Strategic Wealth Partners was acquired by Kovitz Investment Group Partners, LLC ("Kovitz"), a registered investment adviser with the SEC on May 1, 2024. Strategic Wealth Partners is now a division of Kovitz and its registered investment adviser. Materials created prior to this date were created by Strategic Wealth Partners and are accurate as of the time of publishing.

The Real Scoop on the REAL ID

With a July birthday and a driver’s license that is expiring this year, I recently received a notice in the mail informing me that I could renew my driver’s license or apply for the new REAL ID-compliant driver’s license.  After reading the materials, I decided it made sense for me to apply for the REAL ID. It was a slightly more painful process than just renewing my license (I’ll explain shortly), but given the changes coming, it made sense for me.

Congress Passed the REAL ID Act in 2005 in response to the 9/11 attacks, and it has taken all these years to roll out the new standards. The goal of the REAL ID Act is to increase airline security by requiring more documentation before anyone will be allowed on a flight.

Starting on October 1, 2020, U.S. residents 18 years of age and older will need either the REAL ID or their passport (or any other form of ID listed on the TSA website) to board a flight. In many states, including Illinois, the standard driver’s license will no longer be a permissible form of ID to go through airport security; however, it is still acceptable for driving, voting, or receiving government benefits. You do not have to apply for the REAL ID, and you may decide it isn’t worth the extra effort if you are comfortable traveling with your passport. For me personally, I did not want to worry about remembering to bring my passport each time I travel or be concerned about losing it.

So, what is involved in applying for the REAL ID? You must visit a Secretary of State facility (DMV in some states) in person and bring at least one of the below items in each category (helpful hint: do not bring anything stapled as that jams in their scanners):

1. Proof of Identity – Examples Include:

  • U.S. birth certificate
  • U.S. passport
  • Employment authorization document
  • Permanent resident card or foreign passport with an approved form I-94

2. Proof of Your Social Security Number – Examples Include:

  • Social Security card
  • W-2
  • Paystub with your full Social Security number visible

3. Proof of Residency (Two Documents Showing Your Name) – Examples Include:

  • Lease agreement
  • Mortgage statement
  • Utility bill
  • Employment, medical, or school document
  • Deed/title
  • Bank statement

4. Proof of Signature – Examples Include:

  • Current driver’s license
  • Credit/debit card
  • Canceled check

The list above will satisfy the requirements for Illinois. For those who live in Wisconsin, the requirements can be found here. However, each state has slightly different rules, so if you do not live in Illinois or Wisconsin, be sure to check with your local Secretary of State/DMV facility. In most states, REAL ID cards have a gold or black star in the upper right-hand corner of your license. New licenses that are not REAL ID-compliant say “Not for Federal Identification” or “Federal Limits Apply.”

Another option for traveling after October 1, 2020, is a passport card (which is REAL ID-compliant). If you are renewing your passport, you have the option of purchasing a passport card for an additional fee. The passport card may be a workaround if you do not want to apply for the REAL ID.

It is hard to say if the REAL ID is worth the extra effort, but for me, the small inconvenience of gathering all those documents means I don’t have to worry about the impending changes. There is over a year before these changes take effect, but if your license is expiring soon, it may be a “REAL” easy decision.

Categories

This article contains general information that is not suitable for everyone. The information contained herein should not be constructed as personalized investment advice. Past performance is no guarantee of future results. Reading or utilizing this information does not create an advisory relationship. An advisory relationship can be established only after the following two events have been completed (1) our thorough review with you of all the relevant facts pertaining to a potential engagement; and (2) the execution of a Client Advisory Agreement. There is no guarantee that the views and opinions expressed in this article will come to pass.  Investing in the stock market involves gains and losses and may not be suitable for all investors. Information presented herein is subject to change without notice and should not be considered as a solicitation to buy or sell any security.

Strategic Wealth Partners (‘SWP’) is an SEC registered investment advisor with its principal place of business in the State of Illinois. The brochure is limited to the dissemination of general information pertaining to its investment advisory services, views on the market, and investment philosophy. Any subsequent, direct communication by SWP with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. For information pertaining to the registration status of SWP, please contact SWP or refer to the Investment Advisor Public Disclosure website (www.adviserinfo.sec.gov).

For additional information about SWP, including fees and services, send for our disclosure brochure as set forth on Form ADV from SWP using the contact information herein. Please read the disclosure brochure carefully before you invest or send money (http://www.stratwealth.com/legal).

Investments
Investing Is Not Gambling
I have many pet peeves. I don’t like it when pillows in our house are lying on the floor. It irritates me when people talk on speaker phone in public. It drives me crazy when people rush to stand up in the aisle of an airplane once it lands (I’m really not as angry as it might seem).
Read More
Financial Planning
What’s New in Medicare for 2025
Every year, we encourage our clients enrolled in a Medicare Part D stand-alone prescription plan to take a few minutes to verify that their existing plan remains the best option for them. For the 2025 plan year, there’s a little more urgency, as some big changes are occurring that have never been a factor before. Starting in 2025, Medicare is setting a $2,000 cap on out-of-pocket drug costs for those with Part D drug plans.  From brokers I have spoken with, this has caused a lot of turmoil in this market as some providers are changing what drugs will be covered under their formularies, co-pays, deductibles, and coverage of brand versus generic.  If you were happy with your Part D drug plan in 2024, it could be a different story in 2025.
Read More