Life Planning Guide, 2016

lifeplanning GUIDE 2016

3 ways to pay down college debt Tips for first-time home buyers Get a head-start on tax season What to do after death A publication of the Lewiston Tribune & Moscow-Pullman Daily News

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sATURDAY, jANUARY 23, 2016

How to rebuild your credit

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any men and women work hard to build strong credit and demonstrate their worthiness as borrowers to lenders. But sometimes an unforeseen event, such as a layoff or medical emergency, forces people to rely too heavily on credit, which can negatively affect their credit rating and make them less likely to secure favorable loans in the future.

Rebuilding credit takes time.

Lenders want their borrowers to have demonstrated their longterm financial responsibility, so it may take men and women who have suffered a credit setback a substantial amount of time to regain the trust of prospective lenders. But there is a way to rebuild credit and restore your financial reputation. · Examine your credit report.

The first step toward rebuilding your credit is to examine where you currently are. Some credit card companies now offer monthly credit reports or credit updates free of charge to cardholders. If you do not have such a card, the Fair Credit Reporting Act permits consumers to request a free credit report once every 12 months from each of the three major credit reporting agencies (i.e., Equifax, Experian and TransUnion).

Examine your credit report for any errors, and dispute such errors immediately. · Start using your cards again.

Men and women who have been through the bad credit wringer may want to avoid swiping their credit cards ever again. But demonstrating your ability to use credit cards and pay your balances in full and on time is an essential part of rebuilding your credit. Use your credit cards to pay small monthly bills, such as your gym membership, and pay the balance in full each month.

Over time, doing so will produce a pattern that indicates you are worthy of credit and capable of handling it responsibly. · Apply for an installment loan. Another way to demonstrate your credit worthiness to prospective lenders is to apply for and get an installment loan. If your credit mishaps are very recent, you may want to wait to apply for an installment loan until you have started to rebound and indicate you can once again pay your bills in full and on time each month.

Waiting will earn you a more borrower-friendly interest rate, and you won’t be running the risk of being denied for a loan. But it’s good to apply for an installment loan such as an auto loan

because you can then use that to restore your financial reputation by making monthly payments on time. · Make all of your payments.

Once your credit has taken a hit and your score has sunk, lenders will look for any signs that you may still be a credit risk. Even as your score begins to rise once again, you must continue to make all of your payments on

time. One skipped or missed payment is a big red flag to lenders, especially if borrowers have had credit troubles in the past. Don’t let all your hard work go to waste by missing payments.

Rebuilding credit is not always so easy, but many people have endured financial troubles only to reemerge as borrowers lenders want to work with.

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Every day ways to save money

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aving more money is a goal for many people. Whether retirement is looming or decades down the road, saving as much money as possible is a great way for men and women to plan for their financial futures.

But saving money is not always so easy, especially as the cost of living continues to rise in so many parts of the world. In its 2015-2016 “Salary Budget Survey,” WorldatWork, a global association for human resources management professionals and business leaders, found that U.S. employees can expect an average base salary increase of 3.1 percent in 2016. That marks only a slight increase from 2015, and many working professionals wonder if that increase will be enough for them to start saving more money.

Cost of living salary increases likely won’t be enough for working professionals to grow their savings considerably, if at

all. Fortunately, there are several ways that men and women can cut back each day and grow their savings without affecting their quality of life. · Make your own coffee at home. While few people may give it much thought, that $2 or $3 coffee you buy each morning adds up to a substantial amount of money each month. If your daily cup of joe from the coffee shop next to your office costs $2.50, that’s $12.50 per week (not counting weekend mornings), $50 per month and $600 per year. Buying coffee at the grocery store and preparing it at home won’t cost anywhere near that much, saving you hundreds of dollars per year, which you can put directly into your savings account. · Bring your lunch to work.

Many men and women already know that dining in instead of out is a great way to cut back on unnecessary spending. But

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inancial experts advise that individuals and families save enough money to cover at least six months’ worth of expenses in the case of an emergency or unforeseen layoff.

Others say that savings should be closer to a year’s worth of expenses. In spite of the obvious benefits of having a financial safety net, many people continue to live paycheck to paycheck, either voluntarily or out of necessity.

According to Pitney Bowes, a document management services company, and Bankrate.com, many people fall well below

the benchmarks suggested for savings accounts, checking accounts, 401(k) plans, and other means of building nest eggs.

Data suggests the average American has anywhere from $5,000 to $7,000 in savings and between $2,000 and $4,500 in checking accounts.

In 2011, the Digerati Life, a resource to help people make smart financial choices, found that 50 percent of American households didn’t even have a retirement account, while a little more than 7 percent did not have a bank account.

it’s not just skipping nights out on the town that can help save money. Rather than spending somewhere between $5 and $10 every day on lunch at the office commissary or nearby restaurants, bring your lunch with you. Bringing your lunch allows you to buy in bulk rather than pay for each individual midday meal, and that can add up to considerable cost savings over the year. · Trim some fat from your cable bill. While cable providers have been slow to embrace customizable plans that allow customers to pick and choose their channels in an effort to save money each month, some providers have begun to offer such plans. Contact your cable provider to see if you can

customize your plan so you are no longer paying for channels you don’t watch. If your provider does not allow you to customize, consider cutting your cable entirely. Streaming services such as Netflix and Amazon Prime cost a fraction of monthly cable subscriptions, and these services continue to increase their offerings. · Work with a financial advisor. If you keep coming up empty in your search for ways to save, work with a financial advisor. Financial advisors can help you establish a monthly budget so you are in a good position to save. In addition, such advisors can suggest ways to grow your money that you might not know about.

CREASON, MOORE, DOKKEN & GEIDL, PLLC 1219 Idaho Street, Lewiston, Idaho Phone: (208) 743-1516 Email: cmd@cmd-law.com Website: www.cmd-law.com Paul B. Burris, Associate, joined the firm upon graduating from the Gonzaga University School of Law in 2013. Mr. Burris is licensed in Idaho and Washington.

His practice primarily focuses on advising individuals and companies about legal opportunities for wealth management and preservation, including estate planning, Medicaid planning, probate, trust creation and elder law, as well as business formation, development and advising. Mr. Burris received his bachelor’s degree from Washington State University in Natural Resource Sciences in 2010. While at Gonzaga, Mr. Burris assisted Spokane Residents with their Internal Revenue Service problems at the Gonzaga University Low Income Taxpayer Clinic, and earned the CALI Excellence for the Future Award in Taxation of Business Entities.

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sATURDAY, jANUARY 23, 2016

Get a head-start on tax season

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he beginning of January serves as a great time to start preparing for tax season. While the deadline to file returns may be several months away, getting a head-start allows men and women the chance to organize their tax documents so they aren’t racing against a deadline come April. The following are a handful of ways to start preparing for your returns now. · Find last year’s return. You will need information from last year’s return in order to file this year, so find last year’s return and print it out if you plan to hire a professional to work on your return. · Gather dependents’ information. While you might know your own Social Security number by heart, if you have

dependents, you’re going to need their information as well.

New parents or adults who started serving as their elderly parents’ primary caretakers over the last year will need their kids’ and their folks’ social security numbers. If you do not have these numbers upon filing, your return will likely be delayed and you might even be denied potentially substantial tax credits. · Gather your year-end financial statements. If you spent the last year investing, then you will have to pay taxes on any interest earned. Interest earned on the majority of savings accounts is also taxable, so gather all of your year-end financial statements from your assorted accounts in one place. Doing so will make filing your return, whether you

do it yourself or work with a professional, go more quickly. · Speak with your mortgage lender. Homeowners should receive forms documenting their mortgage interest payments for the last year, as the money paid in interest on your home or homes is tax deductible. If these forms are not received in a timely manner, speak with your lender. You might even be able to download them from your lender’s secure website. · Make a list of your charitable contributions.

Charitable contributions, no matter how small, are tax deductible. While it’s easiest to maintain a list of all charitable donations you make as the year goes on, if you have not done that, then you can make one

now. Look for receipts of all contributions, contacting any charities you donated to if you misplaced any receipts. · Book an appointment with your tax preparation specialist now. As April 15 draws closer, tax preparers’ schedules get busier and busier. The earlier you book your appointment, the more likely you are to get a favorable time for that meeting. In addition, if you have gathered all of the information you need by early February, then booking your appointment early means you can file earlier and receive any return you might be eligible for that much quicker.

Tax season might not be right around the corner, but it’s never too early to start preparing your return.

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Your goals might be easy to describe: a comfortable retirement, a lasting legacy - the list could go on.

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Tips for first-time home buyers

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uying a home for the first time is an exciting period in a person’s life.

The process of buying a home is rarely easy, and first-time buyers may feel overwhelmed at times. Such feelings are perfectly normal and felt by firsttime buyers regardless of their budgets or home preferences.

But there are a few ways to make buying a home more enjoyable than it is nerve-wracking. · Examine your finances. The first step toward buying a home has nothing to do with deciding if you prefer a craftsman- or Tudor-style home. Before you even begin your search for a home, carefully examine your finances to determine how much is coming in and how much is going out of your household each month. Figure out how much debt you are currently carrying, be it student loan, automotive, consumer or any other types of debt. Order a credit report so you can see how prospective lenders are likely to see you, and address any errors you find on the report before meeting with any lenders. Peruse past bank statements to track your spending habits, looking for areas where you might be able to scale back if need be. · Be prepared when visiting lenders. Prospective borrowers can make the homebuying process go smoothly by having all of the necessary documentation ready when visiting potential lenders. Many mortgage lenders will want to see some recent pay stubs (from both borrowers if buying with a spouse or partner), a couple years’ worth of W-2s and tax returns, as well as your recent bank statements. You can always

call ahead and ask lenders what they need to see when applying for a loan. Having these materials ready in advance means you will spend less time at the bank and more time finding the right home for you. · Secure financing before you begin house hunting. Many first-time home buyers might not realize the benefits of securing financing before they begin looking for a home. Mortgage preapproval lets buyers know how much a bank will loan them, meaning they won’t spend time looking at homes they can’t afford. In addition, preapproval means buyers won’t lose out on their dream homes as they scramble to secure financing after making an offer. · Work with a local real estate agent. Real estate agents are an invaluable resource to home buyers and are especially valuable to those buyers who have never before purchased a home.

Agents can help first-time buyers navigate the often confusing and, at times, disappointing process of buying a home. Choose an agent who is established in the area where you want to buy a home. He or she can provide information about local property taxes and schools as well as a multitude of additional issues that first-time buyers may not think of. Agents also know the lay of the land regarding home prices, which can ease first-time buyers’ fears about overpaying for their first homes.

A home is the biggest purchase many people will ever make. Firsttime buyers may be intimidated as they begin searching for their homes, but there are several ways to make the process go smoothly.

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sATURDAY, jANUARY 23, 2016

Pullman Regional Hospital chosen to implement Honoring Choices Pacific Northwest for health care decisions

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ullman Regional Hospital was recently selected among 39 hospitals and clinics in Washington state to participate in the first cohort of organizations to implement Honoring Choices Pacific Northwest, a program to facilitate conversations about advance care planning to improve end of life care. The program includes guidance and tools to discuss and plan for a person’s future health care decisions so that these wishes may be honored.

Katie Evermann Druffel, director of Social Work, is leading the Honoring Choices Pacific Northwest implementation for Pullman Regional Hospital. She and a team will be attending training in Seattle.

“One of the most important conversations you can have with your health care providers and your loved ones is about what kind of care you want if you should become critically ill or are unable to speak for yourself,” Evermann Druffel said.

“We want to make sure that our patients are cared for in the way they want, but that’s very difficult if both patients and physicians avoid the topic. Our goal is to make that conversation easier for both providers and patients, so you can receive care that is consistent with your goals and values.”

Pullman Regional Hospital will partner with Pullman Family Medicine in a pilot program dedicated to organizing the

referral, storage and retrieval of Advance Care Plans for healthy adults. The advance care planning program will also be integrated in to hospital based care; where the hospital already has a “Quality of Life” team dedicated to palliative care and honoring patient choices at the end of life.

The Steering Committee & Implementation Team consists of: Silvia Bowker, Administrator at Pullman Family Medicine Dr. Ben Adkins, Pullman Family Medicine Jeannie Eylar, Chief Clinical Officer Katie Evermann Druffel, Social Work

Jessica Rivers, Volunteer Services Chris Jensen, Information Technology Cathy Murphy, Clinical Informatics Sandy Frisbey, Health Information Management Honoring Choices Pacific Northwest is an initiative of the Washington State Hospital Association and the Washington State Medical Association with a goal to promote advance care planning by increasing awareness and providing training and resources.

Visit HonoringChoicesPNW.org for more information.

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How to get the most bang for your automotive buck

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utomobiles are more expensive than ever before.

According to auto researcher Kelley Blue Book, the average transaction price of a new car or truck sold in the United States in April of 2015 was $33,560.

That figure, which represents a nearly 3 percent increase from the average transaction price a year earlier, highlights just how expensive new cars have become. Because cars and trucks are such significant investments, many drivers want to get the most bang for their automotive buck.

Maintenance Adhering to manufacturer maintenance guidelines is perhaps the most effective way for drivers to ensure a great return on their automotive investments.

Routine maintenance, whether it’s changing oil at the recommended mileage intervals or keeping tires properly inflated so engines aren’t overtaxed, can add years to a vehicle’s life expectancy, stretching drivers’ dollars along the way.

Technology Many drivers purchase a car or truck and never give a second thought to the vehicle’s lights.

But there’s a great disparity between standard manufacturerinstalled lights and aftermarket lights that employ the latest technology, such as Philips Vision LEDs. With LEDs, vehicle owners are less likely to lose a light to burnout or failure, which can effect visibility and potentially result in a police citation. Unlike incandescent bulbs that will eventually fade and go dim, LEDs

stay bright at the same intensity, so drivers can be confident and rely on their consistent performance. Vision LEDs are new, innovative bulbs that are available for direct replacement on interior and exterior lights and feature an advanced design capable of handling extreme heat and high vibrations. Because of their robust design and durability, Vision LEDs are backed by a 12year limited warranty, providing drivers with more than a decades’ worth of return on their initial investments. And, unlike standard incandescent lights in brake light applications, Vision LEDs turn on instantly, helping drivers react faster. A faster light response can help reduce overall braking distance. For example, at a speed of 75 mph, a driver can reduce braking distance by up to 20 feet because of a quicker reaction to

the brake lights.

Styling upgrades Because they are often personalized, automotive style upgrades are rarely associated with great returns. But some style upgrades are wiser investments than others. For example, Philips Vision LEDs mimic the popular lighting style used by many of today’s high-end luxury vehicle manufacturers, enabling drivers to give their vehicles the same high tech, top-of-the-line look offered by luxury brands without saddling them with the higher costs of owning such vehicles.

The Vision LEDs are available to replace brake and taillights as well as back-up, dome, glove compartment, side markers, trunk, and license plate lights, allowing drivers to make stylish upgrades.

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sATURDAY, jANUARY 23, 2016

How to handle an old 401(k)

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pon making the transition to a new job or retiring, many people are unsure about what to do with their 401(k) or other retirement plans linked to their employer. Handling this transition can be costly, and many men and women might benefit from the advice of a professional financial advisor to help them navigate these waters without breaking the bank.

Some men and women may think they’re forced to cash out their retirement accounts when moving on to new companies.

But, depending on a person’s age, that’s a potentially costly option that can incur heavy penalties. Fortunately, cashing out is not the only option men and women have as they try to figure out what to do with their

retirement accounts after retiring or moving on to new companies.

• Keep the money with your former employer Some employers allow former employers to keep their retirement savings in their plans.

This allows men and women to avoid early withdrawal penalties and lets them continue to defer paying taxes on retirement savings accounts until they reach retirement age and need to start withdrawing money. Another benefit to keeping money in an employer retirement plan even after you leave the company is it protects you if there are rollover restrictions governing any additional accounts you might have transferred the money into.

Employers who do allow former

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employees to keep their money in retirement plans likely included certain language in those plans that govern how the account is managed after employees leave the company. For example, former employees may no longer be able to contribute to the plan or take out plan loans. In addition, when the time comes to withdraw money, you may or may not be allowed to make partial withdrawals from accounts linked to former employers. Read the fine print to determine if keeping the plan with a former employer makes the most sense for you.

• Rollover into your new employer’s retirement plan Some people have the option to rollover a 401(k) from a previous employer into their new employer’s plan. But not all companies allow this. If you are allowed to do so, this can make the transition that much easier while still allowing tax-deferred growth on your assets. In addition, if you can rollover into your new employer’s plan, you may be allowed to take out loans based on the amount of your combined plan instead of just loans against new contributions.

Rollover and plan loan eligibility

should be confirmed with your new employer.

Before rolling over money into your new employer’s plan, confirm your investment options under the new plan. If they pale in comparison to an IRA, you might want to rollover your retirement assets into an IRA that offers more investment options.

• Rollover into an IRA Many men and women look to rollover an old 401(k) into an IRA, as traditional and Roth IRAs may offer a wider variety of investment options than a previous or current employer’s retirement plan. Taxes differ depending on which type of IRA you choose to roll your funds into, so discuss your IRA options with your financial advisor to determine if this is the best way to go.

Content sponsored by: Schrette & Lee Wealth Management Securities and Advisory Services offered through Madison Avenue Securities, LLC (“MAS”), Member FINRA/ SIPC, and a Registered Investment Advisor. MAS and Schrette & Lee Wealth Management are not affiliated companies.

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Preparing credit for large purchases

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arge purchases, whether you are investing in a vehicle, home or home improvement project, are not to be taken lightly. Before making significant financial commitments, consumers should exercise their due diligence and prepare for such purchases as much as possible.

Many people use credit when making large purchases. That may entail using a credit card or financing a purchase via an installment loan rather than purchasing an item outright.

To make buying on credit as consumer-friendly as possible, men and women must ensure they are in good financial standing, which can help them get lower interest rates so they pay less for an item than they

might if their finances were not in the best of shape. · Get your credit score. A credit score, also known as a FICO® score, is a number between 300 and 850 that is calculated based on your payment history,

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outstanding balances, length of credit history, new credit, and types of credit. Lenders look at this credit score to determine how great a risk you present as a borrower. Whenever you use credit to make a purchase or apply for a loan, your credit score will be checked. The higher the credit score, the more attractive you are to lenders and the lower your interest rate figures to be. · Check for credit report inaccuracies. If your FICO score seems low, there may be mistakes on your credit reports.

Request a copy of your credit reports from the three main credit reporting agencies: Equifax, Experian and TransUnion. Look over the reports thoroughly and address any mistakes immediately. · Make sure you have a credit history. In an effort to avoid debt, some people never apply for credit cards or other lines of credit. But having no credit history can hurt you, even if you never accumulated any debt.

For example, when applying for a mortgage, you will be asked to show at least three lines of credit (any combination of credit cards, student loans, car loans, and so on) that have been active within the past 12 to 24 months,

according to the resource Credit Sesame. If you have no credit history, apply for a few credit cards and use them regularly, paying off the balance in full each month to maintain active credit and improve your score.

However, do not try to establish lines of credit too close to when you’re making a large purchase, as doing so within six months of making your purchase can temporarily lower your credit score. · Keep credit utilization within a safe zone. In determining your credit score, credit agencies will look at credit utilization, among other things.

Credit utilization is the ratio of your credit card balances to credit limits as listed on your credit report. If your limit is $1,000 and you have a $300 balance, your credit utilization is 30 percent. To determine your credit utilization, simply divide your credit card balance by your credit limit then multiply by 100.

The lower the credit utilization, the better. Pay down debt to help reduce utilization.

Consumers ready to make large purchases should factor in credit scores and attractiveness as buyers before they start shopping around.

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Cut the costs of your prescriptions

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Though people who cannot afford to fill their prescriptions often feel helpless, there are a handful of ways they can cut the costs of their medications and start feeling better. · Discuss changes with your physician. Perhaps the simplest way to cut prescription costs is to discuss medication options with your physician.

Brand-name drugs are typically more expensive than generic alternatives, so speak with your physician about generic drugs or less costly brand-name drugs that may treat your condition as well as expensive brand-name drugs do. · Consider Patient Assistance Programs. Sometimes referred to as “Pharmaceutical Assistance Programs,” Patient Assistance Programs, or PAPs, can greatly

reduce the burden of prescription drug costs. Sponsored by pharmaceutical companies, PAPs distribute billions of dollars to patients who otherwise could not afford their medications. Eligibility criteria varies depending on the program, but men and women struggling to pay for their prescriptions can speak with their physicians about PAPs. · Consult your member organizations. If you are a member of the AAA automotive group or the American Association of Retired Persons, you might be eligible for medication discount cards free of charge. These cards provide discounts on your medications, but some come with expensive fees upfront.

Look for no-fee cards, such as those offered to AAA and AARP members or others offered by nonprofit organizations, before considering options offered by pharmaceutical companies or other for-profit businesses. · Contact charitable organizations. Some charitable organizations, such as the National Organization for Rare Disorders and maybe even some local nonprofits, offer prescription assistance to people in need. Visit NORD online at rarediseases.org.

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he costs of filling prescriptions is simply too big to bear for many people, even now that the Affordable Care Act has greatly reduced the amount of people who are uninsured. A survey from the Commonwealth Fund found that 35 million people in America failed to fill a prescription in 2014 because of the cost of the medication. That figure represents an improvement from 2010, when 48 million people did not fill their prescriptions due to the costs of those medications, but it still serves to highlight a need many people have to cut the costs of their medicine.

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Types of insurance policies you should have

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nsurance is an essential safety net that helps people protect themselves from financial ruin.

While many policy holders hope they never have to make a claim, no adult is immune to accident, injury or other unforeseen circumstances, which only emphasizes the need for various types of insurance. The following are various types of insurance policies that all adults should have. · Health: Health care costs are considerable and don’t figure to decrease anytime soon. Denying company-sponsored coverage or refusing to get personal coverage, which now incurs a fee for residents of the United States, puts men and women in potentially precarious positions that can greatly affect both their

physical and financial health. A simple broken bone may cost five figures to treat and heal.

Without insurance, men and women are on their own to pay that bill. But those with insurance will pay considerably less, as their insurance companies will pay the vast majority of the bill. · Auto: Driving without insurance is a crime in many areas. But even in those places where auto insurance is not mandatory, drivers still need auto insurance to protect their finances should they get in an accident and cause harm to themselves or others. Even if your car has seen better days and appears to be on its last legs, resist the temptation to purchase bare bones coverage.

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at the mercy of other drivers and their insurance companies if you are found to be at-fault in an accident. · Long-term disability: Few people can afford to stop working for lengthy periods of time. But illness or injury can happen at any time, and adults must have long-term disability insurance to protect themselves should they develop illnesses or suffer injuries that prevent them from working. Long-term disability insurance allows you to

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maintain the standard of living you have grown accustomed to during your recovery process. · Life: While some people can get by without life insurance, if you have dependents, life insurance is a necessity to protect your loved ones from financial hardship should you pass away.

Consult your financial planner to determine the type of life insurance policy and the amount of coverage that is most suitable for you.

MetroCreative

While many banking customers have grown accustomed to low interest rates on their checkings and savings accounts, some financial institutions still offer higher-than-standard interest rates to their account holders.

Some banks or credit unions may offer higher interest rates on accounts up to a predetermined amount. For example, such accounts may earn higher interest rates on the first $20,000 in deposits, while any additional deposits earn less interest, if any.

Some institutions incentivize using accounts by offering higher

interest rates to account holders who use their debit cards ‘X’ amount of times each month, while others may offer higher interest rates to customers who log in to their accounts several times per month. Customers who use direct deposit also may be eligible for higher interest rates.

Though a 3 percent interest rate might not seem like too great an incentive to adhere to the bank’s policies, over time the interest earned on such accounts will dwarf that earned on today’s standard low-interest checkings and savings accounts.

sATURDAY, jANUARY 23, 2016

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Managing the costs of assisted living

A

MetroCreative

s individuals age, various circumstances have to be reassessed. A current living situation may not be meeting the needs of a senior who may be having difficulty caring properly for himself or herself. Families often consider senior residences to provide welcoming and safe environments for their loved ones during the golden years of their lives. These facilities may range from independent living homes with minimal care offered to nursing homes that provide more intensive care when needed. Somewhere in the middle lies assisted living homes, which blend the independence of personal residences with other amenities, such as the housekeeping, medication reminders or meal services.

Assisted living can be a viable option when a person can no longer live alone, but such facilities come with a price. In the 2015 Cost of Care Survey conducted by Genworth Financial, the assisted living, national-median monthly rate was now $3,600 - and it’s only expected to grow. Affording these homes and apartments can be challenging for those with fixed incomes, but there are some strategies that can help. · Long-term care insurance: Long-term care insurance is specialized insurance that is paid into and may cover the cost of assisted living facilities and other medical care, depending on the policy. The American Association for Long-Term Care Insurance says that only roughly 3 percent of Americans have this type of insurance, but it is something to consider during working years. · Personal savings: Some people have the means to pay for assisted living with their own

savings and retirement nest eggs.

However, it’s easy for savings to become depleted when facing a $40,000+ per year bill. · Life insurance: A financial advisor may advocate to pay for assisted living with a life insurance policy. Some companies enable you to cash out for “accelerated” or “living” benefits, which usually is a buy-back of the policy for 50 to 75 percent of the face value.

Other third parties may purchase the policy for a settlement of a lump sum, again roughly 50 to 75 percent of the policy’s face value, according to Caring.com, an online source for support and information about the needs of aging people. · Location: Costs of assisted living facilities vary depending on location. It’s possible to get a lower monthly rate simply by choosing a facility in a different state. · Negotiation: Not all prices are set in stone. Speak with a manager at the facility and see if there is any price flexibility or move-in incentives. You also may be able to get a lower rate by negotiating certain a-la-carte costs against all-inclusive pricing.

Perhaps you do not need laundry or shopping services, and family members can fill in the gaps, reducing your bill. · Veteran’s benefits: Many veterans are eligible for care benefits that can offset the cost of assisted living care. · Rooms: Opting for a smaller room or sharing a space can keep costs down as well. See if shared rooms are a possibility.

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sATURDAY, jANUARY 23, 2016

Teach kids financial lessons for the new year

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t the dawn of a new year, many adults resolve to make positive changes in the year ahead. But New Year’s resolutions aren’t exclusive to adults. In fact, New Year’s resolutions provide a great opportunity for parents to teach their kids about setting goals and maintaining the discipline necessary to realize those goals.

Many adults express a desire to save more money when making their New Year’s resolutions. Parents who want to instill financial responsibility in their children and encourage youngsters to save money right alongside mom and dad can do so in various ways. · Start giving kids an allowance in return for doing their chores. A great way to teach kids about money management is to give them an allowance in return for doing their weekly chores. This teaches kids that they must earn their money and also teaches them to budget. Resist the temptation to give kids extra money or advances on their allowances, as doing so can compromise the lesson that kids need to budget. · Encourage kids to establish specific financial goals. Kids can benefit just like adults by setting specific financial goals. If kids

have their eye on a new gadget or gaming console, encourage them to create a savings log that tracks how much they’re saving each week and how close they are getting to reaching their goal. As kids’s balances increase and they get closer to their goal, they may grow just as excited as adults do when they see their investments perform well. · Match kids’ contributions.

Another great way to encourage kids to save money is to match the deposits they make into their accounts. Whether it’s teenagers saving for their first car or younger kids saving for a new bike, kids may be more likely to save if they know their contributions are being matched. Parents can explain that matching is not just for kids, as many moms and dads benefit from employers who match their retirement contributions. · Let kids make mistakes.

Everyone makes mistakes, especially when it comes to money. Many adults feel the best financial lessons they learned were a byproduct of a mistake they made that forced them to reexamine their approach to money. Letting kids make financial mistakes now may help them avoid bigger and more costly mistakes down the road.

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· Teach impulse control.

Another valuable financial lesson parents can instill in their kids is controlling their impulses with regard to spending. Many adults exercise impulse control by waiting 24 hours to make purchases. In this scenario, adults who see something they like online or in-store that they did not intend to buy will wait a day after seeing the item before deciding whether or not to purchase it. That 24-hour waiting period often prevents people from buying products

they don’t need. Kids can benefit just as much from following this guideline. In the interim between seeing the item and deciding whether or not to buy it, discuss with kids the pros and cons of buying the item. This can teach them to carefully consider each of their purchases, making them more responsible consumers for the rest of their lives.

New Year’s resolution season provides a great opportunity for parents to impart valuable financial lessons to their children.

sATURDAY, jANUARY 23, 2016

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Retirement home: making the right choice

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oving into a retirement home is a huge step in someone’s life, and it can certainly be a very difficult decision to make. There are many reasons for moving into a retirement home: loss of independence, lack of support from close family members, and the onset of more health problems, to name a few.

Financial reasons can also be a factor.

Whatever the case may be, choosing to leave the comfort of one’s own home to move into a retirement home is a decision that must be made freely, after a great deal of thought. If this decision is made for the right reasons, it can be very positive for the person involved and may contribute to an improvement in their quality of life.

The choice of retirement home is, however, extremely important.

Seniors have to be sure of their needs in order to come to the right decision. For example, if you’re worried about your health, then it is wiser to choose an establishment that offers on-site medical services, which is sure to contribute to your peace of mind.

Maybe you’re a very sociable person or, on the other hand, maybe you require moments of solitude. Here again, your needs should guide you in your choice of home. These types of questions, while seemingly very simple, are essential to the process of establishing your list of requirements. After you know what you want, you can consider retirement homes in a particular geographical area.

For some people, going to live in a retirement home can be an opportunity to broaden their horizons. The move could also give them the chance to

live closer to a family member or friend. Who knows, this new home could end up being an oasis of comfort and peace!

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sATURDAY, jANUARY 23, 2016

Buying an investment property

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R

eal estate can be an incredibly fruitful investment. Buying a property at the right time can provide investors with a substantial return when they decide to sell, and that opportunity compels many men and women to consider investing in real estate.

While there’s no denying real estate can yield a great return on buyers’ initial investments, there’s more to making money in real estate than simply buying a property and waiting for its value to rise. Buyers who are thinking of investing in real estate should consider a host of factors before purchasing an investment property.

Price trends Recent sale activity in a

given town or neighborhood is something prospective real estate investors should study before buying an investment property. Would-be real estate investors can explore real estate websites such as Zillow.com for recent sale information, which may also be available through local government agencies. Such data can be invaluable, showing potential investors which neighborhoods are in demand and which may be in decline.

Taxes Investment properties are not eligible for as many tax benefits as primary residences. However, landlords can write off repairs, management costs and other fees associated with rental properties. But it’s not just their own tax bill prospective investors

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should consider before buying an investment property.

Many potential buyers down the road may prefer a property in an area where property taxes are relatively low, so even if you can afford the tax on the investment property, you may find buyers are unwilling to assume that burden when you put the property up for sale in the future.

Location Prospective real estate investors no doubt know the value of location with regard to real estate, but if you can’t afford to buy in a neighborhood that’s currently hot, that does not necessarily mean you can’t still capitalize on that area’s popularity. When a town becomes popular, its property values rise, and many buyers find themselves just barely priced out. When that happens, the surrounding towns tend to become the next hot neighborhood, as these areas are nearly as close to the attractions that make the initial neighborhood so desirable.

Buying on the outskirts of a hot neighborhood can set you up to benefit nicely when that area

gets too pricey.

Schools School systems should be examined even if you do not have children. In a recent Trulia.com survey of American home buyers, 35 percent of respondents with children under age 18 indicated they want to live in great school districts.

GreatSchools.org has profiles of 200,000 public, public charter and private preK-12 schools. Investors can use the GreatSchools.org search engine to find information about local schools and school systems so they can better position themselves to buy properties in areas that will appeal to buyers down the road.

Real estate can be a fruitful investment, and investors who want to benefit the most from their properties will explore various factors before purchasing a home or homes.

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Understanding life insurance

L

MetroCreative

ife insurance is a product few people want to think about. That’s perfectly understandable, as life insurance forces men and women to consider their own mortality. But life insurance is not something adults should avoid, especially if they have dependents.

Many people should consider life insurance when estate planning so they can provide security for their loved ones. But life insurance is a purchase unlike any other, and people may be confused or intimidated when attempting to purchase life insurance policies.

Deciding if you need coverage While life insurance seems like the kind of thing every person should have, that’s not necessarily the case. For example, single men and women with no dependents and no tax or debt concerns generally do not need life insurance. If you are single but have tax issues or a considerable amount of debt, then a life insurance policy can be used to pay those debts upon your

death. Adults with dependents, such as a spouse and/or children, should consider purchasing life insurance, which can help your surviving dependents maintain their quality of life and pay their bills in the wake of your death.

Buying life insurance Much like various other types of insurance, life insurance can be purchased from an insurance agent or via an insurance company’s website. When choosing a company from which to buy a life insurance policy, look for a company with a strong rating, as no one wants to end up being burned by a life insurance provider who goes out of business. Some people prefer to work with independent brokers who can share information about products from various providers rather than just the ones offered by the firm company-affiliated agents work for.

Choosing coverage When choosing coverage, you will no doubt be asked if you prefer term insurance or permanent insurance. Term insurance is the least expensive

life insurance, and such policies only last for a predetermined number of years. Men and women may purchase life insurance policies if they only want life insurance until they retire or until their children reach adulthood. Permanent insurance is more expensive and will last from the moment you purchase the policy until your death. Many people choose permanent life insurance policies so the money their beneficiaries receive upon their death can be used to pay estate taxes. In addition, there is an investment component to permanent insurance policies, as a portion of the premiums on such policies is invested (policies will spell out how the money is invested) and allowed to grow tax-free so long as the

policy is open. Term insurance only provides protection with no investments.

When choosing how much coverage to purchase, it’s easy to go overboard and aim for as much as possible. However, many financial advisors suggest purchasing enough coverage to pay for funeral costs and a level of income replacement you can comfortably afford. If your spouse does not work, you should consider purchasing enough coverage so he or she can afford to pay the family’s day-to-day cost of living expenses.

Life insurance merits serious consideration, and adults should do their homework and fully understand a policy before signing any contracts.

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sATURDAY, jANUARY 23, 2016

Simple ways to spend less

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W

hen people take inventory of their spending habits, many come to the conclusion that they need to scale back.

Upon making that realization, many people immediately assume they need to give up certain luxuries. However, spending less on nonessential items may free up funds for more enjoyable activities, such as dining out and travel. Being frugal doesn’t mean you have to be a minimalist, and it’s easier than you might think. Explore these relatively easy methods to tame spending. · Use cash as much as possible. Paying with cash can create an emotional feeling of loss and taps into your five senses. Taking cash from your wallet and handing it over to

cashiers could slow down your subconscious spending, which is less likely to happen if you always swipe a credit or debit card. · Keep a spending log. Jot down your spending habits on a piece of paper or use home budgeting software to track where you tend to spend the most. This gives you an accurate and fluid method to examine your spending. · Spend less on shopping sprees. Some people use shopping as an emotional release or a method to relieve stress. If you like shopping but want to cut back on your spending, shop in less expensive stores, such as consignment or dollar stores. This feeds your desire to shop without breaking the bank.

· Eliminate one monthly bill. Find a way to cut out one monthly expense. If you’re not using that gym membership, cancel it. If you can’t find something to eliminate, find a way to cut back. Maybe you can scale back your mobile phone service plan. Downgrade your cable television package to one that’s more affordable. · Do things yourself. Consider the services you pay others to do that you may be able to do yourself. If you’re handy with a paintbrush, paint your home interior. Have everyone pitch in to clean the house and scale back on housekeeping services. Cook your own meals and rely less on takeout. · Transfer savings automatically. Transfer a

portion of your paycheck directly into a savings account. Set up automated transfers so the money never appears in the account linked to your debit card. · Pay bills on time. Do not waste money on late fees and penalties. Use automatic bill pay so you don’t miss any payments and waste money on fees.

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Prospective borrowers can take several steps to earn lower interest rates when applying for loans. Lenders consider a host of factors when determining interest rates for their borrowers . Some of these factors are market-based, while others are determined by the United States Federal Reserve. But borrowers are not helpless when it comes to securing low interest rates.

The down payment amount as well as borrowers’ credit scores and histories can help or hurt them when it comes to interest rates. For example, the larger the down payment a potential home buyer is willing to put down to buy a home, the more likely that borrower earns a lower interest rate from his or her bank. That’s because the bank sees borrowers

who are willing to put down a substantial sum of their own money as highly likely to repay the loan in full and on time.

In addition, borrowers with strong credit histories and high credit scores have already demonstrated their ability to repay their debts, and that reputation often benefits them in the form of lower interest rates on major purchases like homes and automobiles.

Borrowers also may be able to secure low interest rates if they are willing to repay loans quickly.

The shorter the duration to maturity, the smaller the interest rate may be. That’s because banks see long-term loans as less likely to be repaid than shortterm loans.

sATURDAY, jANUARY 23, 2016

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How to curtail college costs

MetroCreative

E

ducation is an expensive investment, costing many people as much as their homes and far more than their vehicles.

And the cost of a college education only continues to rise. According to the National Center for Education Statistics, for the 2012-2013 academic year, the annual costs for undergraduate tuition, room and board were estimated at $15,000 for public schools and between $23,000 and $39,000 for private institutions, whether they were for-profit or nonprofit.

Few students are able to fund their schooling outright, which means they must seek ways to finance their educations.

The following are a handful of strategies students can employ to curtail college costs. ¡ Investigate scholarship programs. Colleges and universities offer scholarships to incoming students based on various criteria. Start by speaking with a school guidance counselor

about available scholarships.

Consult directly with the schools where you plan to apply for admission. You may find that they offer scholarships based on academic merit, extracurricular activities or athletics. You also can do a search online. Scholarships. com, for example, enables you to find available money to pay for college. ¡ Explore academic grants.

Grants are another form of financial assistance for students to explore. Unlike scholarships, which are awarded based on merit, grants are not tied to a specific list of criteria that must be met. Financial need is often given greater weight when awarding grants than academic performance. Public and private organizations, professional associations, the government, and even schools sponsor various types of grants. ¡ Sign up for work-study programs. Work-study programs are another form of financial

aid. When part of a work-study program, students work part-time to offset their college expenses.

Jobs may be available on-campus or off-campus, though ones that are on-campus may be more amenable to your class schedule. ¡ Stick closer to home. Many students dream of attending college away from home and immersing themselves in a new environment - including dorm life. However, attending school close to home can drastically reduce the cost of pursuing your degree. At public universities, tuition costs for in-state students are typically a lot less than the costs for out-of-state students.

Room and board costs, which out-of-state students who can’t commute to school must pay,

can cost several thousand dollars per year. If you can find a school close to home and commute to school, you can save a substantial amount of money. ¡ Be frugal with food. Food costs can quickly add up if you frequently dine out. College towns have a number of attractions and eateries, and it’s easy to succumb to the draw and convenience of takeout or sitdown meals at a restaurant. Limit dining out to special occasions and try to stick to dining halls or meals you prepare yourself to reduce food costs.

The cost of higher education continues to climb. But there are ways to make post-secondary schooling more affordable.

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According to the College Board Annual Survey of Colleges, the average published tuition and fee price for full-time, in-state students at public four-year colleges during the 2014-15 school year was $9,139. That marks a nearly 3 percent increase from the preceding year, but it’s still a considerable bargain when compared to the tuition and fee costs full-time, out-ofstate students attending fouryear public colleges will have to pay. Such students paid $22,958 for the 2014-15 school year, a 3.3 percent hike from the year before. Such figures do not

include the cost of room and board, which averaged roughly $9,800 for the 2014-15 school year at public four-year colleges (in-state and out-of-state). Private, non-profit, four-year colleges remained considerably more expensive than their public counterparts, costing students an average of more than $42,000 per year for tuition, fees and room and board during the 2014-15 school year. The 3.7 percent rise in tuition and fees at such institutions also represented the highest average increase of any four-year colleges or universities.

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Protect your money while traveling MetroCreative

M

illions of people across the globe take to the skies, rails and roadways for business or pleasure each year. Many vacations and business trips go off without a hitch, but not all travelers are so fortunate. One of the inherent risks of travel is being victimized by theft or losing money as a result of personal carelessness.

When traveling, it’s important to think about dollars and cents - or Euros and yuans - in addition to packing, sightseeing and lodging. This includes considering how to pay for the trip, both before you leave and after you arrive at your destination.

Credit cards One big advantage to using

credit cards when traveling is that you do not have to carry a lot of cash. Many people prefer to use credit cards when booking flights or making hotel reservations because credit cards often have built-in security features. These may include insurance against canceled trips or easy refund policies. Credit cards are also more secure than cash when facing potential fraud or theft.

Credit cards also can be advantageous when traveling internationally. Purchase prices are exchanged at the interbank exchange rate, says the resource group The Independent Traveler. That rate may be more consumer-friendly and any fees, if your credit card company even charges fees, incurred may be less than the cost of converting

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your currency. Keep in mind that your standard credit card may not be accepted everywhere, as “chip-and-PIN” credit cards are now used in many countries. That may prohibit you from making purchases on credit cards with just magnetic strips.

Keep a list of all important credit card phone numbers and account numbers when traveling, so you can promptly call companies if your card is lost or stolen.

Travelers’ checks Travelers’ checks are another alternative to cash. Security is provided against lost or stolen checks by the issuing party, which is typically a bank.

Investopedia notes that travelers’ checks that are stolen and identified are canceled and new

ones are reissued.

Cash Sometimes you may need cash when traveling, as some retailers do not accept credit cards or checks. Stash cash safely, keeping wallets in a front pocket and using money storage accessories to hide money. Store cash in different places so thieves don’t get all your cash should you be victimized.

Clean out your wallet. If your wallet is packed with cards, membership information and other personal details, clean it out before traveling or use a travel wallet, which is a pared down version of standard wallets.

When planning a business trip or vacation, don’t forget to take steps to protect your finances.

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Protect your identity and save money I

MetroCreative

dentity theft is a pervasive problem. According to figures from the Bureau of Justice Statistics, an estimated 17.6 million people, or about 7 percent of U.S. residents age 16 or older, were victims of at least one incident of identity theft in 2014. Identity theft is not just a problem within U.S. borders, either. Each month, Equifax and TransUnion credit bureaus report that more than 1,800 identity theft complaints are lodged by Canadian residents.

Victims may be subjected to various types of identity theft.

Attempted misuse of an existing account is the prime complaint.

This account can be a credit card, bank account or phone or utility account. No matter the type of fraud perpetrated, many identity theft victims endure a direct financial loss as a result.

Sometimes individuals do not find out they’ve been the victim of identity theft until they are

notified by a financial institution - or even after filing their taxes - when money already has been lost. People may invest in expensive services to protect their identities, but Consumer Reports notes this tactic is not always necessary. There are other, less expensive ways for men and women to protect themselves from identity theft. ¡ Guard personal information.

Do not share your personal information over the Internet unless you are on a secured site. This will be identified by the https:// preceding the rest of the URL. Sometimes a padlock symbol will appear somewhere on the page. Also, do not provide any personal information over the phone, such as tax identification numbers, bank account information or your maiden name. Personal data should be shared only with trusted companies whose authenticity you can verify.

¡ Watch your wallet. Do not leave your wallet or purse unattended. Keep the bare minimum in a wallet so a thief does not have access to all of your personal information if the wallet is lost or stolen. Keep your Social Security card and rarely used credit cards at home. ¡ Sign up for alerts. Many financial institutions will offer free online or mobile alerts to warn of suspicious activity on your account. Take advantage of this service. ¡ Lock down devices. Make sure computers and mobile devices are secured with a password, and only use secured networks when going online.

Select strong passwords that include a combination of numbers, letters and symbols, as

well as case changes so they will be more difficult to crack. ¡ Get off of credit-card offer lists. You can stop credit bureaus from selling your name to lenders by going to www. optoutprescreen.com or calling 888-567-8688. Opting out should prevent the majority of offers from coming your way. Many identity theft cases can be linked to crooks stealing credit card preapprovals from mailboxes.

Similarly, you can put a security freeze on credit reports, so that lenders will not be able to access credit reports and issue new credit.

Identity theft can lead to plenty of paperwork hassle and loss of funds. Preventing it from happening is easier than you might think.

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sATURDAY, jANUARY 23, 2016

After death: power of attorney,

Newspaper Toolbox

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itnessing the emotions of a departing loved one as well as one’s own sense of loss can leave even the most organized people unprepared for the logistics of dealing with a death.

Yet, keeping things organized and uncomplicated is one of the easiest, most concrete ways to prepare in advance for the passing of a loved one.

Having a do-not-resuscitate form on hand can simplify matters if an ill or elderly person dies at home. This means that paramedics will not attempt to use every measure available to revive him or her on the way to hospital. If the person dies in hospice care, in most jurisdictions it is now common for RNs to be able to declare death when it has

been expected. Speak to a doctor in advance to find out about the appropriate protocol for transporting the deceased person to a coroner or mortuary.

In the time following directly after a death, immediate family members or close friends can share the other tasks that must be taken care of. These include notifying the deceased’s doctor and other health care services; ensuring that a death certificate has been signed; seeing to the care of children and pets; calling other family members and friends; and notifying employers.

Family members will also want to contact a funeral home and/ or church as soon as possible to make arrangements for and advertise a memorial service and burial or cremation.

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In the days following the death, ensure that the deceased’s home continues to be cared for and that the executor of the will and testament has all the documents they require to begin settling the estate, including the will, death certificate, and personal banking and tax information.

Take the time to notify any clubs, associations, and special organizations that the person might have belonged to.

And above all, leave time for mourning and sharing; it may be tempting to set aside any grieving, but it is an inevitable process that can be greatly helped by opening up and acknowledging any feelings that arise.

Power of attorney Apower of attorney, or POA, is a legal document in which a person appoints another (the “attorney”) to act in his or her name in certain matters. A continuing (or durable) POA is used to designate a person to manage one’s financial affairs in the case of mental instability. This document is valid until the death of the “grantor”.

A POA document does not necessarily need to be drafted by a lawyer; however it can be very useful to consult with a lawyer if the circumstances of a situation seem less than clear. It is recommended that a copy be given to the grantor’s bank and lawyer to keep on file.

A non-continuing POA is used in situations where a person will be absent from their financial affairs for a period of time. This kind of document is not valid for cases of mental instability, and is most useful if a person plans to be travelling away from home for a long period of time.

A power of attorney for

personal care (POAPC) can be designated for matters of personal care, such as health care decisions and housing matters.

Naturally, there are some important things to think about in choosing a person to manage one’s personal finances and property. Naming one adult child or sibling as attorney can sometimes cause conflict within a family. Naming a trust company, lawyer, or close friend might be one way to deal with this; alternatively, naming additional family members as POAs is an option.

In every case, it is advisable to require, in the document, that all decisions and actions be reported to specified family members on a regular basis. Keep in mind that unless the document specifies that the attorney is not to be paid, the attorneys may legally claim payment for their work.

Executor of estate Thinking ahead to the end of one’s life is, as they say, weird.

But no matter how old you are, looking ahead and doing some estate planning can offer a lot of peace of mind, both to you and to loved ones.

Choosing a responsible and capable person to be your executor of estate (or “personal representative”) is a good place to start, along with preparing a will. Because the job can involve the collection and payment of debts, income tax filing, reporting assets to the courts, and distributing the estate, it is important to do this carefully.

Although every case is unique, and every jurisdiction subject to different estate and taxation laws, there are still some simple guidelines that can ensure a wise pick. Do consider a spouse, adult child, parent, or adult sibling

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executor of estate, and rituals who is capable. Settling an estate involves a lot of paperwork, and so naming someone who lacks experience or administrative ability will necessitate the hiring of third parties to do the work.

A family member has the added advantage of being familiar with your estate; they will be able to clean out your home and discern which objects are heirlooms, for example.

Choosing a close friend can also be beneficial for these reasons.

Think carefully before appointing an out-of-country executor, as the estate will be taxed according to the tax laws of the executor’s jurisdiction.

Although is it possible to name an out-of-province executor, keep in mind that the designated person will have to travel to

your home town to settle some matters, perhaps on more than one occasion. Appointing a trust company is an option for a larger estate. Their fees may be high, but they are expert and efficient in settling estate matters.

Rituals that help reconcile with a loss Every religion and every culture has its own particular rituals surrounding death. Of course, there may be some pretty big differences between them, but many other elements are similar, starting with the need to try and make sense of the loss. The main goal of a funeral is to bring people together who were close to the person who has passed away. This allows mourners to share their suffering and distress with people who are feeling

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the same emotions. And even if they fail to find an explanation for their ordeal, they can feel comforted by their common quest. Whatever form these rites take, they allow relatives to internalize the reality that they must now forgo the presence of the loved one. Indeed, expressing grief about the loss is another common denominator of funeral rites from one religion to another.

In contemporary society, death seems to be taboo.

Abbreviated funerals, skipping the wake, or avoiding a funeral all together are more common than ever. But psychologists tell us that distancing ourselves from the rituals surrounding the death of a loved one is merely an attempt to deny death itself. It is important to gather and to mark the passing of a loved one in some way.

Fortunately, today many funeral homes allow relatives to live this important stage of grief to the full in a way that suits their needs and the personality of their lost loved one. Whether it includes a memorial service, a lively gathering, special music, or a subdued religious service, it is possible for a funeral to be entirely consistent with the values of the deceased and those left behind.

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How to find a financial planner

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anaging money can be a daunting task. Monitoring retirement and investment accounts can sometimes seem like a full-time job, and that’s in addition to the responsibilities many men and women already face with regards to their careers and families.

Financial planners can help men and women navigate the plan for retirement and help them prepare for unforeseen events that can affect their finances. Finding the right financial planner can be similar to finding a physician; just like you don’t want to trust just anyone with your health, you also don’t want your finances in the hands of someone you don’t trust. The following are a handful of tips for men and women as they look for

financial planners who they can be comfortable with for years to come. · Choose a certified planner.

Many financial professionals claim to be planners, but only those men and women who are certified financial planners, or CFPs, are licensed and regulated.

CFPs must take various classes with regard to financial planning and pass an exam administered by the Certified Financial Planner Board of Standards. In addition, a requirement to maintain their designation as CFPs is that, once certified, CFPs continue their education so they can stay abreast of the latest industry trends and developments. While CFP status does not guarantee a given planner will meet your needs, it’s a good place to start.

· Consider how a CFP earns his or her living. How a CFP earns his or her living is another factor to consider. Commissionbased financial planners earn commissions when buying or selling a stock, while fee-based planners earn a percentage of your annual assets. Many people starting out prefer planners who earn hourly fees, feeling that such a pay structure makes them more comfortable and gives them time to build up a relationship with their planners. · Work with a fiduciary.

Financial planners are held to two standards: the fiduciary standard and the suitability standard. The latter requires that planners give advice that suits investors’ objectives, while the former requires planners to give

advice that puts their clients’ best interests ahead of their own. So what’s the difference? A planner beholden to the suitability standard can recommend the least suitable investment option (which may earn him or her more money) among a handful of suitable options, without having to report to his or her client any conflicts of interest, whereas a fiduciary is obligated to recommend the option that is best for the client. · Be wary of boasts. Some planners will try to impress prospective clients with boastful talk of beating the market. Such boastfulness should raise a red flag, as it suggests a planner is more likely to roll the dice with your money than make sound investments.

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Dr. Gregory Bengtson has spent over 30 years treating dental problems through the practice of implant dentistry.

If you, or someone you know, would like to learn more about these procedures, please call us today. With few exceptions, implant dentistry can make a difference in your life.

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3 ways to quickly pay down college debt

MetroCreative

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tudent loan debt is a big concern for today’s newly minted college graduates.

According to an analysis of government data by Edvisors. com, a website that provides financial information about college to students and parents, the average student in the class of 2015 will graduate with more than $35,000 in student debt.

That figure is roughly $2,000 more than the class of 2014 graduates faced upon receiving their degrees.

With such substantial debts, it’s no wonder many college graduates find themselves looking for ways to pay down that debt as quickly as possible once they leave campus life behind. Paying down college debt may seem daunting at first, but the following are some ways

for recent grads to get out from under that debt sooner rather than later.

1. Pay more than you owe.

The best way to reduce the principal on student loans quickly is to pay more than you owe each month. Once the repayment grace period ends, grads will see what their monthly student loan payment is. Paying more than that amount each month can drastically reduce your repayment period, and you will pay considerably less in interest over the life of the loan.

For example, a graduate who owes $25,000 and pays 6 percent interest annually for 10 years will pay roughly $278 per month to eliminate that loan in exactly 120 months. Over those 120 months, grads will have paid more than $8,300 in interest in addition to

their $25,000 principal. However, grads who pay an additional $50 per month will pay their loans off nearly two years earlier and pay nearly $2,000 less in interest over the life of the repayment.

2. Arrange for automatic deposits into a repayment fund.

One of the more difficult parts of repaying student loans for recent grads is setting aside enough money to pay them off. Upon landing their first professional jobs, new grads are often making more money than they’ve ever earned in the past, and many have no idea how to manage their newfound financial windfalls. In addition to making your monthly payments via your everyday checking account, arrange for automatic deposits into a savings account you will

exclusively use to repay your student loans so you are not tempted to spend that money on more frivolous pursuits. You won’t miss the money if you never get used to having it, and you will celebrate the day the balance in your student loan savings account matches the payoff amount on your student loan balance.

3. Make plans.

Failure to make a plan is one way to miss the opportunity to pay off your college debt as quickly as possible. Make specific financial goals, such as owning your own home in ‘X’ amount of years or saving money for postgraduate tuition. Having specific goals and plans in place can provide the motivation you need to pay down college debt sooner rather than later.

investing for what’s next Preparing for Your

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When to begin saving for retirement

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fter finishing school and landing their first jobs, the furthest thing on many young professionals’ minds is retirement.

Although the day young workers will cash their last paychecks and bid farewell to the workplace may be decades down the road, it’s never too early to begin saving for retirement.

The sooner a person begins saving for retirement, the more time his or her money will have to grow. As more deposits are made and interest is compounded, retirement investments can grow considerably.

Ideally, workers should begin saving as soon as possible.

Compounding interest produces a better return for professionals who start saving when they are young than for those who

delay their retirement savings.

Unfortunately, many of today’s new workers are not prioritizing retirement. According to a study from Hewitt Associates, just 31 percent of Generation Y employees (individuals born after 1978) who are able to deposit money into a 401(k) retirement plan actually do so.

The easiest way to save for retirement is to make the process entirely automatic. One can achieve this by signing up for an employer-sponsored 401(k) or another retirement plan. When opening a 401(k), workers will have a predetermined portion of their earnings deducted from their paychecks and deposited into the retirement account.

Such contributions are made prior to being taxed, adding even

more incentive to begin saving as soon as possible. Money deposited into a 401(k) will then be available for withdrawal when the employee reaches retirement age. If the employer has a matching program, even better, as that means the company will match employee contributions up to a certain percentage.

A person may also want to establish an IRA (individual retirement account). IRAs, which are available as traditional IRAs or Roth IRAs, are typically offered through financial establishments and provide tax-friendly ways to save for retirement. There are differences between traditional IRAs and Roth IRAs, and these differences are related to taxes and may depend on when contributions are made as well

as when withdrawals are made.

Speak with a financial planner to help you determine the IRA best suited to your personal needs.

Young professionals may want to keep more of their retirement funds in stocks and aggressive accounts to earn more. As one gets older and closer to retirement, a conservative approach is more prudent. Advisors may suggest older professionals then begin investing in bonds and other less volatile opportunities.

Professionals of all ages can speak with a financial planner for more information regarding retirement savings. In addition, options to invest through an employer can be discussed with human resources personnel.

You know the difference between a financial advisor and a salesman.

So do we.

When it comes to your investments, you need solid guidance. But how can you be sure your financial advisor isn’t thinking about a commission instead of your future? The key is to find a professional who collaborates with you to set your objectives, and who has the tools and motivation to consider the possible options.

As Morgan Stanley Financial Advisors, we don’t represent products, we represent our clients.

The Clearwater Group at Morgan Stanley 518 Diagonal St Clarkston, WA 99403 (509) 295-5175

www.morganstanleyfa.com/clearwatergroup Timothy Lynch, CFA© Timothy Lynch, CFA© Sr. Portfolio Mgmt Director Sr. Vice Portfolio Mgmt Director Sr. President Sr. Vice President Financial Advisor

Financial Advisor

Kenneth Maestas Kenneth Maestas Vice President Vice President Portfolio Management Director Portfolio Management Director Financial Planning Specialist Financial Advisor Planning Specialist Financial

Eric Justis Eric Justis Financial Advisor

Financial Advisor

Financial Advisor

Parent Complex Address: 500 108th Ave NE, Ste 1900, Bellevue, WA 98004 The appropriateness of a particular investment strategy will depend on an investor’s individual circumstances and objectives. ©2016 Morgan Stanley Smith Barney LLC. Member SIPC. CRC1386308 01/16

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3 ways to maintain good credit

MetroCreative

A

good credit score can go a long way toward helping men and women secure their financial futures. When armed with a good credit score, men and women can secure lower interest rates on mortgages and auto loans, saving them thousands upon thousands of dollars over their lifetimes.

Some people deftly use credit to their advantage their whole lives by never missing a payment or never digging themselves into deep holes with regard to consumer debt.

Others fight an uphill battle, earning a great credit score after digging themselves out of debt accumulated in early adulthood.

Regardless of how men and women made it to the top of the credit score mountain, once they’re there the work has only just begun. Credit scores are fluid, so high scores must be maintained in order for lenders to continue to view prospective borrowers as worthy investments.

The following are a handful of ways consumers can maintain their high credit scores so they can continue to benefit from their well-earned financial reputations.

1. Routinely monitor your score.

Credit scores change constantly, so it’s important that you continue to monitor your score to make sure there are no inaccuracies that can affect your standing. While each of the three major credit reporting agencies (Equifax, Experian and TransUnion) must supply one free copy of your credit report every 12 months upon your request, some credit card companies now offer free monthly credit report updates. Cardholders can take

advantage of such offerings to monitor their scores. Report any discrepancies to the appropriate rating agency immediately.

2. Sign up for automatic bill pay.

Credit scores can plunge quickly when consumers miss payments. No one is perfect, so it’s not out of the question that you might miss a payment one time. Numerous factors contribute to your credit score, but payment history is perhaps the most influential variable when determining the final score, so a single missed payment can do significant harm. One way to avoid that and protect your credit score at the same time is to sign up for automatic bill pay. When signing up, use a bank account that always has a relatively high balance so you don’t run the risk of having insubstantial funds when the money is automatically deducted from your account.

3. Don’t use too much of your credit.

One of the benefits of having a great credit score is your available credit is likely to go up. That’s because lenders see consumers with high credit scores as good investments worthy of higher lines of credit.

But using too much credit, even when you have a high score, can be detrimental to that score.

Credit utilization is another factor used to determine your credit score. Your credit utilization rate is the sum of all your balances divided by your total available credit. A study from CreditKarma. com found a strong correlation between credit utilization rates and credit scores, as consumers who had lower utilization rates generally had higher scores.

While it’s important to use credit (the study also found those with a zero percent utilization rate had lower credit scores than consumers with rates between 1 and 20 percent), avoid using too much of your available credit.

Even if you pay your balances in full and on time each month, a high utilization rate may hurt your score.

Achieving a good credit score is only half the battle for consumers. Once that credit score is high, consumers must take steps to maintain it so

they can continue to benefit for years to come.

Did You Know?

Did you know there are creative ways to support Tri-State Hospital Foundation?

Ways in which Tri-State, you, and your loved ones all benefit at the same time?

Such giving techniques are called “planned gifts,” because with thoughtful planning, you create win-win solutions for you and the only community-owned hospital in the valley.

Discover the Benefits of Giving Wisely We thank all of our planned-gift donors for their generous support.

LEGACY

Legacy Circle is a special club designed to honor those who have recognized Tri-State Hospital Foundation in their estate.

George H. & Marjorie Day † Dr. Wayne and Vivian Day D & L Feeley † Lloyd J. Fountain † Darrell & Carol Gamet Marguerite U. La Hatt † Cecil & Rita Parlet †

Don & Joanne Poe Mary Poe † Walter W. Seibly, MD † Illa Smith Alexander & Beth † Swantz Dale & Verla Ward † Sandra (Ward) Eckmann † Lois D. Williams †

Circle

† Deceased

Please let us know if you have already included Tri-State Hospital Foundation in your estate plan or if you would like more information.

We would love to hear from you!

HOSPITAL

1254 Highland Avenue Clarkston, WA 99403 509.758.4902

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sATURDAY, jANUARY 23, 2016

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Having More Retirement Accounts is not the same as

Having More Money When it comes to the number of retirement accounts you have, the saying “more is better” is not necessarily true. In fact, if you hold multiple accounts with various brokers, it can be difficult to keep track of your investments and to see if you’re properly diversified.* At the very least, multiple accounts usually mean multiple fees.

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