an occurrence.  Additionally, many people believe that health insurance or government programs such as Medicare will pay for these needs.  Sadly, that is not the case.  Lack of planning in this area can be a major financial burden for families.  In addition, this lack of planning puts a heavy strain on community and social service programs that are not funded or designed for this purpose.   

In 2017, I was appointed by Governor Hogan to a Task Force on Long Term Care.  The purpose of the Task Force was to make recommendations for better education around Long Term Care.  Unfortunately, many families are unware of what may lie ahead for their Long Term Care needs.  Over 70% of all people will require some form of Long Term Care services in their lifetime.  This may be very short-term care or care lasting the remainder of their lives.  In order that families are better prepared for this, our task force was assigned to review education around the topic and to recommend ways to help people be more prepared.

It all starts with having a plan.  While there are many components of an overall financial plan, this blog focuses on planning for Long Term Care.  So, what’s in a plan? 

This article by Kiplinger “Why Families Need a Plan for Caregiving” discusses some considerations faced when planning for Long Term Care.

First, should you need any kind of care, where do you want to receive that care?  The answer is not the same for everyone, but many people would prefer to receive care in their homes initially.

Questions to consider:

• Who will provide that care? 
• Do you have a spouse, children or other relatives or friends that are willing to provide that care? 
• Are they physically able to provide that care?  (It is one thing for a 200lb stronger man to care for a     more petite spouse, but the reverse may not be physically possible.) 
• Is your home set up to allow you to be cared for in home? 
• Do you live on more than one floor or a single floor? 
• Are your bathrooms handicapped accessible?
• Or would you prefer to live in a Long-Term Care Facility?

Next, it is important to review what financial resources will be available for Long Term Care. 

• Long Term Care insurance may be an option, but not everyone will be able to afford this option.  Long Term Care Insurance, if you are eligible, may be purchased to cover part of or most of these care expenses. 
• Without insurance to cover Long Term Care, there should still be a plan in place for who will care for a yourself or a relative.
• Additionally, a plan should be in place to decide where that care will occur.  Will you stay in your home?  Will you move in with a relative?  Will you move to a Long-Term Care Facility?

We recommend beginning planning early.  This will give you the most time to begin saving ahead of time, to review insurance costs and eligibility and to have ongoing discussions with family members.  Whether you need Long Term Care or how much Long-Term Care you need will vary greatly from person to person.  In this case, averages don’t always serve you best.  If you are the person who needs full time Long Term Care, you will be grateful if you have a plan in place.

It’s Almost Thanksgiving!

What are your traditions?

When I was growing up, we moved a lot as my dad was in the Air Force, and we always spent Thanksgiving with whoever was local.  Relatives, friends of the family, neighbors and friends of friends who had nowhere else to go.   Year to year we never knew who might be around the table.  It was always a fun time.  Lots of great food, interesting conversations, the Thanksgiving Day parade, Football, and lots of dishes.  There was always a good laugh too. 

It’s also a great time of year to do some end of year planning.  Have you made your charitable deductions for the year?  Are you required to make distributions form your IRA’s or other retirement accounts?  Should you be considering a Roth IRA or Roth conversion?  Have you escrowed adequate funds to make yearend tax payments and or retirement plan contributions?

We are here to help.  Our goal is to make sure you are taking advantage of the best and most tax efficient planning opportunities available to you.  Tax laws are continually changing, and we work hard to stay on top of these changes to help you best reach your goals.

So, as you’re enjoying your turkey, take time to enjoy the moment.  When you have recovered from all that food and your afternoon Thanksgiving naps, remember we are here to help with any year end planning you may have. 

Best Wishes to All from all of us at

Oxford Planning Group

For the training performed, the time spent away from family and friends, for the sacrifices you have made,

THANK YOU to all the men and women that have served this country with honor and pride. 

As it’s National Financial Planning Month, it’s a great time to talk about financial planning.

First, financial planning is for all ages. We advocate and wish more programs were available for High School students that teach financial planning basics. We also wish more college students took basic financial planning or concepts as part of their curriculum, regardless of their major. So, if you have children or you are in High School or College yourself, it's never too early to begin learning and planning.

While we recommend starting as early as possible, it’s also never too late to begin financial planning. When you look at where you are today, you cannot change the past, but you can plan for the future regardless of what age you are. 

We believe a financial plan is critical to planning for the future. Focusing purely on investments and investment returns can leave large gaps in your plan if it’s are not based on solid planning. Performance is only one factor to consider. Unless you know how much you will need to retire or for other goals, you have no way of knowing if your investments will be adequate.

Financial planning is a broad subject. Here are some of the specific areas that might apply to you:

• Planning for expenses
• Making sure adequate emergency reserves are set up
• Understanding benefit plans and retirement plans from your employer
• Planning for college
• Paying off student loans or other debts
• Debt consolidation and best ways to save and reduce debt
• Retirement planning
• Risk reduction/Making sure assets are titled correctly and that you have the proper insurance in place to protect risks you are exposed to
• Investment planning & Allocation
• Insurance planning/Risk reduction
• Estate planning
• Divorce/Widow/Widower
• Inherited money or winnings from lottery (without proper planning most people lose new money within a few years)

Regardless of your stage of life or current focus - a solid financial plan is a key to success. We recommend working with a Certified Financial Planner ® practitioner as they have the detailed training and certification required to help you plan for the future.

At Oxford Planning Group, we are here to help you plan for your future so that you can focus on your family, enjoying your day to day life and worry less knowing your financial life is simplified and on track.