Business

In the late 1960s, Orie T. Mullen Jr. was just another guy from Simpsonville on some pretty good little league baseball teams in Shelby County.

Today he heads a company overseeing health-insurance coverage for 3.2 million active and retired members of the United States armed forces.

Mullen is president of Humana Military, a $3.2 billion company based in Louisville that manages the U.S. Department of Defense’s health insurance program, covering a 10-state region in the South.

When you’re preparing for a divorce, it’s crucial to review your budget and expenses. After separating, most ex-spouses will try to maintain their former lifestyles, only now the same income will need to cover two separate households. How do you manage cash flow appropriately to meet your and your ex-spouse’s individual circumstances?

The goal is to arrive at a fair solution. But remember, ‘fair’ is a relative term and depends on the circumstances. In some cases, it may mean assets are divided 50-50 and in others it could be 70-30.

One of the biggest changes in the workplace in the last 30 years has been the shift away from traditional – or defined-benefit – pension plans. In their place are a growing number of alternatives known as defined contribution plans.

When was the last time you reviewed your beneficiary designations for life insurance policies and retirement accounts? Very likely, the answer is “never.” But you should review them periodically.

Various life events can signal a need to review and possibly change your beneficiary designations. Consider whether any of the following events have occurred since you named your beneficiaries.