18

Page 18 THE MALDEN ADVOCATE–Friday, February 17, 2023 BHRC | FROM PAGE 16 401(K) MONIES M ore and more employees who are offered a 401(k) plan at work are participating. Years ago, only 20% to 25% of all employees eligible to participate in their company’s401(k) plan did not. That percentage is much higher today.Given that many companies offer some type of match, contributing to a 401(k) plan makes a lot of financial sense. For participants who contribute, this will result in a larger retirement nest egg than they might otherwise have built up. Plan participants need to understand the concept of dollar cost averaging and how time reduces the risk of loss and can more often than not be an investor’s best friend. They also need to appreciate the value of asset allocation and of having a diversified portfolio. While it is always important to understand the value of saving and investing for the future, so too often people do not react to an offer of future benefit/detriment.Often times, people have difficulty envisioning the value of making a change for the future. It is difficult for some to relate to how today’s behavior will hurt a future that may be 20, 30 or 40 years away. Consequently, to enhance 401(k) participation, potential plan participants need to understand the current benefits of participation. They need to recognize the significant savings in income taxes as well as the value added by the company’s matching contribution. By participating at least up to the full company match offered, employees are in essence giving themselves what amounts to a tax-deferred raise. Fear of stock market declines also makes it more difficult for people to bite the bullet and engage in meaningful retirement savings.In the late 1990’s, there was the first significant bear market to hit the American investor since self-directed 401(k)’s became prolific in corporate America. Then the market rebounded. Once again, there was a significant drop in the Dow Jones Industrial average during the financial crisis that hit us in the second half of 2007. The Dow Jones had dipped to 6,800 points. As of this writing, it is back up to 34,000.The fact that the bear market in the late 1990’s hit after the biggest boom in the stock market in history made it hurt all the more, since many workers were convinced they could self-manage their assets and were oblivious to the inherent risks in so doing. Furthermore, many employers invested in their own company stock, often times ignoring the risks of doing so. As a result of the previous market downturns (2022 included), many investors decided to hold their money on the sidelines or invest in safer, lower-yielding products. Some analysts believe this to be a self-defeating strategy given that when the market is down, it typically represents the best buying opportunity. Now is the time to invest for retirement, not the time to sit on the sidelines. It is always greatto invest when the market is low and of course retire when the market is high. No different than the old adage “buy low and sell high”. Plan participants run the risk of missing an enormous opportunity if they wait for solid reassurance that there will no longer be bear markets. Bear markets often recover rapidly. Take advantage of the benefits of not only 401(k) plans, but of the many other retirement plans available today such as Individual 401(k) plans, traditional IRA’s, Roth IRA’s, Simple IRA plans, profit-sharing plans, etc. A systematic savings program is the only way to ensure that you will meet your retirement objectives, regardless of whether the market is currently up or down. When you have a long investment horizon (10 or more years), you should consider the value of investing in a diversified portfolio which over that period will more often than not outpace inflation and help you get to where you want to be. Joseph D. Cataldo is an estate planning/elder law attorney, Certified Public Accountant, Certified Financial Planner, AICPA Personal Financial Specialist and holds a master’s degree in taxation. and bingo. Supporters said that some senior centers have banned these games because under current law they are technically illegal and the centers fear legal repercussions. “It just makes sense to let these folks play card games,” said sponsor Rep. Angelo Puppolo (D-Springfield). “They aren’t high rollers who are looking to make money. They just want to play cards and recreational bingo with their friends and peers.” MENTAL HEALTH OF STUDENTS (HD 2208) – Adds mental health of students to the current list of physical illnesses that qualify as a legitimate reason for a student’s absence from school. Under the bill, students who are absent due to mental or behavioral health will also be offered the opportunity to meet with a certified school counselor upon returning to school but will not be required to do so. Rep. Carol Doherty (D-Taunton) sponsored the legislation that was originally initiated and backed by the Class of 2021 at Oliver Ames High School in Easton. “Mental health is just as important as physical health, and our students deserve the same level of understanding and accommodation for mental health symptoms,” said Doherty. "This bill will help ensure that students who are struggling with mental health symptoms are not penalized, and that they receive the support they need to succeed in school. State government must rise to meet the needs of our students, especially as the COVID-19 pandemic laid bare the mental health crisis many face.” ALLOW NON-CITIZENS TO VOTE (HD 3946) – Would permit cities and towns to allow non-citizens over age 18 to vote in local municipal elections. The elections in which non-citizens could vote include an election for mayor, school committee, city council, town council, board of selectmen, select board elections, a school committee referendum and a local ballot referendum. “Non-citizen residents of Massachusetts are already participating deeply in civic life by attending parent-teacher conferences, working toward college degrees, donating their time for community projects, running local businesses, and of course, paying their taxes,” said sponREAL ESTATE TRANSACTIONS BUYER1 KECHENA, FEKADU S BUYER2 SELLER1 LIPNOSKI FT SELLER2 WARREN, JUNE sor Rep. Mike Connolly (D-Cambridge). “That is why I am proud to refile this legislation to extend voting rights in municipal elections to noncitizen voters of the commonwealth.” A similar bill filed by Connolly last year was shipped off to a study committee where bills are rarely actually studied and are essentially defeated.It is a way to kill a proposal without holding a vote on the bill itself. CREATE COVID-19 REMEMBRANCE DAY (HD 3281) – Would designate the first Monday in March as COVID-19 Remembrance Day to honor and remember people who have died or suffered from COVID-19; the frontline and essential workers; and residents of the state who volunteered to support their neighbors and local communities. Co-sponsors Reps. Mindy Domb (D-Amherst) and Natalie Blais (D-Sunderland) did not respond to repeated requests by Beacon Hill Roll Call asking them why they sponsored the bill. A similar bill filed by the same duo died from inaction in the House last year after it had received a favorable report from the Committee on State Administration and Regulatory Oversight which recommended its passage. DECLARE RACISM AS A PUBLIC HEALTH CRISIS (HD 3703) – Would declare racism as a public health crisis and direct the Office of Health Equity to develop policies to dismantle systemic racism impacting health and establish programs focused on the prevention and treatment of chronic diseases disproportionately impacting communities of color. Sponsor Rep. Jon Santiago (D-Boston), did not respond to repeated requests by Beacon Hill Roll Call asking him why he filed the bill. DIVEST FROM COMPANIES THAT SELL FIREARMS OR AMMUNITION (HD 3225) Would require the state’s Pension Reserve Investment Management (PRIM) fund to divest state funds from companies that derive more than 15 percent of revenues from the sale or manufacturing of ammunition, firearms or firearm accessories used for civilian, non-military, non-police purposes. PRIM handles and pays retirement benefits to state employees and teachers. “When the treasurer’s Office brought this bill to me for consideration, I thought it was important legislation for Massachusetts to reflect its values with its investments,” said sponsor Rep. Jay Livingston (D-Boston). “Massachusetts has enacted some of the strictest gun laws in the United States and has one of the lowest rates of gun violence as a result. The divestment proposed in this legislation would generate awareness of the dangers of firearms and send a clear message to gun violence victims and survivors everywhere that we stand with them by divesting from these firearm companies that have failed to demonstrate a willingness to engage with shareholders and address the safety of their products.” QUOTABLE QUOTES “My office will always advocate for consumers, especially when they are preyed on by a company that engages in unfair and unlawful business practices. We were able to hold Safe Home Security and its sister companies accountable for their alleged deceptive tactics, securing millions in debt relief for consumers, and we will continue to hold bad actors accountable.” ---Attorney General Andrea Campbell on her office’s $6.5 million settlement, including $4.7 million in debt relief, with a Connecticut-based home security services company to resolve allegations that the company violated state consumer protection laws by deceptively trapping Massachusetts consumers in long-term auto renewal contracts and engaging in illegal debt collection practices. “Every day I hear from families in my district who are facing eviction, rent increases and housing instability. I am committed to using every tool available to address the housing crisis, deliver immediate relief to families in need and to work collaboratively to create a system that makes housing truly affordable for all.” ---Sen. Lydia Edwards who, along with Rep. Mike Connolly (D-Cambridge), last week launched the Housing for All Caucus in the Massachusetts Legislature. “MassDOT is pleased to work collaboratively with municipal leaders, Metropolitan Area Planning Councils and Regional Planning Agencies to further the goals of Safe Streets for All. BHRC| SEE PAGE 20 Copyrighted material previously published in Banker & Tradesman/The Commercial Record, a weekly trade newspaper. It is reprinted with permission from the publisher, The Warren Group. For a searchable database of real estate transactions and property information visit: www.thewarrengroup.com. ADDRESS 18-20 STEARNS ST CITY MALDEN DATE 01.23.23 PRICE 700000

19 Publizr Home