We are continuing our series of online free webinars for anyone who needs help during this pandemic and beyond. The next one is March 25 at 5:30pm, and all you need to do is send in a question in advance. We’ll then send the link to the Zoom webinar.

We heard that some people are shy or simply embarrassed to ask financial questions publicly on Zoom. So to include more people, Maura will answer questions that people send in ahead of time.
The audience will not have to show themselves. You don’t even have to dress up!

We want to be able to take down the barriers – whatever they are – that prevent greater financial literacy.

All Are Welcome

Everyone is invited: clients, friends, students, anyone you know who might have a question. Just send in the question ahead of time to postoffice@bluesparkfinancial.com.

Sample Questions

Here are some questions that have been sent in so far:

• How do I improve my credit score?
• What is a stock split?
• If I took money out of my IRA while I was laid off, can I put it back in?
• Are stimulus payments taxable?

• Bull markets never feel like bull markets.
• Bear markets always feel like bear markets.
• Bubbles always feel like bull markets.

In the 2008 Financial Crisis, that inflection point was March 9, 2009. We all remember what happened then. This is different, of course, but there is no reason to think that the markets will go to nothing after the virus has run its course. And I believe we will see positive changes to come out of this crisis in the global economy, and among us as people, that will remain long after.

One thing I took away from an evening with author Rebecca Soffer is that sharing grief helps make it better.

We thank Rebecca, founder of Modern Loss, for coming to our offices in NYC to talk to Blue Spark Financial’s clients. So what is Modern Loss? It’s a book, and a website, but most of all it is a community. ModernLoss.com and @modernloss

I first heard Rebecca when she was being interviewed on NPR in the Berkshires. She talked about her experience of losing her parents when she was young, and what she had done to get past it. She was giving a talk at Edith Wharton’s home called The Mount, and she and several others who have written for this book spoke movingly about their experiences.

Rebecca came from a journalism background, worked with Steven Colbert, and has written for many publications. But she found a calling in helping others through the death of loved ones. This project grew out of experiences with sudden loss, and the struggle to find resources that weren’t too clinical, overtly religious, patronizing or cheesy.

Rebecca and a friend decided to create their own resource that wasn’t any of those things – that was called Modern Loss the website, — which later became this book – They created a place to share the taboo, the funny, and the unexpected that comes with navigating your life after a death.

“Beginners welcome” is the opening.

• Essays from those who have experienced all kinds of loss
• Resources—from probating a will to how to get your loved one off of social media
• Creative ideas for exploring your own loss
• Links to articles about thriving in the face of grief
• Ways to connect with other people
• Modern Loss  events

There is no:

• Judgment
• Tips to help you “get over” or “get past” it
• Anything associated with the idea of a “valid” loss. They say “If you feel it, it’s real.”
• The phrase “Everything happens for a reason.” Just … don’t say that, ever.

There are many types of grief, for a parent, spouse, child, friend, pet, miscarriage, and more. Rebecca spoke first about her experiences, and then opened up a discussion, asking our guests about their own grief in her warm way. It was cathartic for all who were there.

Rebecca says she had primarily associated the word “orphan” with waifish Charles Dickens characters. But when she was 30, her mother, Shelby, was killed in a car accident, an hour after dropping Rebecca off from a family camping trip in the Adirondacks. Four years later, her father died of a heart attack while on a cruise to the Bahamas. Suddenly, she was an orphan herself. So much loss at such a relatively young age un-tethered Rebecca. There were husbands yet to meet, puppies yet  to adopt, and so many other miles yet to stone—but all of it would have to be done without her beloved parents’ guidance, along with dealing with the logistical aftermath of each of their deaths. She sought out help that wasn’t overly clinical, patronizing, or sappy, but she couldn’t find it.

And she wasn’t alone. Together with Gabrielle and some other friends, Rebecca decided to form a monthly dinner party called WWDP (Women With Dead Parents, which gives you a glimpse into Rebecca’s irreverent humor). The WWDP conversations were wide-ranging, but the common denominator was a shared understanding. A general “I get it.” No apologies, no accusations, no questions asked. Except “who brought the chocolate cake, and can I get the recipe?” Because if Rebecca “couldn’t have parents, dammit, I could at least have chocolate cake”—not to mention friends who understood the particular nuances of going through the profound loss of parents long before they expected to.

With Modern Loss, Rebecca hopes to bring that refreshing openness to a broader audience, and community, who could use their own place setting at the table of loss.

Rebecca has been a lifelong organizer of communities, both public and private. From getting her masters in journalism from Columbia University, to working as a producer at Comedy Central and accompanying Stephen Colbert on his quest to get to know all 435 U.S. Representatives, to helping to grow a leading network of Jewish creatives, Rebecca has always found strength in numbers, and bringing those people together. As a writer, she has contributed pieces across media, including Marie Claire, Refinery29, Elle Decor, and Tablet Magazine’s podcast, Vox Tablet, and has spoken at Chicago Ideas Week, HBO, and Experience Camps‘ annual benefit, where she was the 2017 honoree. She lives in New York City and the Berkshires of Massachusetts with her husband, two sons, and labradoodle.
November 13, 2018

At our recent Wine & Finance event in the New York office, we explored “Healthcare Options in Retirement” with Audrey Schwartz. It was a wonderful evening, with many clients and friends attending. Thanks for coming!

At any age, health care is a priority. But when you retire, it’s time to focus more on healthcare than ever before. That’s why it’s particularly important for women to factor in the cost of healthcare as part of their retirement plan.

How much you’ll spend on healthcare during retirement depends on a number of variables including when you retire, how long you live, your relative health, and the cost of medical care. Another important factor to consider is Medicare. Generally, you’ll be eligible for Medicare when you reach age 65. Be careful: you must sign enroll in the three months before you turn 65 or three months after, or else you will pay penalties for the rest of your life.

But what if you retire at a younger age? You’ll need some way to pay for your health care until Medicare kicks in. Your employer may offer health insurance coverage to retiring employees, but this is now the exception rather than the rule. If your employer doesn’t extend health benefits, you may need to buy a private health insurance policy or extend your employer-sponsored coverage through COBRA.

Medicare

Most are automatically entitled to Medicare when they turn 65. If you’re already receiving Social Security benefits when you’re 65, you don’t even have to apply–you’ll be automatically enrolled in Medicare. However, you will have to decide whether you need only Part A coverage (which is premium-free for most retirees) or if you want to also purchase Part B coverage. Medicare coverage involves a confusing alphabet soup: Part A, B, C, D and more.

Part A, commonly known as the hospital insurance portion of Medicare, can help pay for inpatient hospital care, plus home health care and hospice care. Part B helps cover other medical care such as physician services, laboratory tests, and physical therapy. You may also choose to enroll in a managed care plan or private fee-for-service plan under Medicare Part C (Medicare Advantage) if you want to pay fewer out-of-pocket health-care costs.

And if you don’t already have prescription drug coverage, you may want to consider a Medicare Advantage Plan or a prescription drug plan offered by a private insurer that has been approved by Medicare.

Unfortunately, Medicare won’t cover all of your health-related expenses. For some types of care, you’ll have to satisfy a deductible and make co-payments. That’s why many retirees purchase a Medigap policy.

Medigap Plans

Medigap policies help pay for out-of-pocket costs that Medicare doesn’t cover, including annual co-payments and deductibles. In most states, there are 10 standard Medigap policies available. Each of these policies offers certain basic core benefits, and all but the most basic policy (Plan A) offer various combinations of additional benefits designed to cover what Medicare does not. More alphabet soup!
When you first enroll in Medicare Part B at age 65 or older, you have a six-month Medigap open enrollment period. During that time, you have a right to buy a Medigap policy from a private insurance company, regardless of any health problems you may have. The company cannot refuse you a policy or charge you more than other open enrollment applicants.

Long-Term Care

Long-term care refers to the ongoing services and support needed by people who have chronic health conditions or disabilities. Long-term care can be expensive. An important part of planning is deciding how to pay for these services.

While premiums may be costly, having LTC insurance may allow you to choose where you receive your care, the type of care you receive, and who provides care to you. Many LTC insurance policies pay for the cost of care provided in a nursing home, assisted-living facility, or at home, but the cost of coverage generally depends on your age and the policy benefits and options you purchase. And premiums can increase if the insurer raises its overall rates. Even with LTC insurance, you still may have some expenses not covered by LTC insurance. For example:

• Not all policies provide coverage for care in your home. While the cost of in-home care may be less than the cost of care provided in a nursing home, it can still be quite expensive.
• Most policies allow for the selection of an elimination period of between 10 days and 1 year, during which time you are responsible for payment of care.
• The LTC insurance benefit is often paid based on a daily or monthly maximum amount, which may not be enough to cover all of the costs of care.
• While lifetime coverage may be selected, it can increase the premium cost significantly, and some policies may not offer that option. Another option that can be valuable, but also increase the premium expense considerably, is cost-of-living or inflation protection, which annually increases the daily insurance benefit based on a certain percentage.
• Most common LTC insurance benefit periods last from 1 year to 5 years, after which time the insurance coverage generally ends regardless of whether care is still being provided. 
To encourage more individuals to buy long-term care insurance, many states have enacted Partnership programs that authorize private insurers to sell state-approved long-term care Partnership policies. Partnership policy owners, who expend policy benefits on long-term care services, will qualify for 
 Medicaid without having to first spend all or most of their remaining assets (assuming they meet income and other eligibility requirements).

Medicaid – Not Medicare

To qualify for Medicaid to pay for long-term care, your assets and income must fall below certain very low limits, which vary by state. Often this requires spending down most of your assets first, which may mean using all savings to pay for healthcare before you can qualify for Medicaid. Also, if you own a home, Medicaid may place a lien on it to recoup what it paid for your care.

Other Factors to Consider

It’s clear that healthcare is an important factor in retirement planning. Here are some other things to think about:

• Evaluate your health and project your future medical needs. It may help to consider your family’s health history to determine the type of care you might need.
• Don’t presume Medicare and Medigap insurance will cover all your expenses. For example, Medicare (Parts A and B) does not cover the cost of routine eye exams, most eyeglasses or contact lenses, or hearing exams or aids.
• Even if you have Medicare and Medigap insurance, there are premiums, deductibles, and co-payments to consider. 
You will need to include the cost of healthcare as a projected retirement expense to avoid surprises.

Our theme for this quarter’s Wine & Finance event is Entrepreneurship: A Case Study. We featured Sarah Gross, founder and president of Rescue Chocolate.

100% of Rescue Chocolate’s net profits are donated to animal rescue organizations. The chocolates are kosher, vegan, and organic. And delicious! Sarah spoke about her experience starting the business, the challenges and the joys. She talked about how she went from idea to successful business. 

I kept thinking about this dog, looking at that online posting once, twice, and then again. I kept going back to check, to see if someone had adopted her. I grew up with dogs and volunteering at my local animal shelter, but I knew I couldn’t have a dog at the moment. I was not around much and my NYC apartment didn’t allow pets.

Sarah says, “It all started with an image of a forlorn pitbull. Her name was Mocha, and her photo had been posted online (Petfinder.com) by her foster mom as a desperate act to find her a permanent home before the clock ran down to zero.

But, I was able to track down Mocha’s foster mom. I set up an appointment just to meet, with no strings attached. You know what happened next: I adopted her. And it was Mocha that gave me inspiration for my business.

I was savoring some dark chocolate before heading out with Mocha for our morning walk, and suddenly it occurred to me: why not put together my two loves? How about developing a scrumptious new dark chocolate line, selling it, and donating the profits to animals in need?

I already worked part-time at Gnosis, a raw chocolate company in Queens, where I had developed a best-selling flavor. I knew what tasted good. And God knew there was certainly a need to raise awareness about the epidemic of homeless pets in America. The idea for Rescue Chocolate was almost fully formed before Mocha and I returned from our walk that morning in December 2009.

Now, working with executive chef Jean Francois Bonnet at the Tumbador chocolate factory, it is a dream to create new flavors for my line of dark chocolate products, naming them, selling them, and choosing the animal rescue charities to support each month. Rescue Chocolate is carried by a number of retail outlets in New York, San Diego, Chicago, and elsewhere, and it is also sold online.

People give it a try and become addicted. Maybe it has something to do with the picture of the pooch on the wrapper of every Rescue Chocolate bar—that one with the mocha-brown eyes.”

Our quarterly Wine & Finance event, August 2014

Our theme for this quarter’s event was Real Estate: Part I.   

Our guest speaker was Annie Yanovsky, a real estate expert and licensed sales professional at Halstead Property. Annie has lived in downtown New York City for decades and knows her turf. She says this is important when working with people looking for a home. “I love learning more about New York City every day and it’s my job to know as much as I can about many neighborhoods.”

Annie Yanovsky has the inside scoop on each neighborhood’s restaurants, shopping, and transportation. She says this in-depth knowledge is key in her profession.

Our theme for this quarter’s Wine & Finance party is Spring Cleaning, featuring entrepreneurs Randi Zinn, founder of the community Beyond Moms and Smith Banfield, a professional organizer and stylist and founder of Clear Space.

Smith says she is very visual by nature and enjoys the challenge of turning a disorganized office or home and making it beautiful. “I not only make it more pleasing, I teach how to stay organized for years to come.”  In the visual arts for 20+ years, Smith uses her design, color, and photography skills in a different field, where she uses her talents to help people feel more fulfilled by learning to live with less.

Randi, who is also a yoga teacher, started Beyond Moms to connect mothers via mixers, seminars, and retreats. “I encourage moms to cultivate a life ‘Beyond Mom’ that embraces the gifts of motherhood but expresses what we are as individuals: creators, businesswomen, thinkers, friends, and so much more. She gave a breath exercise for the group and a few simple tips for spring cleaning for your body through kriya breath and meditation, “eating colors” of the fresh green market, and dressing in bright colors. “It doesn’t have to be complicated,” Randi says. “Create a vision board! Try something new during spring time!”

This quarter’s theme for our Wine & Finance event is Entrepreneurship: A Case Study. We introduce special guest Liz Wilkes, CEO and founder of Exubrancy, a start-up that helps organizations maximize employee health and happiness. Exubrancy provides programs to businesses that build company culture, including yoga and fitness amenities, massage and self-care, and group activities.
Exubrancy’s office meditation sessions, on-site massages, and office yoga and fitness classes foster engagement, connectivity, and wellbeing. We specialize in designing and managing custom-tailored wellness programs for small and medium sized businesses. Liz says, “We partner with HR directors, managers of ‘people and culture,’ CEOs, office managers, wellness directors, and other internal company stakeholders committed to boosting employee health and happiness.”

Our quarterly Wine & Finance event’s theme is Affordable Indulgences. As many good savers know, to have a well-lived life, you need a balance of saving for the future and some decadence of enjoying the present. Some friends of Blue Spark Capital Advisors have focused their businesses on those affordable luxuries that make life worth living: wine and perfume.

In the spirit of decadence, we introduced Jonathan Edelman, a part owner in the French vineyard and winemaker, and John O’Sullivan, of a new premium fragrance line called Union Fragrance. They spook about their experiences and we drank Remoissenet wine and enjoyed samples of Union perfume.