Making the most of Medicare's open enrollment period

Ask yourself a few questions to make sure you're getting the most from Medicare.

Mark your calendar for Medicare’s open enrollment season: between Oct. 15 and Dec. 7, you are able to make changes to your Medicare Advantage plan and prescription drug coverage.

During this time, you can change from Original Medicare to a Medicare Advantage plan or vice versa or switch from one Medicare Advantage plan to another Medicare Advantage plan. You can also join a Medicare Advantage or Medicare prescription drug plan for the first time, or drop your drug coverage completely.

Even if you’re satisfied with your current plan, open enrollment presents a great opportunity to make sure you’re getting the most out of Medicare. Every year you should compare your current plan to other plans in your area in case another plan offers better health and/or drug coverage at more affordable prices.

The coverage provided by insurance companies often changes each year and could result in paying more out-of-pocket on healthcare expenses throughout the year. Here are some tips to help you get started.

• Ask yourself some important questions: Have your needs changed? Is your current coverage adequate? Will the cost of your current plan be going up? Are there comparable, lower-cost plans available?
• Review the annual notice of change from your current plan provider. You should receive this in September.
• If you have a Medicare Advantage plan, make sure your doctor is still accepting your particular plan next year. If your doctor is out of network, you will have to choose a new plan or pay higher out-of-pocket costs.
• Carefully review your plan for prescription drug coverage and determine your copayment and coinsurance costs.
• If you switch from a Medicare Advantage plan to Original Medicare, you will want to join a stand-alone Part D plan to get Medicare drug coverage.
• Compare plans using the Medicare Plan Finder at medicare.gov.
• Get one-on-one assistance from the State Health Insurance Assistance Program.
• Call the Medicare Rights Center at 800.333.4114 for free counseling.
• All changes to your Medicare plan will take effect Jan. 1 of the next year.

Medicare decisions can be complicated. If you have any questions about open enrollment, or if you’d like to discuss how healthcare costs factor into your overall financial plan, please contact your financial advisor.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

Weave more of what you love into everyday life

How to mindfully incorporate your favorite things in your day to day

A recent study found that Americans rated listening to their favorite song, enjoying a nice dinner and watching their favorite movie as the top three “little things” that bring joy. While they’re all pretty easy to incorporate into life, more than half of those polled said they don’t enjoy life’s simple pleasures enough and others felt like they don’t have enough time to.

Sometimes we take little moments for granted if we’re not plugged in (or unplugged, rather) and being mindful. It’s easy to harp on the negatives, but positive thoughts have more power than you think – and it doesn’t have to be a grand gesture to count.

Identify what makes you happy
Flowers delivered on our birthday make us smile, but did you ever think about visiting a flower shop to pick out your own once a month? The idea is to slow down enough to recognize those moments of joy and seek to replicate them more often.

Sometimes finding the positive means feeling the negative first. You can counteract the feelings of longing, like missing your kids during a day at the office, with something good. Frame a bunch of goofy family photos that make you laugh (they say it’s the best medicine, after all), then set them up all over your workspace.

Incorporate simple pleasures in everyday life
We’re glued to our smartphones (potentially a problem in and of itself), so use its features to remind you of the little things that make you happiest. You can use your notes app to jot down what made you smile throughout the day. It’ll become a go-to list to look at when you’re in need of a boost. (There’s something particularly powerful about writing them down – or typing them out – that makes them stick in your memory.) Sit on the front porch with a cup of coffee, take a walk in the park or make a home-cooked meal … you get the gist.

Most small moments don’t need a big budget, but there are some you’ll want to plan for – like exploring somewhere new or luxury bed linens (both of which made a top 50 list of simple pleasures). If that pressed crease in your pants puts a smile on your face, work a weekly dry-cleaning visit into your budget.

While it’s human nature to have what psychologists call “negativity bias” (a totally normal way your brain protects you from future harm), pessimism can take its toll. Balance that with a small dose of joy now and again, and you may just find yourself walking lighter.

Next steps
If you’re looking to retrain your brain to seek out the simple pleasures in life:

• Focus on the good things, no matter how small and even in the most challenging of situations
• Keep a gratitude journal to hold you accountable for practicing thankfulness daily
• Prioritize what makes you feel happy by setting aside time, energy and a budget to see those things through

Sources: slh.com; healthline.com; huffpost.com

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

4 priceless money lessons for kids

Financial literacy is a gift that lasts a lifetime.

Financial tradeoffs, interest rates and the importance of having an emergency fund: Our current economic circumstances are full of teachable moments we can and should share with our children. After all, they’re probably not learning these topics in school. Only 1 in 6 students will be required to take a personal finance course before earning a high school diploma, according to nonprofit Next Gen Personal Finance.

That’s why we’re equipping you with money tips and topics to discuss with the children in your life, plus independent study materials (ahem, videos and games) that will hold kids’ attention while teaching them money management. Keep reading to get to the head of the class.

Being in charge of the budget

Are your children constantly asking you for money? One Florida father found a way to nip that in the bud: He had his teen and preteen sign a contract stating what expenses he would pay for, then gave them a set amount of money to spend each month for clothing, cellphone bill and extras. “My son’s hard lesson came when his friend pushed him into a pool along with his cellphone. He learned why it’s important to build a reserve for unexpected expenses,” the father said. Giving your kids a paycheck allows them the chance to make financial decisions – and experience the consequences firsthand.

The economics of higher ed

We’ve all asked a kid, “What do you want to be when you grow up?” Instead ask what their interests are, and help them explore how they might be applied in a future career. This teaches them adaptability, something of value in a changing economic landscape.

As they get closer to making a decision about whether to attend college or trade school, help them think through the costs and benefits. Junior Achievement’s Access Your Future app can help them crunch the numbers. And if you have a child already attending college, know that timing is everything. Yale researchers have found that graduating from college in a bad economy has a lasting negative impact on wages – and many students are considering gap years and grad school because of this.

The roots of retirement

Raise your hand if you want to raise a child who will hit the ground running when it comes to saving for retirement. Personal finance experts say we should let our children know that retirement is the biggest expense they’ll ever save for, and it’s important to start early. To help them understand the value of compounding, help them open a savings account (or guardian-type brokerage account) where they can experience the power of this phenomenon for themselves.

Extra credit knowledge

When you’re young and don’t have much money, it’s easy to rely too much on credit and jeopardize your financial future. Help your child understand the importance of a good credit score, and explain how you keep yours up. Share stories about how you financed your first car or house, and explain in concrete terms how the interest rate affected the overall purchase price. Finally, consider adding your teen as an authorized user on your credit card and teaching them how to read a statement and pay the balance in full each month.

Homeschool resources

For teens:

• Search ngpf.org/arcade for web-based games like “Money Magic,” “Payback,” “Stax” and “Credit Clash”

For younger kids:

• Schoolhouse Rock! vintage videos like “Budget” and “Dollars and Sense”
• Cha-chingusa.org offers Money Smart Kids videos like “Do it Passionately” and “Saving for Success”

In giving your child the gift of financial literacy, you’re helping set them up for a brighter future. Through a purposeful approach, we can all do our part to raise the next generation of resourceful citizens.

Next steps

• Have family or friends share stories of how they thrived during a recession or found creative ways to stretch a budget.
• Consider helping your child get started with investing, keeping in mind their investments will change calculations for college aid.
• Introduce your family members – even the younger ones – to your advisor, who can act as a teacher’s aide for financial literacy.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

Spiced Salmon Kebabs

Active Time         25 minutes

Total Time           25 minutes

Here's a little trick: Thread salmon pieces onto two skewers so they don't flip and spin every time you turn them on the grill.

Ingredients

4 servings

2 tablespoons chopped fresh oregano

2 teaspoons sesame seeds

1 teaspoon ground cumin

1 teaspoon kosher salt

1/4 teaspoon crushed red pepper flakes

1 1/2 pounds skinless salmon fillet (preferably wild), cut into 1" pieces

2 lemons, very thinly sliced into rounds

2 tablespoons olive oil

Special Equipment

16 bamboo skewers soaked in water 1 hour

Step 1

Prepare grill for medium heat. Mix oregano, sesame seeds, cumin, salt, and red pepper flakes in a small bowl to combine; set spice mixture aside.

Step 2

Beginning and ending with salmon, thread salmon and folded lemon slices onto 8 pairs of parallel skewers to make 8 kebabs total. Brush with oil and season with reserved spice mixture.

Step 3

Grill, turning occasionally, until fish is opaque throughout, 5-8 minutes.

Nutrition Per Serving

Per serving: 390 calories

22 g fat

1 g fiber

#### Nutritional analysis provided by Bon Appétit

URL to article:  https://www.epicurious.com/recipes/food/views/spiced-salmon-kebabs-51169490

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

From the Desk of Dale Crossley and Evan Shear

Keeping Emotions in Check Despite the Current Market Volatility

“If you cannot control your emotions, you cannot control your money.”  Warren Buffet

The annual inflation rate hit 9.1% in June, the highest it has been in more than 40 years. The market is continuing to experience high volatility and uncertainty, as it has since the beginning of 2022. Unfortunately, not much has changed. We understand – letting your emotions not get the best of you is easier said than done, especially since the markets seem to fluctuate almost hourly. It’s not the first time in history we’ve had volatility, and it certainly won’t be the last.

What History Has to Say About the Current Market Volatility & Uncertainty

BlackRock, the world's largest asset manager, recently downgraded its stock market outlook in response to the ongoing market volatility and uncertainty. As a result, the firm is currently reducing its stake in equities and re-allocating the money to investment-grade credit. However, the ongoing market volatility and uncertainty will not persist forever, and history can prove it. For example, the 1970s oil crisis caused a dip in the market's performance between 1973 and 1974, but it still recovered and grew. The 2008 banking and credit crisis also caused a significant dip in the market's performance, but it passed, too. Likewise, we believe the current decline is only temporary.

Fortunately, the Fed is taking measures to curb the current inflation by raising interest rates. The Fed's move to raise interest rates will affect inflation and investments in the following ways:

• Inflation – A higher interest rate reduces the availability and circulation of money, thus reducing spending and helping curb inflation.
• Investing – A higher interest rate also affects companies' cash flow and ability to raise capital, lowering their current and future performance outlook. This (coupled with the reduced money supply) makes many investors cautious about buying more stocks.

Interestingly, a change in interest rates impacts the stock market almost immediately. However, changing interest rates usually take longer (up to 12 months) to impact the economy.

Inflation's Impact on Earning & Spending

Unfortunately, inflation is also starting to erode spending and investors' earnings, and Wall Street is indicating that it may scale back its earnings forecasts. The forecast on S&P 500 companies' aggregate earnings has appreciated by 2% for 2022 and 2023.*

However, runaway inflation may likely erode this forecast, and there are credible concerns about a looming recession. Wall Street reduces its consensus call on aggregate EPS in the S&P 500 by about 15% in 12 months in a typical recession. Considering that the current expectation of aggregate profits is $239, a decline of 15% could bring the figure down to $206. The S&P 500 index may also drop from 3783 to 3200.

Geopolitical Tensions May Persist

Geopolitical tensions, not new of course, affect the economy's and the market's performance. For example, America's withdrawal from the Iran nuclear deal in 2019 caused a notable dip in the market's performance.

Unfortunately, the world is experiencing multiple geopolitical conflicts, and the BlackRock Geopolitical Risk Indicator suggests that they may persist. The most notable geopolitical conflicts include:

• The Russia-NATO conflict
• S.-China strategic competition
• Gulf tensions, most notably the stalled Iran nuclear deal
• North Korea's nuclear buildup
• European fragmentation
• Climate policy gridlock
• Terrorist attacks
• Major cyberattacks

Some of these geopolitical tensions pose a greater risk to the market than others. For example, the Russia-NATO conflict is more pressing than the ongoing European fragmentation. However, overall the market and investors are currently the most focused on inflation.

The Market Has Proven to be Resilient

Not much has changed since the beginning of the year. The ups and downs in the market, sometimes hourly, are still enough to cause angst. During this market downturn, the best defense is to make informed, not emotional decisions. Voyage, our proprietary investment process, especially helps during times like these. Investors who make long-term investments can remain confident — and upturns have always been stronger and more rewarding than pullbacks.

If you have any questions, please reach out.  Especially during this time, that’s why we’re here.  

*https://www.barrons.com/articles/earnings-forecasts-stock-market-51655931777

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. All opinions are as of this date and are subject to change without notice. Past performance is not a guarantee of future results.