12 Things to Look Forward to in 2009

Costs for Some Medical Procedures

Your kids need braces? Thinking about getting a nose job or other optional surgery? With many Americans avoiding even necessary medical care (cutting back on prescriptions, skipping doctor visits and the like), it's no surprise that doctors who offer services not usually covered by insurance are suffering. Dr. Raymond George, president of the American Association of Orthodontists, says this is the worst he has seen business in 40 years. That will make haggling over price and stretching out payments easier and more common.

Next: More Tax Cuts

More Tax Cuts

Most of us won't see much in raises from our employers, but take-home pay for many may go up some. The reason: Tax cuts of some sort are likely to be part of a coming stimulus package. A leading proposal is a payroll tax holiday that would suspend some Social Security (FICA) payments for individuals and perhaps employers. It would be aimed at lower- and middle-income workers, so those on the higher end of the salary scale would see just part of their pay shielded.

Next: It's a Good Time to Travel

It's a Good Time to Travel

Business and pleasure travelers can get some big breaks. Hotels are having to drop prices or at least restrain increases for the first time in years. Many are tossing in free breakfasts and fitness center use. Cruise lines and resorts are offering big discount packages, too. The combination of poor business and lower fuel prices will make flying a little cheaper. Book far ahead -- most airlines are cutting back flights, so seats may be scarce.

Next: Buying/Refinancing a Home

Buying/Refinancing a Home

The median home price nationally has fallen 20% since the housing market's peak in July 2006, according to the National Association of Realtors. That's especially good news for first-time home buyers or anyone who doesn't have to sell a home before they buy, as well as patient buyers who can handle the time consuming process of buying a distressed property. In mid-December, the 30-year fixed rate fell to 5.17%, according to Freddie Mac. Mortgage money hasn't been this cheap in nearly 40 years.

Next: Buying Equities

Buying Equities

Stocks will gyrate less wildly in 2009, but share prices won't begin heading up steadily until the financial stimulus and credit easing get corporate investment and real estate moving. Then you'll want to be in big, diversified, financially strong companies such as General Dynamics (GD), United Technologies (UTX) and Siemens (SI), or in mutual funds that specialize in them, such as Chase Growth (CHASX) or Fidelity Contrafund (FCNTX), which has just reopened.

Next: Debt Binge Is Over

Debt Binge Is Over

Americans developed a serious bad habit of living beyond their means and jacking up their debt to do so. Out of sheer necessity and fear, many Americans have started cutting debt and actually setting money aside -- after 15 years of a declining national savings rate that nearly reached zero. T. Rowe Price economist Alan Levenson estimates that personal savings jumped two percentage points in the fourth quarter and will rise another two points in 2009.

Next: Less Sticker Shock for Consumers

Less Sticker Shock for Consumers

Helped by a drop in grain and feed prices that will hold down the cost of meat, poultry, eggs and milk, groceries will rise about 2% -- a far cry from the 7% increase in 2008. And if stores aren't slashing prices on things, as they are televisions, GPS devices and small appliances, they're adding value. Since computer prices, for example, have been ground down for a while, retailers are trying to boost sales by adding memory or other features for free.

Next: There's Plenty to Make Retirees Smile

There's Plenty to Make Retirees Smile

Social Security beneficiaries get a 5.8% cost-of-living increase in 2009, the largest in more than 25 years, boosting the average monthly retirement benefit from $1,090 to $1,153. Almost as good for seniors, for the first time since 2000, the monthly Medicare Part B premium that is deducted from Social Security checks won't rise. It stays at $96.40 (except for some higher-income seniors who pay a surcharge).

Next: Relief Is Coming for the College-Bound

Relief Is Coming for the College-Bound

Last spring, families feared that the credit crunch would make it impossible to find a lender for their federal student loans for the 2008/09 academic year. Thanks to legislation that ensured financing for the loans, most students were able to get the money in time for fall classes. Congress has since extended the legislation to keep federal money flowing in the 2009/10 academic year. That should help families who need to supplement their college savings.

Next: The Green Revolution Will Continue

The Green Revolution Will Continue

Toyota Prius sales may be down nearly 50% since gas prices dropped. But there is hope that carmakers will continue to develop new alternative fuel technology. This is also a great time to make your home more energy-efficient. First, many contractors are nearly begging for work, and prices of many alternative energy products have dropped. Second, after a one-year hiatus, Congress restored the tax credit for energy efficient home improvements in 2009.

Next: Relief at the Pump and on the Lot

Relief at the Pump and on the Lot

The average price of gasoline will be lower in 2009 than it has been in four years. Although prices will creep up from averages below $1.70 a gallon now and peak during the summer driving season, there will be no breathtaking surges like those in 2008. The national average should top out around $2.15 a gallon and average about two bucks for the year versus $3.25 for 2008. Cars should be cheaper than this year, too. Dealers and manufacturers are desperate to make sales.

Next: The Stars Are Aligning for Health Care Reform

The Stars Are Aligning for Health Care Reform

After decades of stalemate, this may be the year that the logjam breaks. Obama's argument that genuine recovery won't be possible if the United States doesn't find a way to restrain health care costs is beginning to take hold with many Democrats. And Republicans fear that health care will keep American workers and businesses at a disadvantage globally, since most other industrialized countries have a better handle on high costs.

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