Finance

Review Your Pension Plan

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pension savings plan

Just a year ago the city of Detroit officially filed for bankruptcy, becoming the largest municipal bankruptcy filing in U.S. history by debt, which is estimated to be between $18-20 billion. The practical result of this bankruptcy filing for city workers and retirees is that their pensions could be reduced, perhaps drastically. Detroit’s total unfunded pension liabilities are approximately $3.5 billion. And Detroit is not the only large city with a huge retirement debt according to an article by Stephen Moore, senior economics writer for Newsmax and a member of the editorial board for The Wall Street Journal.

The “What-if” Review

Public and private sector workers and retirees in other cities are reviewing the security of their pensions. On the private sector side, for example, the Teamsters’ Central States, Southeast & Southwest Pension Plan, the nation’s largest multi-employer pension fund, has liabilities ($34.9 billion) that are almost double its assets of $17.8 billion, according to a recent BenefitsPro report.

Some financial and retirement experts are recommending that workers and retirees who are dependent on pension plans do some “what-if” scenario planning to review how well prepared they might be for a possible cut in their pension benefits.

How much of a cut? It depends on how at-risk you believe your pension might be.

One city in Rhode Island that declared bankruptcy in 2011 cut one out of every three of its retirees’ pension payments by more than half. So a worst-case what-if scenario might involve projecting what you would do if your anticipated pension payments were reduced by 50 percent. You need to review whether you would be able to get by on this, or would you need to supplement this with additional retirement income from a separate retirement plan, like an IRA or employer-provided 401(k)?

“If you are relying on a public or private pension plan to provide most or all of your retirement income, you might benefit by doing this kind of pension review sooner, rather than later,” says Martin Walcoe, EVP of David Lerner Associates Inc., a broker-dealer with headquarters in Syosset, NY. “This could potentially give you more time to start saving money on your own— separate from your pension plan.”

If your pension benefits are not reduced, you may then have additional money set aside for retirement, which could possibly enable you to retire sooner or enjoy a more comfortable retirement lifestyle.

Do Some Digging

Another review step recommended by some experts is to find out to what degree your pension plan is funded. Some cities’ and states’ pension plans remain well funded, while others are not. Meanwhile, the gap between how much money states have promised to pay their employees in pension benefits and how much they have actually set aside to pay these benefits totaled more than $1.3 trillion in fiscal 2010, according to the Pew Center for the States’ analysis of pension and retiree health-care funding.

In addition, states collectively have actually set aside only five percent of the money that will be needed to pay future retirees’ health care and other non-pension benefits, according to the Pew analysis.

Employees who participate in private and union pension plans are permitted by law to access their plan’s funding notice to find out to what degree their plan is funded. Participants in plans covered by the Pension Benefit Guarantee Corporation (PBGC) that are less than 80 percent funded are required by law to receive a notice of the funding level. Most public pension plans (at the state and local level), however, are not covered by the PBGC.

While large municipal bankruptcies like Detroit generate the headlines, it’s important to note that the pension benefits of most state and local government retired employees are relatively safe. The combined assets of all state and local government pension funds exceeded $3.5 trillion at the end of the first quarter of 2013 — this was more than 15 times the amount of money paid out by these funds annually in benefits.

Material contained in this article is provided for information purposes only.  It is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc.

This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities. Member FINRA & SIPC. http://news.davidlerner.com

About David Lerner Associates

Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Teaneck and Princeton, NJ; and White Plains, NY. For more information contact David Lerner Associates  (800) 367-3000

Finance

AI and the Future of LinkedIn: How Technology is Redefining Professional Networking

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AI and LinkedIn

The tech industry has always been a proving ground for new tools and ideas, and right now one of the most powerful forces reshaping the way professionals connect is artificial intelligence. From the way companies recruit talent to how thought leaders build influence, AI is changing the rules of the game on LinkedIn and beyond.

Smarter Recruiting
Hiring managers no longer sift through stacks of résumés. AI-powered systems can analyze skills, career paths, and even cultural fit to recommend candidates. On LinkedIn, predictive recruiting tools help companies identify prospects before they start looking for a new role. The result is faster hiring and better matches between employers and employees.

Personalized Content Feeds
LinkedIn’s algorithm has grown into more than just a filter. It now functions as a learning engine that studies professional interests and behavior. For tech companies, this means employees and executives can reach the audiences that matter most. A thought leadership article, a product update, or even a short post can now land in the feeds of potential clients, investors, or collaborators with remarkable accuracy.

The Rise of Automated Outreach
Sales and business development teams are experimenting with AI-assisted outreach. Instead of sending hundreds of generic messages, companies can use tools that analyze profiles, identify key talking points, and create personalized introductions. While this raises questions about authenticity, it also makes networking more efficient and effective.

Data as a Strategic Asset
LinkedIn’s real strength lies in its data. Millions of profiles, skills, and career shifts create a powerful resource. With AI, companies can analyze that information at scale, spotting workforce trends, predicting which industries are about to grow, and even identifying where the next wave of innovation might emerge. For tech leaders, this kind of intelligence can shape everything from hiring strategies to market expansion.

Balancing Human and Machine
The challenge is keeping professional networking personal. AI can accelerate connections and refine the process, but relationships still depend on authenticity, trust, and shared experience. The tech industry, more than most, will need to find the right balance between automation and genuine human interaction.

As AI becomes part of the digital networking fabric, LinkedIn is evolving into more than a résumé platform. It is becoming a predictive, personalized ecosystem that reflects the future of work. For tech companies, learning how to use this shift to their advantage may be just as important as the innovations they are building.

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Finance

PR and SEO Best Practices for Law Firms, Dentists, Wellness Companies, and Chiropractic Offices

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PR and SEO best practices for law firms, dentists, wellness companies, chiropractic offices

These days, your reputation often begins online before a client ever walks through your door. Whether you run a law office, a dental practice, a wellness brand, or a chiropractic clinic, people are searching the web to find answers, compare options, and decide who they can trust. That is where public relations and search engine optimization come together.

PR shapes your story and builds credibility. SEO makes sure the right people actually see it. When the two are aligned, they create a cycle of trust and visibility that fuels growth.

Why PR Matters for Professional Services
Public relations is not just about getting your name in print. It is about shaping perception. A thoughtful media mention, a quote in an article, or a published expert opinion can position you as someone worth listening to. For a lawyer, this might mean explaining a high-profile case in plain language for the public. For a dentist, it could be offering preventative care tips during National Dental Health Month. Chiropractors might focus on wellness and posture awareness, while wellness companies can shine by connecting their products to lifestyle conversations.

“PR is about storytelling,” says Mike Falkow, CEO at Meritus Media. “For industries like law and healthcare, it is often the difference between being just another listing online and being recognized as a trusted voice.”

How SEO Brings People to You
PR helps you look credible. SEO makes you visible. If you want new clients to find you when they type into Google, you need smart SEO strategies. That includes clear keywords, easy-to-navigate websites, local business listings, and reviews.

A law firm in Los Angeles that wants more personal injury clients has to show up when someone searches for “Los Angeles personal injury attorney.” A Tampa chiropractor has to be easy to find when someone types in “back pain relief near me.” It is not just about ranking higher, it is about meeting people right at the moment they need you.

Blending PR and SEO
Here is where the magic happens. When you land a feature in a credible publication, that mention often includes a link back to your website. Google sees that link as a vote of confidence, which boosts your search rankings. On the flip side, a blog post that is written with SEO in mind can get picked up and shared if it is timely and tied to bigger conversations in the media.

According to Meritus Media, “The mistake many professionals make is treating PR and SEO as separate projects. The truth is they amplify each other. Press mentions bring credibility and backlinks, and optimized content helps that coverage travel further.”

Best Practices for Each Industry

  • Law Firms: Build authority through thought leadership. Comment on relevant legal issues and create content around the cases and topics people are searching for.

  • Dentists: Focus on education. Share preventative care tips, encourage reviews, and make sure your practice shows up in local searches like “dentist near me.”

  • Wellness Companies: Lean into education-driven PR. Announce new research, highlight expert voices, and optimize for lifestyle searches such as “natural ways to boost energy.”

  • Chiropractic Offices: Become the go-to local expert. Host workshops, engage with local press, and use SEO to highlight treatments tied to specific conditions and locations.

The Takeaway
A strong digital presence requires more than just a website. It requires being seen, being trusted, and being remembered. For law firms, dentists, wellness companies, and chiropractic offices, the smartest approach is one where PR and SEO are not competing, but working together.

As Meritus Media puts it, “It is not enough to have an online presence. You need to be discoverable, credible, and memorable. That is the sweet spot where PR and SEO intersect.”

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Finance

A Smarter Way to Save: Real Strategies That Actually Work

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smart saving strategies

Saving money often feels like something we should be doing, but somehow never quite master. Not because we lack discipline or financial know-how, but because most of us were never taught to approach saving in a way that feels organic and sustainable.

Forget the lectures about willpower. Think of saving more like tending a garden. You don’t expect a harvest overnight. You plant, water, and trust that something is growing under the surface.

Why Saving Feels Difficult

At its core, saving is about delayed gratification. You put money aside today for something you won’t enjoy until tomorrow. That can feel abstract and unsatisfying in a world where we’re used to quick wins.

Add to that the wear and tear of everyday decision-making. By the time you’re deciding whether to stash a hundred dollars or buy something impulsively, your mental energy is already spent. The easier option usually wins.

It’s not a character flaw. It’s a missing system.

Common Pitfalls That Derail Saving

One of the biggest traps is not knowing where your money is actually going. Subscription services, late-night shopping, and small indulgences add up fast.

Then there’s the issue of unclear goals. If you’re just “trying to save more,” it’s too vague to build momentum. Without a target, it’s hard to feel like you’re making progress.

Finally, many people treat saving as something they do only when it feels convenient. And as we all know, those moments rarely come around.

Simple Strategies That Actually Work

Start by making saving automatic. Set up recurring transfers to a separate account, even if it’s just fifty dollars a month. According to David Lerner Associates, automating your savings creates consistency without requiring daily effort. You don’t have to think about it—it just happens.

Next, tie your savings to something that matters to you. A trip. A safety net. A home project. As Martin Walcoe, CEO of David Lerner Associates, explains: “Saving works best when it’s connected to a goal you care about. Whether it’s building financial security or planning for something joyful, people are more likely to stick with it when it feels personal and meaningful.”

Small wins also build momentum. Consider using a round-up app that sweeps change from purchases into savings. Or throw spare change into a jar. These little actions remind you that progress doesn’t have to be dramatic to be meaningful.

Make Budgeting Feel Less Like a Chore

Instead of thinking of budgeting as a restriction, think of it as guidance. Look at your spending once a month. Track where your money goes. Treat savings like a bill—something you pay no matter what. Then adjust as needed.

Financial planning, like nutrition or exercise, is more effective when it fits into your natural rhythm rather than disrupting it.

Think Long-Term, Even in Small Steps

If you’re carrying debt, make a plan that works without pressure. Focus on understanding your terms and building a slow but steady path out. Saving and repaying can happen side by side. As Martin Walcoe puts it, “Finding the balance between repaying student loans, saving for the future, and investing is possible. With a proactive approach and the right strategies, you can tackle your loans while laying a strong foundation for financial growth.”

Even modest investing can pay off if you start early. Time does a lot of the heavy lifting. You don’t have to do it all—you just have to start.

Your Environment Shapes Your Habits

Surround yourself with people who share your mindset. Having a spouse, friend, or coworker on a similar journey can make saving feel more like teamwork and less like sacrifice.

And don’t overlook the importance of rituals. A monthly money check-in. A progress tracker. A celebration when you hit a milestone. These things help make saving part of your lifestyle rather than something separate from it.

Final Thought

Saving doesn’t have to feel like denial or discipline. When it’s tied to your values and built into your everyday life, it becomes a natural act of self-respect. Like nourishing your body, saving is an investment in the kind of life you want to live—not someday, but starting now.

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© 2025 Good Life Guide | The information provided on Good Life Guide is for general informational and editorial purposes only and is not intended as professional or medical advice. Readers should consult appropriate professionals before making any decisions based on the content. Site by Meritus