Oppenheimer & Co. Inc.Mark Baniszewski, Senior Director -InvestmentsCaitlin Falenski, Financial Advisor325 North Old Woodward Ave.Birmingham, MI 48009248-593-3727248-593-3712mark.baniszewski@opco.comcaitlin.falenski@opco.com

August 2017Life Is for the Living, and So Is LifeInsurance

Five Common Financial Aid Myths

How do economists measure inflation,and why does it matter to investors?

How do TIPS help fight inflation?

Beyond the BasicsCustomized Wealth StrategiesTips for Stress-Free Air Travel

See disclaimer on final page

You've seen thedisturbing viralvideos of long linesat crowded airportsand angrypassengers onplanes. Maybeyou've evenwitnessed thesescenes yourself.Inclement weather,

an airline computer outage, or even just badluck can disrupt travel plans for anyone at anytime. Before your next flight, consider these tipsto help reduce stress on your next airport visit.

Travel off-peakCertain days and/or times are busier thanothers. As a result, you may want to avoid peaktravel times, such as during the holidays or theafternoon/evening. By adjusting your travelschedule by one day or even just a few hours,you might face fewer crowds and decreaseyour travel time.

Take the road less traveledAvoid travel hubs with the most air traffic.Instead, try searching nearby, smaller airportsto see whether they offer flights to yourdestination. Smaller airports may offer cheaperflights and often have fewer delays and lesstraffic to and from the airport. You can alsoresearch whether a specific airline or flightroute is usually on time or late by checking itson-time performance.

Do your homeworkSave time at check-in by doing what you canbefore you leave for the airport. Most airlineshave a streamlined ticketing/boarding processthat allows you to select your seats andcomplete the check-in process at home.

The lighter, the betterMost airlines have restrictions on the number ofcarry-on or check-in bags passengers canbring. Many also charge extra for heavy bags.As a result, only bring necessities and try toavoid overpacking for your trip in order to staywithin your airline's luggage limits.

The early bird gets to relaxAvoid the long lines and traffic by leaving asearly as possible on your scheduled day oftravel. If you're worried about waiting aroundthe airport for too long, bring your laptop orextra reading material to keep yourselfoccupied.

Have a backup planNo matter how much you plan ahead, flightdelays and missed connections can happen, soyou'll want to be prepared to make adjustmentsto your travel plan (e.g., renting a car if youmiss your connecting flight). Keeping an openmind and being flexible can make it easier todeal with any travel glitches that may arise.

Don't forget the essentialsKeep copies of your travel itinerary, necessaryphoto identification (e.g., driver's license,passport), medications, and a change ofclothing with you in case your luggage is lost ordelayed en route to your destination. You'll alsowant to make sure that you have plenty ofsnacks and beverages to help tide you over ifyour flight is delayed. Make sure that yourelectronic devices (e.g., laptop, phone,e-reader) are fully charged and bring chargersso you can plug them in, if necessary, at theairport. And if you are traveling with kids, besure to bring along toys/games to keep themoccupied.

Stay connectedWant real-time flight information on departuresand arrivals? There are numerous mobile appsthat can help make air travel more efficient.Check with your airline to see if you can sign upfor flight status updates that go directly to yourphone.

Prepare for the worstIt's important to remember that even the mostwell-thought-out travel plans may not proceedwithout a hitch. The important thing is to staycalm and be prepared for the unexpected travelmishap.

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Life Is for the Living, and So Is Life InsuranceLife can be busy. The requirements of work andfamily often leave little time to step back andthink about where you've been and whereyou're heading. But as your responsibilitiesgrow, so does the need to evaluate what wouldhappen if life for you stopped. September is LifeInsurance Awareness Month and a good timeto reflect on how life insurance can help thoseyou leave behind — the living.

Your spouse or life partnerA successful marriage is often predicated onsharing and providing for one another, and thatincludes each other's financial obligations. Ifyou were suddenly no longer in the picture,would there be enough money to pay for yourfinal expenses, cover debt, and buy some timeto allow your significant other to adjust to a newway of life? Life insurance can provide funds tocover immediate expenses and income to helpsupport your surviving loved one.

Your childrenYou've worked hard to provide for your kids, togive them the chance to realize their hopes anddreams. Your children are likely your greatestresponsibility — a responsibility that doesn't endwith your passing. Whether your children are indiapers or about to enter college, if somethinghappened to you or your spouse, or both ofyou, would there be enough income to continueto provide financially for your children? Lifeinsurance can help provide the resources fortheir continued growth and maturation.

Your homeBuying a home may be the largest singleexpenditure of your life. While being ahomeowner is exciting, mortgage payments,often lasting 30 years, along with maintenance,utility costs, homeowners insurance, and realestate taxes can add up to a long-term financialcommitment. Adequate life insurance protectioncan provide funds that could be used to coverthese expenses, allowing your family to remainin their home.

Your businessDo you own your own business? Life insurancecan fit into your business plan in many ways. Itcan be part of an employee benefit program,with coverage under a group plan. Lifeinsurance purchased on the lives of certain keyemployees can protect your company from theloss of talented and valuable workers. And lifeinsurance can be used to fund a buy-sellagreement.

Caring for an aging parent or loved oneAre you caring for an aging parent or lovedone? Would the people who depend on you be

able to afford quality health care and acomfortable place to live without your financialsupport? Life insurance can become extremelyimportant in these situations, helping to providefor these individuals in the event of your death.

Planning for retirementPreparing for retirement probably means you'resaving as much as you can in your 401(k), IRA,or other savings vehicle. If you die before youget to enjoy your retirement, will your retirementplan die for your surviving loved ones as well?Not only will your salary be unavailable to helppay for current living expenses, but yourincome won't be there to build the nest egg forthe retirement of your spouse or life partner.Life insurance can help provide funds that canbe used for your spouse's or life partner'sretirement.

Your health has changedIf your health declines, how will it affect your lifeinsurance? A common worry is that your insurercould cancel your coverage should your healthchange. However, changes to your health willnot affect your current insurance coverage,provided you continue to pay your premiums ontime. In fact, you should take a closer look atyour life insurance policy to find out if it offersany accelerated (living) benefits that you canaccess in the event of a serious or long-termillness.

Leaving a legacyLife insurance can be used to increase the sizeof an estate for your heirs. The death benefitcould provide your beneficiaries with a largerlegacy than might otherwise be possible. Thecost of life insurance may be significantly lessthan the proceeds of the policy paid to yourbeneficiaries when you die.

Charitable givingDonating a life insurance policy to a charity mayenable you to make a larger gift than youotherwise could afford. Further, the governmentencourages charitable giving by providing taxadvantages for certain charitable donations (thecharity must be a qualified charity). This meansthat both you and the charity could benefit fromyour donation (though some charities may notaccept a gift of life insurance for variousreasons).

The cost and availability oflife insurance depend onfactors such as age, health,and the type and amount ofinsurance purchased. Aswith most financialdecisions, there areexpenses associated withthe purchase of lifeinsurance. Policiescommonly have mortalityand expense charges. Inaddition, if a policy issurrendered prematurely,there may be surrendercharges and income taximplications.

Life insurance guaranteesare based on theclaims-paying ability andfinancial strength of the lifeinsurance company issuingthe policy.

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Five Common Financial Aid MythsWith some private colleges now crossing theonce unthinkable $70,000-per-year mark in the2017/2018 school year, and higher costs atpublic colleges, too, financial aid is essential formany families. How much do you know aboutthis important piece of the college financingpuzzle? Consider these financial aid myths.

1. My child won't qualify for aid becausewe make too much moneyNot necessarily. While it's true that familyincome is the main factor in determining aideligibility, it's not the only factor. The number ofchildren you'll have in college at the same timeis a significant factor — for example, having twochildren in college will cut your expected familycontribution (EFC) in half. Your assets, overallfamily size, and age of the older parent alsoplay into the equation.

Side note: Even if you think your child won'tqualify for aid, you should still consider filing thegovernment's Free Application for FederalStudent Aid (FAFSA) for two reasons. First, allstudents — regardless of income — who attendschool at least half-time are eligible forunsubsidized federal Direct Loans, and theFAFSA is a prerequisite for these loans.("Unsubsidized" means the student pays theinterest during college, the grace period, andany loan deferment periods.) So if you wantyour child to have some "skin in the game" bytaking on a small student loan, you'll need to filethe FAFSA. Second, the FAFSA is always aprerequisite for college need-based aid and issometimes a prerequisite for collegemerit-based aid. Bottom line? It's usually agood idea to file this form.

2. The form is too hard to fill outNot really. Years ago, the FAFSA wascumbersome to fill out. But now that it's onlineat fafsa.ed.gov, it is much easier to complete.The online version has detailed instructions andguides you step by step. There is also atoll-free number you can call with questions:1-800-4-FED-AID. All advice is free. In addition,a recent change has made the FAFSA eveneaser to fill out: The FASFA now relies on yourtax information from two years prior rather thanone year prior (referred to as the "prior-prioryear" or the "base year"). For example, the2017/2018 FAFSA relies on your 2015 taxinformation, the 2018/2019 FAFSA relies onyour 2016 tax information, and so on. Thismeans that your necessary tax numbers will behandy as you answer questions on the FAFSA.The first time you file the FAFSA, you and yourchild will need to create an FSA ID, whichconsists of a username and password.

Side note: The CSS/Financial Aid PROFILE, anadditional aid form required by most privatecolleges, is more detailed than the FAFSA andthus harder to fill out. It essentially takes afinancial snapshot of your family's past year,current year, and upcoming year (it asks forestimates for the latter).

3. If my child applies to a moreexpensive school, we'll get more aidNot necessarily. Colleges determine your EFCbased on the income and asset information youprovide on the FAFSA and, where applicable,the CSS PROFILE. Your EFC stays the sameno matter what college your child applies to.The difference between the cost of a particularcollege and your EFC equals your child'sfinancial need (sometimes referred to as"demonstrated need"). The more expensive acollege is, the greater your child's financialneed. But a greater financial need doesn'tautomatically translate into a bigger financialaid package — colleges aren't obligated to meet100% of your child's financial need.

Side note: When making a college list, yourchild can research a particular college'sgenerosity, including whether it meets 100% ofdemonstrated need and if it replaces federalloan awards with college grants in its aidpackages.

4. We own our home, so my child won'tqualify for aidThe FAFSA does not take home equity intoaccount when determining a family's expectedfamily contribution (it also does not consider thevalue of retirement accounts, cash value lifeinsurance, and annuities).

Side note: The CSS PROFILE does collecthome equity and vacation home information,and some colleges may use it when distributingtheir own institutional aid.

5. I lost my job after I submitted aidforms, but there's nothing I can do nowNot true. If your financial circumstances changeafter you file the FAFSA — and you can supportthis with documentation — you can politely askthe financial aid officer at your child's school torevisit your aid package; the officer has theauthority to make adjustments if there havebeen material changes to your family's incomeor assets.

Side note: A blanket statement of "I can't affordmy family contribution" is unlikely to besuccessful unless it is accompanied by asignificant changed circumstance that affectsyour ability to pay.

Net price calculators

Net price calculators, availableon all college websites, providefamilies with an advanceestimate of what their "net"price will be at a particularcollege based on their income,assets, and personal familyinformation. The net price isthe price after grants andscholarships are factored in.This figure gives families amuch better idea of the realcost of a particular college sothey can make well-informedfinancial decisions.

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Oppenheimer & Co. Inc.Mark Baniszewski, SeniorDirector - InvestmentsCaitlin Falenski, FinancialAdvisor325 North Old Woodward Ave.Birmingham, MI 48009248-593-3727248-593-3712mark.baniszewski@opco.comcaitlin.falenski@opco.com

Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2017

This newsletter should not beconstrued as an offer to sell or thesolicitation of an offer to buy anysecurity. The information enclosedherewith has been obtained fromoutside sources and is not theproduct of Oppenheimer & Co. Inc.("Oppenheimer") or its affiliates.Oppenheimer has not verified theinformation and does notguarantee its accuracy orcompleteness. Additionalinformation is available uponrequest. Oppenheimer, nor any ofits employees or affiliates, does notprovide legal or tax advice.However, your OppenheimerFinancial Advisor will work withclients, their attorneys and their taxprofessionals to help ensure all oftheir needs are met and properlyexecuted. Oppenheimer & Co. Inc.transacts business on all principalexchanges and SIPC.

How do TIPS help fight inflation?One way to help protect yourportfolio against a suddenspike in inflation is by investingin Treasury Inflation-ProtectedSecurities (TIPS).

TIPS are guaranteed by the federal governmentas to the timely payment of principal andinterest. They are sold in $100 increments andavailable in maturities of 5, 10, and 30 years.The principal is automatically adjusted twice ayear to match any increases or decreases inthe Consumer Price Index (CPI). If the CPImoves up or down, the Treasury recalculatesyour principal.

A fixed rate of interest is paid twice a yearbased on the current principal, so the amount ofinterest may also fluctuate. Thus, you aretrading the certainty of knowing exactly howmuch interest you'll receive for the assurancethat your investment will maintain its purchasingpower over time.

TIPS pay lower interest rates than equivalentTreasury securities that don't adjust for inflation.The difference between the yield of nominalbonds and inflation-linked bonds with similarmaturities is called the breakeven inflation rate.It is the cost for inflation protection and a

market-based measure of expected inflation.

If you hold TIPS to maturity, you will receive thegreater of the inflation-adjusted principal or theamount of your original investment; thisprovides the benefit of keeping up with inflationwhile protecting against deflation. Consideringthat there has been some inflation every yearover the past 60 years, the principal of TIPSheld to maturity is likely to be higher than whenthey were purchased.1

The return and principal value of TIPS on thesecondary market fluctuate with marketconditions. If not held to maturity, TIPS may beworth more or less than their original value.They are also sensitive to movements ininterest rates. When interest rates rise, thevalue of existing TIPS will typically fall. Becauseheadline CPI includes food and energy prices,TIPS can also be affected by volatile oil prices.

Unless you own TIPS in a tax-deferred account,you must pay federal income tax each year onthe interest income plus any increase inprincipal, even though you won't receive thatmoney until they mature.1 U.S. Bureau of Labor Statistics, 2017 (data throughDecember 2016)

How do economists measure inflation, and why does itmatter to investors?The Federal Open MarketCommittee (FOMC) adjustsinterest rates to help keepinflation near a 2% target. The

FOMC's preferred measure of inflation is thePrice Index for Personal ConsumptionExpenditures (PCE), primarily because itcovers a broad range of prices and picks upshifts in consumer behavior. The Fed alsofocuses on core inflation measures, which stripout volatile food and energy categories that areless likely to respond to monetary policy.

The typical American might be more familiarwith the Consumer Price Index (CPI), whichwas the Fed's favorite inflation gauge until2012. The Consumer Price Index for All UrbanConsumers (CPI-U) is used to determinecost-of-living adjustments for federal incometaxes and Social Security.

The CPI only measures the prices thatconsumers actually pay for a fixed basket ofgoods, whereas the PCE tracks the prices ofeverything that is consumed, regardless of whopays. For example, the CPI includes a patient'sout-of-pocket costs for a doctor's visit, while thePCE considers the total charge billed to

insurance companies, the government, and thepatient.

The PCE methodology uses current and pastexpenditures to adjust category weights,capturing consumers' tendency to substituteless expensive goods for more expensiveitems. The weighting of CPI categories is onlyadjusted every two years, so the index does notrespond quickly to changes in consumerspending habits, but it provides a goodcomparison of prices over time.

According to the CPI, inflation rose 2.1% in2016 — right in line with the 20-year average of2.13%.1 This level of inflation may not be a bigstrain on the family budget, but even moderateinflation can have a negative impact on thepurchasing power of fixed-income investments.For example, a hypothetical investment earning5% annually would have a "real return" of only3% during a period of 2% annual inflation.

Of course, if inflation picks up speed, it couldbecome a more pressing concern forconsumers and investors.1 U.S. Bureau of Labor Statistics, 2017 (data throughDecember 2016)

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