Weekly Notables

from the Desk of Brian Bickett, CFP®

for the Week of September 25, 2019

Mandatory Arbitration…

This week’s personal finance article explores the topic of mandatory arbitration agreements. 

I agree with one of the sources of the article in that there is nothing inherently wrong with using arbitration.  It truly is a similar process to that of litigation: both parties of a disagreement or complaint present their respective case to a third party who then arrives at a decision and resolution of the disagreement.

The Federal Arbitration Act enacted in 1925 provided for private dispute resolution through arbitration in large part to reduce the time and cost associated with resolution of complaints thru lawsuits.  The basis of the FAIR Act recently passed by the House of Representatives is that some companies and employers have written unreasonable arbitration locations and filing deadlines into the mandatory arbitration agreements.

What I find most interesting in this discussion is the many ways mandatory arbitration agreements have found their way into common agreements.  Cell phone contracts and credit, bank, and employment agreements all likely include mandatory arbitration clauses that most of us weren’t previously aware of.  And with any luck, very few of us will need to explore them any further.

Enjoy the ride of YOUR life!

— Brian

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Brian can help you develop a roadmap to get you from where you are to where you want to go — and then put it in action, making your money work for you to avoid behavioral mistakes.

Here are the best ways to secure important financial documents

(Kelley Keehn, CNBC) –  I thought you would find this estate planning article interesting because it walks thru considerations on where and how you store your estate planning documents.  I would naturally extend this to your financial accounts as well such as investment and bank accounts; life, disability & LTC insurance policies; and where you keep your passwords stored.  It truly would take just an hour or two to gather this information together and then to let a trusted family member or friend know how to access it.  This simple step could save your heirs the stress of trying to figure out your filing system on top of the emotional stress that will come with your passing. 

The House Passed the FAIR Act Addressing Forced Arbitration

(Andrew Keshner, MarketWatch) – I thought you would find this personal finance article interesting as it covers the House of Representatives recent passing of the Forced Arbitration Injustice Repeal Act.  It also explores both sides of arbitration versus lawsuits for resolving complaints.  What’s truly interesting is how we are all likely already subject to mandatory arbitration agreements for commonly used services such as cell phones, credit cards and our employment contracts.

Millennials are Bullish on ROTH IRA’s

(Jill Cornfield, CNBC) – I thought you would find this investing article interesting even though it begins focusing on the uptick in usage of ROTH IRA’s by Millennial’s; it also details the possible benefits of this particular retirement account.  As many Baby-Boomers are now realizing, the many benefits of using ROTH IRA’s can be capitalized on even as you approach, and even after, retirement.  Employing strategic ROTH conversions as a tax planning tool can reduce the expected lifetime income taxes paid for retiree’s in the right situation.  

Where’s Brian?

Jackson & I will be at the SD Mines Homecoming game on Saturday…

Additional Articles You May Find Interesting

Understanding Arch Coal Pension Plan Benefit Options

Understanding Arch Coal Pension Plan Benefit Options

Article written by Brian Bickett   I’ve been able to help a handful of people make educated decisions concerning their Arch Coal Pension Plan in the recent months. While it all comes down to your personal financial goals, here are a few points that have helped my...

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Summary of the 2019 Social Security Trustees’ Report

Summary of the 2019 Social Security Trustees’ Report

Summary of the 2019 Social Security Trustees' Report   Article written by Brian Bickett Earlier than in the past, the Social Security Board of Trustees released their annual report at the end of April this year.  The report for 2018 spans 270 pages that go...

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