One of the more common questions I am asked is, “What should I do with my 401K?”  Normally, the question is tied to a particular event. In today’s society people are switching jobs and careers more than ever.

Congress has recognized this fact, and has created a series of laws which allow a certain level of portability when it comes to retirement savings. But, with portability comes complexity. Evaluating when and what to do with your retirement savings when you change jobs, get laid off, or hopefully retire, can be confusing.

Today’s retirement plans come in all shapes and sizes. Whether it’s an employer sponsored qualified (tax-deferred) plan (401K, pension, etc.) or an individual non-qualified (after-tax) savings plan, there are many options. One of the major weaknesses I come across with a person’s retirement plan is a lack of knowledge in what the plans advantages and disadvantages are, and what options they may have of doing something different.

I like to suggest a basis process to evaluating the options available and choosing the best one. We will briefly examine typical 401K savings plans while employed, options when leaving for new employment, and options when retiring.

While Employed

One of the most common retirement plan types today is a 401K or 403B plan.  Depending on how the employer has set up the plan, it will largely determine how much of your retirement savings should be involved in the plan - not all plans are created equal. Some 401K plans are administered quite well  with low fees and many investment options while others are the exact opposite. So a brief five step process to evaluating your company’s 401K plan would be:

1.) Find out the fee structure and different investment options available.

2.) Determine whether the company offers a “match” on your savings (almost always worth utilizing if offered).

3.) Understand the rules for withdrawing and/or transferring your retirement savings.

4.) Does your personal financial situation allow for alternative savings strategies?

5.) Decide if you will manage your own account. Unless you have the mental make-up and will devote the time necessary to monitor and understand the financial markets, qualified professional management is advised.

New Employment

People are switching jobs more than ever for a variety of reasons. There is a whole “cottage” industry within financial services now devoted to “rollover” management. Most of my clients have a rollover IRA from a previous employer. The advantage rollover IRA accounts can possibly offer is lower fees and more investment options. For example, I utilize an independent discount broker/dealer for my clients to offer the maximum investment choices with minimal fees.  In most cases, a company’s retirement plan can’t compete with this arrangement.  Below is a four step process for evaluating your retirement savings options when leaving your place of employment:

1.) Reacquaint yourself with the company’s rules regarding transferring or    rolling over your retirement account.

2.) If you’re starting a new job, refer to the five step process in the previous section.

3.) Evaluate “rolling over” your savings into an IRA. Most discount brokers offer this option for very low fees.

4.) Again, decide if you will be able to manage the account yourself. A professional may be able to provide you with a larger return.

Retirement

Finally, the best part is deciding what to do when you actually retire. This decision should not be taken lightly as the process is more complicated than the first two and requires examination beyond the scope of this article. Still, here are some things to consider:

1.) When retiring, the same option as when you leave your job is there.  Many employers let you keep your retirement savings with their plan, but most retirees will find it’s best to “roll-over” their savings into an IRA.

2.) If you have a pension from your employer, many offer a “buyout” option which gives you a one time cash payment in lieu of future benefit payments. Should you take it?

3.) The financial services industry pursues recent retirees heavily with many different sales pitches for their hard-earned savings. It’s best to evaluate your options with someone who is “independent” and willing to ask questions.

This brief article only briefly touches the important decision making process involved when choosing how to “park” your retirement savings. It’s not just where to invest, but which vehicle will maximize return and efficiency. If you aren’t sure you’re getting the most from your plans, ask for help. No one wants to end up like the Enron employees.

Article by Barrett Haus

Barrett Haus provides independent (through his own companies) financial and tax advising for businesses and individuals. He can be reached at 407-222-5120 or barrett@hausfinancial.com. Check us out on the web at www.hausfinancial.com.

The recession of 2009 has dramatically impacted Central Florida industries. From the home based small business run by a husband and wife team to the conglomerate giants with 20,000 employees, it seems everyone in Florida is taking a big hit. Well, almost every everyone.

In 2006 Orange County, Orlando and the Metro Orlando Economic Development Commission invested resources to build what is known as “Medical City” in Southeast Orlando. Today, we have the Burnham Institute for Medical Research and the UCF Medical School up and running. Nemours Children Hospital, the new VA Hospital, Florida Hospital Diabetes center and UF Medical Research are currently being built.

Right before our eyes, Central Florida is building a world class, recession proof industry in the life sciences and healthcare industries.

Why should you care? According to the Bureau of Labor Statistics (BLS), between 2007 and 2018, seven of the 10 fastest-growing jobs in the U.S. will be in healthcare. Of the top 30 fastest-growing jobs, 17 are healthcare-related. And that just isn’t nurses and doctors, either. Medical technicians, physical therapists, technology professionals, administration personnel , food service employees, construction workers, drivers, scientists and many other occupations are included as well.

Medical City is projected to create 10,000 jobs and provide $1.5 Billion in economic impact over the next 5 years. Do I have your attention?  Here are a few more stats to back up those claims:

1) The number of Americans older than 65 will reach 41 million by 2010 and 71 million by 2030.

2) Central Florida is expected to double in size in the next 20 years.

3) According to the BLS, healthcare jobs will grow by 30.3 percent through 2014.

4) To save costs, healthcare is creating new lower paying jobs like technicians that do not require 4 year degrees.

As for Central Florida, what healthcare jobs will be available you ask? Many of the jobs that are in high demand will require a minimum of a 4 year degree. Registered nurses, physical therapists, dentists, respiratory therapists, lab technicians, scientists, radiologists, pharmacists, cardiovascular technologists and many other disciplines need advanced education, but will always be in demand.

If you’re in a place in life you can’t go back to school for four years, don’t worry, you can still get a job in healthcare. The BLS indicates that 75 percent of high growth jobs that require an associate’s degree are medically related. Here are just a few suggestions:

1)       Physical Therapist Assistant: $43,000. Assist physical therapists with patients rehab by helping with exercises and mobility. You can be trained and certified in about 20 months.

2) Medical Assistants: $23,000-$34,000. Duties include administration, assisting physicians, simple lab tests and overall patient service.

3) CT/Mammography/Ultrasound Technologists: $28,000-$57,900. Technology advancement in this area has grown tremendously. Get certified and trained within 12-24 months.

4) Nuclear Medicine Technologist: $49,000 to $71,000. Requires an associates’ degree and certificate. Duties include utilizing radioisotope equipment to help radiologists dispense and measure nuclear medicine.

5) Information Systems/Technology: $41,000-$90,000. Medical records and medical facilities all need updated and effective ways to digitally store and retrieve data. Billions will be spent in this area over the next 10 years.

One of the largest growing healthcare industry jobs in Central Florida will be home healthcare professionals including nurses, social workers and home healthcare aids that come into the home to take care of patients. Healthcare aids make an average of $20.00 per hour administering medications, checking blood pressure, temperature and overall health outlook. This is a huge business in Central Florida with the BLS predicting a 49 percent growth in this area throughout the next decade.

The bottom line? If you want to recession proof your career, get into the healthcare industry. Invest in the training and it will pay you back with a long, stable and financially rewarding career.

Looking for up to the second job updates in Central Florida? Follow OrlandoJobs.com on Twitter at www.Twitter.com/OrlandoCareers.

Article by Roger Lear, President of www.OrlandoJobs.com

As budgets continue to shrink at the county level, many local businesses have stepped up their efforts to support schools in their surrounding area. One such partnership has flourished between Avalon Park business SOHO Office, formerly SOHO Hero, and Avalon Middle School. This month, SOHO Office is sponsoring their first annual school supply drive for the school.

Jennifer Housewright, owner of SOHO Office and Avalon Park resident, is an avid supporter of Avalon Middle School in addition to being a Partner in Education with them. “I wanted to take the opportunity to organize a school supply drive for the school as a way to give back to the students, teachers and faculty,” she says. “A quality education is so vital for these kids as they grow older, I wanted to do everything possible to give them the chance to succeed.” Housewright is hoping to entice the residents of Avalon Park and the surrounding neighborhoods by using her storefront as a drop-off point for school supplies throughout the month of October while offering a special discount for those who make a purchase while dropping off supplies.

“We’ll be offering a mystery percent off your total purchase when you bring in a donation of school supplies,” says Housewright. “Or, if you choose, you can have the dollar amount that you would’ve saved donated toward school supplies that SOHO Office will purchase and present to Avalon Middle School. The idea, she says, is to offer an incentive to purchase more supplies for the students. “Sometimes donating just isn’t enough, so the percentage off is a way to hopefully get even more residents and businesses on board with the cause,” she says.

All school supplies are welcome during the drive, which ends October 31, 2009. Some items of greatest need are: one to three inch ring notebooks, notebook paper, packs of pencils and colored pencils, non-electric pencil sharpeners, erasers, two pocket folders and white and colored copy paper.

“With the support of the community, we hope that Avalon Middle won’t have to worry about school supplies for a long, long time,” says Housewright.

To donate supplies or to learn more, call SOHO Office at 407.482.0662, visit them online by clicking here or stop by their store located at 3564 Avalon Park Blvd E. Suite 1, Orlando, FL 32828.

Article by Corey Gehrold

UCP of Central Florida is set to open their brand new, state-of-the-art, 35,000-square-foot facility this August for kids of all needs dubbed the UCP East Orange/Bailes Campus in Research Park. Known primarily for their work with young children who have special needs, the new campus will incorporate an all-inclusive environment in an effort to help children of all levels and backgrounds grow and learn together. “At UCP we provide a comprehensive SET of services for all of our students – support, education and therapy,” says Ryan Dumas, director of marketing and communications for UCP of Central Florida. “It’s very exciting right now as we continue to move in and get everything situated before the first day of school on August 24.”

The school is currently enrolling all children from infant aged up to second grade. The school plans to have third grade classes starting next year. “We still have openings in most of the classrooms, but right now we are anticipating roughly 180 students for this school year,” says Dumas. At full capacity the school plans to house 350 full-time students to allow for the development of a collaborative learning and social community.

“Some of the technology we are getting is just incredible,” Dumas says. “For instance, we will be utilizing smart board technology in the rooms. Think of a plasma TV with an overlay that allows students and teachers to interact with the board and move images or numbers,” he says. The campus will also have computers in each classroom as well as a virtual reality room for students to interact with. “We will also have a multi-purpose room where we will be able to do arts such as ceramics or pottery in addition to more traditional style works,” says Dumas.

Other features of the campus include a therapy gym, observation rooms, a cafetorium and conference center. Outside there will be two age appropriate playgrounds and a garden area for students to walk through and, when the curriculum calls for it, study the various plants and animals that inhabit the area. “The entire facility has been designed for optimal learning,” says Dumas. “Parent feedback has been generally positive in regards to the new campus,” he adds. With their move into the newer, larger facility UCP of Central Florida will also use the opportunity to update their technology and materials. “Most everything will be brand new for the children,” he says. “Everything will be improved from what it has been – kids will no longer be confined to certain areas, they will be able to spread out and discover and learn more than ever before.”

The staff will also be expanded accordingly, moving from roughly 25 members to more than 90 at the new campus. Donations and registrations for the upcoming school year are still being accepted. Campus directors will also beavailable to give tours leading up to the school year.

Learn more about UCP by clicking here.

Article by Corey Gehrold

This month marks the beginning of the 2009-10 Orange County Public Schools school year. After an immensely busy, and successful, year in 2008-09 complete with school bell flip times, budget cuts and a whopping 21 out of 30 District 2 schools receiving an ‘A’ grade from the state, Daryl Flynn, your school board member for District 2, is ready to do it all over again this year.

“I’m excited, sure,” she says. “I’m excited for the District 2 schools. I’m excited to see them staffed with great principals and teachers for another successful year.” This year brings several new challenges, one of which includes adding more ‘A’ schools to the district and maintaining that standard set by schools from last year. OCPS overall received an “A District” rating. Flynn notes that the grading system can be controversial, but nonetheless it does show the schools are on the path to success. “As it stands, the ‘A ‘ rating shows that our district is on track delivering quality education to our students,” she says. “I think it’s positive that we are meeting the educational benchmarks set by the Department of Education for school districts. Of course, we can’t stop there. It’s important that we ensure a challenging and aggressive curriculum in all our schools, as well!”

Over the course of the past year, Flynn says she has learned many things regarding her position, but the most important one was the role effective communication can play. “I learned that it’s imperative that the school district work with the community and the state legislature to fund our schools,” she says. “I learned how important it is that we communicate with our state legislatures that we value education. They won’t know unless we tell them.” She goes on to say the school board must maintain contact with the legislature now that all parties involved are better connected with each other than before “The crisis of last year made us realize how difficult and important all of our jobs are,” she says. Last year, Flynn saw first hand what can happen when people come together. “When the parents came together and rallied for our schools, for the education of our children, it was powerful,” she says. “It made a difference.”

Going into this school year, she hopes to apply many of the lessons she learned from last year to make this year even more successful. “My main goal is to keep open communication between the district and the community,” says Flynn.

Another goal of Flynn’s for the year is to be there when she’s needed. She says: “Whenever anyone has any questions or doesn’t understand what’s happening within the school system, they can call or e-mail me. If they have a concern or problem then they shouldn’t have a problem coming to discuss it.”

Article by Corey Gehrold

District 2 Supply Drive

Join Daryl Flynn and the East Orange County Kiwanis Club for a Classroom Supply Drive August 15 from 10:00 a.m. to 2:00 p.m. at Smokey Bones Bar & Fire Grill. They are looking for copy paper, dry erase markers and hand sanitizer. Donations will be divided equally among schools in District 2 unless designated to a specific school by donors. To learn more go to www.ocps.net or contact Daryl at daryl.flynn@ocps.net.