Life Planning Guide, 2021

LIFE PLANNING GUIDE 2021

INSIDE: 3 factors to consider when choosing a mortgage lender What affects credit score? • 3 investing tips for beginners An advertising supplement of the Lewiston Tribune & Moscow-Pullman Daily News

2 | January 23, 2021 | Moscow-Pullman Daily News & Lewiston Tribune

LIFE PLANNING GUIDE

SAVINGS STRATEGIES FOR WEDDINGS Metro Editorial

The question was popped; the engagement ring presented. What’s the next step on the road to the wedding?

Saving should definitely be on couples’ minds.

A wedding is likely the most costly party couples will ever throw. According to The Knot’s 2019 Real Weddings Study, the average cost of a wedding in 2019 was $33,900. There are many different costs associated with weddings. Some are predictable, while others are unexpected.

Investopedia says the vast majority of couples budget too little for their weddings and also end up spending more than they had planned. Various strategies can make it easier to save for a wedding and avoid a post-wedding financial hangover.

GET INFORMED It’s impossible to budget for a wedding and ultimately save without knowledge of what services and items cost in the region where you live. A wedding in New York City will be expensive, while a wedding in

Mississippi will cost a lot less, indicates SuperMoney’s guide to wedding costs.

Conduct some research and find out what photographers, florists, transportation providers, reception halls, and wedding wardrobe vendors charge for common services. This will paint a vivid picture of what a wedding may cost in your area.

FLESH OUT THE BUDGET Once you have gathered estimates, you can then figure out a financial goal. This also is when you can determine where to rein in spending and where you might want to splurge. If having a video memory of the wedding is not a top priority, you can skip videography services. If you have a special flower that you like, you may want to budget more for that bloom even if it isn’t in season.

SET UP A DEDICATED SAVINGS ACCOUNT One of the easiest ways to save for big-ticket items like a wedding, home purchase or other financial goals is to use

an automatic savings account that may be available through your bank or employer.

An automatic savings plan will pull a set amount from a personal checking account into a savings account through auto-draft.

The bride and groom can link individual

checking accounts to one savings account to contribute jointly.

WEDDING

continued on page 15

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Moscow-Pullman Daily News & Lewiston Tribune | January 23, 2021 | 3

START THINKING ABOUT FINANCIAL PLANNING NOW Metro Editorial

Financial planning has become a catchphrase in recent years, and it’s something many consumers may not fully understand. Learning some key components of financial planning can help people have more capital on hand to help them achieve their short- and long-term goals.

A 2018 study commissioned by GuideVine that polled 1,000 Americans 30 and older about their finances found that many lack knowledge of basic financial terms. In addition, the study found that numerous people feel completely lost in regard to having a solid plan with their money. Financial planning can be intimidating, but learning the basics of sound money management can help people secure their financial futures.

According to the online learning resource WiseGeek, financial planning is a process of setting objectives, assessing assets and resources, estimating future

financial needs, and making plans to achieve financial goals. Investing, risk

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management, retirement planning, tax requirements, and estate planning are key

components of financial planning.

To get started with financial planning, the financial guide and online resource Ramsay says individuals will need to see where they stand financially, establish financial goals and create a plan to reach those goals. While a person can create his or her own financial plan, oftentimes the help of a financial planner can make sure that all avenues are being explored, especially for financial novices.

It’s important to note that financial planning may mean different things to different people. For some, planning may revolve around saving for a child’s college tuition but still having enough money left to retire. Another person may be looking to save extra money to invest in a business venture. Others who are living paycheck to paycheck may need help reevaluating their spending so they can grow their savings.

One of the key components of financial planning is to begin doing it as soon as possible. A financial plan can be instituted at any age, and goals can be revisited as life changes occur.

Financial planning strategies are something anyone can learn and utilize to secure their financial futures.

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THE VARIOUS WAYS TO PAY OFF STUDENT LOAN DEBT Metro Editorial

Students and families invest heavily in higher education. Many students rely on student loans to finance their educations.

In fact, students amassed $1.56 trillion in student loan debt by 2020.

According to Forbes, American student loan debt is now the second highest consumer debt category, exceeded only by mortgage debt. The Institute for College Access and Success says the average student loan debt is $32,731, while the median student loan monthly payment is $222.

Some students feel like paying off student loan debt is impossible. Many loan repayment schedules kick in shortly after graduation, and certain borrowers may not yet be making enough money to afford even the minimum payments on their student loans. Thankfully, there are ways to get out from under student loan pressure.

• Investigate income-driven repayment. even promise to forgive any remaining IDR will lower student loan payments balance once the repayment period is up. based on your income, and some plans That period can take between 20 and 25 years.

• Make a move. The Rural Opportunity Zone program encourages Americans to move to rural Kansas to help discourage population decline and to give others the benefits of a lower cost of living.

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• Work in public service. A Public Service Loan Forgiveness program, or PLSF, enables student loan forgiveness in exchange for working for a nonprofit or working in government.

• Refinance the loans. Graduates may not be aware that they can refinance their student loans at a lower rate or choose new loan terms, including variable or fixed rates. Maturity dates can even be renegotiated in certain instances. It’s possible to save thousands of dollars in interest by refinancing, particularly if borrowers have a credit score of at least 650.

• Make more than the minimum payment. Financial advisor Dave Ramsey says making the minimum payments on student loans will not get them paid off fast, and the interest could pile up as well. By paying more than the minimum payments, you can pay down the principal more quickly. Designate tax refunds and salary increases to pay down student loan debt.

• Ask for help. Speak with your boss about whether he or she can help pay off student loans. Some employers offer conditional student loan repayment to employees.

These are some of the ways that student loan debts can be repaid quickly, efficiently and creatively.

HOW TO FIND HELP WITH FINANCIAL PLANNING Metro Editorial

Financial advisors can be invaluable resources for people who need help managing their money. There’s an existing misconception that financial advisors are only for the rich, but anyone can benefit from some guidance in regard to their finances. The key is finding a planner who understands your needs and is willing to work with you, no matter how big or small your financial dreams may be.

According to U.S. News and World Report, some financial advisors are no longer interested in working with people without substantial portfolios. Certain firms have stopped paying commissions to brokers for accounts that are considered small, including customers with assets

worth between $100,000 and $500,000.

While that can make it difficult to find financial help, there are ways to receive assistance.

• Ask friends for recommendations.

If a financial advisor has worked with a colleague, friend or family member, he or she may also be able to provide services to you. To find professionals with reputable credentials, look for someone who has a Certified Financial Planner or Personal Financial Specialist designation. Those who are relying on investment advisors should work with one who has a Chartered Financial Analyst certificate. These

PLANNING continued on page 15

LIFE PLANNING GUIDE

Moscow-Pullman Daily News & Lewiston Tribune | January 23, 2021 | 5

GET IN THE HABIT OF SAVING MORE EACH MONTH

paycheck and 65 percent didn’t know how much they were spending on a monthly basis. The situation is similar in Canada, where the annual BDO Canada Aff ordability Index indicates 53 percent of Canadians are living paycheck to paycheck and 25 percent say their debt load is overwhelming.

While there’s no magic formula

to save money, and the amount of money one should save each month depends on how he or she wants to live now and in the future, a handful of strategies can help people save more money each year.

• Follow the 50/30/20 rule. The popular 50/30/20 rule advocates for allocating 50 percent of your budget

to essentials like rent, food and housing, 30 percent for discretionary spending and 20 percent for savings.

Many people cannot save 20 percent of their income. In such instances, people can make a concerted eff ort to save 10 percent of their take-home pay.

• Build an emergency fund. The credit reporting agency Experian recommends consumers keep between three and six months’ worth of expenses in an emergency fund.

The fund should cover expenses on the absolute necessities paid each month, like utilities rent/mortgage and groceries.

• Set goals. Savings goals can help a person stay on track and provide motivation to put money away.

Establish separate savings accounts for each goal to reduce the temptation to spend. For example, if the goal is to save more for vacations, then a person can open an account where funds are used exclusively for vacations.

• Automate with your employers’ help. Certain employers allow workers to direct deposit a paycheck into more than one bank account. It’s easy to request the payroll manager put 10 percent or 20 percent of a paycheck into a savings account while the remainder is deposited into a checking account. Automated deposits can help individuals get accustomed to living on less.

Saving money isn’t always easy, but with goals and certain strategies in mind, it’s possible for individuals to grow their savings and secure their financial futures.

STRATEGIES TO RECESSIONPROOF YOUR FINANCES

underscores the need to plan for recessions, even during those times when economies are thriving. Taking steps to

STRATEGIES

Metro Editorial

Saving is a vital component of financial planning. However, more than half of Americans are saving too little and do not have an accurate grasp of their spending habits.

A recent survey from Intuit Mint Life found that, in 2019, 59 percent of Americans were living paycheck to

Metro Editorial

“Financial planning” is an umbrella term that can be applied to various aspects of money management. Many people associate financial planning with retirement. However, effective financial planning can help people confront today’s challenges just as much as it can help them prepare for their golden years.

The pandemic that spread across the globe throughout 2020 posed numerous challenges, including a recession sparked by widespread job loss and

declines in economic activity. The U.S. Bureau of Labor Statistics noted that the unemployment rate in the United States exceeded 10 percent in July 2020, while Statistics Canada reported the Canadian unemployment rate was just under 11 percent in that same month. While each country has since witnessed declines in their respective unemployment rates, tens of millions of workers in both nations remain out of work.

The sudden rise in unemployment and decline in global economic activity

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6 | January 23, 2021 | Moscow-Pullman Daily News & Lewiston Tribune

6 TYPES OF HOME LOANS:

WHICH ONE IS RIGHT FOR YOU? and that's the end for a conventional If you're a first-time home buyer loan. A fixedshopping for a home, odds are you should rate loan will be shopping for mortgage loans as well— require a down and these days, it's by no means a onepayment. The mortgage-fits-all model. rise and fall Where you live, how long you plan to of interest stay put, and other variables can make rates won't certain mortgage loans better suited to change the a home buyer's circumstances and loan terms of amount. Choosing wisely between them your home could save you a bundle on your down loan, so payment, fees, and interest. you'll always Many types of mortgage loans exist: know what to conventional loans, FHA loans, VA expect with loans, fixed-rate loans, adjustable-rate your monthly mortgages, jumbo loans, and more. Each payment. That mortgage loan may require certain down said, a fixed-rate payments or specify standards for loan mortgage is best amount, mortgage insurance, and interest. for people who To learn about all your home-buying plan to stay in their home for at options, check out these common types of least a good chunk of the life of the loan; if home mortgage loans and whom they're you think you'll move fairly soon, you may suited for, so you can make the right choice. want to consider the next option.

The type of mortgage loan that you choose ADJUSTABLE-RATE MORTGAGE could affect your monthly payment.

By Jamie Wiebe www.realtor.com

FIXED-RATE LOAN The most common type of conventional loan, a fixed-rate loan prescribes a single interest rate—and monthly payment—for the life of the loan, which is typically 15 or 30 years. One type of fixed-rate mortgage is a jumbo loan.

Right for: Homeowners who crave predictability and aren't going anywhere soon may be best suited for this conventional loan. For your mortgage payment, you pay X amount for Y years—

Unlike fixed-rate mortgages, adjustable-rate mortgages (ARM) offer mortgage interest rates typically lower than you'd get with a fixed-rate mortgage for a period of time—such as five or 10 years, rather than the life of a loan. But after that, your interest rates (and monthly payments) will adjust, typically once a year, roughly corresponding to current interest rates. So if interest rates shoot up, so do your monthly payments; if they plummet, you'll pay less on mortgage payments.

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LIFE PLANNING GUIDE the life of the loan—which hovers at around 1% of the cost of your loan amount.

VA LOAN If you've served in the United States military, a Veterans Affairs or VA loan can be an excellent alternative to a conventional loan. If you qualify for a VA loan, you can score a sweet home with no down payment and no mortgage insurance requirements.

Right for: VA loans are for veterans who've served 90 days consecutively during wartime, 180 during peacetime, or six years in the reserves. Because the home loans are government-backed, the VA has strict requirements on the type of home buyers can purchase with a VA loan: It must be your primary residence, and it must meet “minimum property requirements" (that is, no fixer-uppers allowed).

USDA LOAN Another government-sponsored home loan is the USDA Rural Development loan, which is designed for families in rural areas. The government finances 100% of the home price for USDA-eligible homes—in other words, no down payment necessary—and offers discounted mortgage interest rates to boot.

Right for: Borrowers in rural areas who are struggling financially can access USDA-eligible home loans. These home loans are designed to put homeownership within their grasp, with affordable mortgage payments. The catch? Your debt load cannot exceed your income by more than 41%, and, as with the FHA, you will be required to purchase mortgage insurance.

Right for: Home buyers with lower credit scores are best suited for an adjustablerate mortgage. Since people with poor credit typically can't get good rates on fixed-rate loans, an adjustable-rate mortgage can nudge those interest rates down enough to put homeownership within easier reach. These home loans are also great for people who plan to move and sell their home before their fixed-rate BRIDGE LOAN period is up and their rates start vacillating.

Also known as a gap loan or “repeat However, the monthly payment can fi nancing," a bridge loan is an excellent fluctuate. option if you're purchasing a home before FHA LOAN selling your previous residence. Lenders will wrap your current and new mortgage While typical home loans require a payments into one; once your home is sold, down payment of 20% of the purchase price of your home, with a Federal Housing you pay off that mortgage and refinance.

Right for: Homeowners with excellent Administration, or FHA loan, you can put credit and a low debt-to-income ratio, down as little as 3.5%. That's because and who don't need to finance more than Federal Housing Administration loans are 80% of the two homes' combined value. government-backed.

Meet those requirements, and this can Right for: Home buyers with meager be a simple way of transitioning between savings for a down payment are a good two houses without having a meltdown— fit for an FHA loan. The FHA has several financially or emotionally—in the process. requirements for mortgage loans. First, For more smart financial news and most loan amounts are limited to $417,000 advice, head over to MarketWatch. and don't provide much flexibility. FHA Jamie Wiebe writes about home design loans are fixed-rate mortgages, with either and real estate for realtor.com. She has 15- or 30-year terms. Buyers of FHApreviously written for House Beautiful, Elle approved loans are also required to pay mortgage insurance—either upfront or over Decor, Real Simple, Veranda, and more.

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Moscow-Pullman Daily News & Lewiston Tribune | January 23, 2021 | 7

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LIFE PLANNING GUIDE

WAYS TO CUT COSTS DURING RETIREMENT Metro Editorial

The average person will spend more than 50 years in the employment sector.

As retirement draws closer, many professionals begin to daydream about giving up the commute and having more time to pursue their personal interests.

Even if planning for retirement has been many years in the making, it can take some time for a person to become acclimated to having less income. According to data from the Bureau of Labor Statistics, Òolder households,Ó which are defined as those run by someone age 65 and older, spent an average of $45,756 in 2016, or roughly $3,800 a month. That’s roughly $1,000 less than the monthly average spent by typical American households. Housing, transportation, health care, and food are some of the biggest bills retirees will have to account for. Aiming to have savings in addition to any other retirement income or government subsidy coming in to cover that amount is a step in the right direction.

Retirees can make their money go further if they take inventory of their spending and make some cuts where possible.

• Know where your money is going.

It’s impossible to save without knowing what your expenses are each month.

Many people are surprised to learn how much little things add up over the course of a month. For example, spending $4 for a take-out coffee each day can quickly become an expensive luxury. Add all expenses and see where you can trim, especially if there’s a deficit each month.

• Consider extra health care. In the United States, Medicare participants can choose Medicare Supplement Insurance plans to help reduce out-of-pocket health care costs. Medicare Parts A and B only cover some of your health care costs. Supplemental insurance can cover some of the costs not covered by original medicare, like copayments, deductibles and coinsurance, according to AARP.

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• Pare down on possessions. Take inventory of what you have and scale back where possible. If you are no longer commuting to work, you may be able to become a one-car household. Downsizing your residence can help seniors avoid spending too much of their retirement time and money maintaining their homes.

• Take advantage of senior discounts.

Take advantage of the many discounts that are offered to seniors. Retirees can usually save on restaurants, travel, groceries, and much more by simply shopping on specific days or verifying their age when checking out.

• Purchase less expensive life insurance. According Cheapism, a site that

advises consumers about how to be more frugal, the chief purpose of life insurance is to replace income to ensure the financial security of dependents in the event of death. Retirees may have no dependents and little income. Therefore, a large life insurance policy may not be necessary, especially if you’ve already set aside funds to cover funeral costs.

• Pay off a mortgage. Housing is many people’s most substantial expense. Paying off a mortgage can free up more money each month and allow retirees to spend their golden years doing as they please.

As retirement nears, adults can employ various strategies to reduce their monthly expenses.

WHAT IS THE 50-30-20 APPROACH? Metro Editorial

Effective financial strategies vary depending on which stage of life a person is in. For example, a recent college graduate working his or her first professional job will not have the same financial strategy as someone on the cusp of retirement. But one financial strategy that people of all ages can look to for guidance is the 50-30-20 approach.

Popularized by United States Senator Elizabeth Warren, the 50-30-20 approach to financial planning can be a valuable resource for anyone trying to develop a budget. The approach is simple yet

effective. Under the 50-30-20 approach, income is allocated based on this breakdown: • 50 percent of money is spent on needs, including housing costs, health insurance, car payments, and groceries • 30 percent of money is spent on wants, including hobbies, dining out and travel • 20 percent of money is allocated to savings Proponents of the 50-30-20 approach

50-30-20

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LIFE PLANNING GUIDE

Moscow-Pullman Daily News & Lewiston Tribune | January 23, 2021 | 9

COMPONENTS PROSPECTIVE BUSINESS OWNERS SHOULD INCLUDE IN THEIR FINANCIAL PLANS Metro Editorial

Financial plans can help consumers and companies take greater control of their financial futures. According to the financial wellness resource SmartAssetª, a financial plan is a comprehensive overview of financial goals and the steps needed to reach those goals. The plan prioritizes the goals, then outlines exactly what is needed to achieve them.

While financial plans are often discussed in terms of individuals’ retirements, financial planning also is vital for prospective business owners. Financial plans for businesses can help business owners set goals that they can use to help their businesses thrive. By including certain components in those plans, business owners can get an accurate idea of what it will take to make their businesses successful.

CASH FLOW STATEMENT A cash flow statement will illustrate the income sources and expenses of a business entity. Without knowing how much cash you have on hand and how it is

being allocated, you will have a difficult time managing a budget. Business owners will need a cash flow statement when seeking funds from lenders and investors.

BALANCE SHEET A balance sheet is a financial statement that includes assets, liabilities, equity capital, total debt, and more. A balance sheet establishes a company’s financial position at a particular moment in time, and better illustrates what the company owns and what it owes.

PROFIT AND LOSS STATEMENT According to the business plan advisor BPlans, a profit and loss statement, often referred to as a P&L, is an explanation of how a business made a profit or incurred losses over a certain period of time. It lists all revenue streams and indicates the total amount of net profit or loss.

SALES FORECAST A sales forecast is a projection of what a business owner thinks will sell in a given period. This is an incredibly important

part of the financial plan, especially when reaching out to investors. It also should be an ongoing part of the planning process so your company can keep moving forward.

Financial plans differ due to a variety of factors. But the most effective business plans all include a realistic vision of a company’s finances and its financial goals.

HOW SMALL BUSINESSES CAN PLAN FOR FINANCIAL UNCERTAINTY Metro Editorial

The uncertainty wrought by the pandemic has affected people from all walks of life. In the winter of 2019-20, the outbreak of the novel coronavirus COVID-19, and the ensuing measures implemented in the hopes of curbing the spread of the potentially deadly virus, changed the way people live and how companies do business.

Some companies have thrived during the pandemic, while others have faced unprecedented challenges. Many small businesses have been hit especially hard since the pandemic began, prompting many small business owners to express concerns about their long-term viability.

A recent MetLife & U.S. Chamber of Commerce Small Business Coronavirus Impact Poll found that 70 percent of small business owners are concerned about financial hardship due to prolonged closures, while 58 percent worry that

they will have to permanently close their businesses as a result of the pandemic.

Few people, if anyone, likely saw the pandemic coming, which is perhaps why the resulting financial uncertainty has proven so difficult to comprehend. As the months go by and COVID-19 case numbers again being to increase all over the globe, small business owners are understandably concerned by the potential implementation of additional lockdown measures to stop the spread of the virus. However, there are steps small businesses can take so they’re ready for any additional financial uncertainties that arrive in both the near and distant future.

• Build cash reserves. Cash on hand can help small business owners in much the same way that sizable savings accounts can help laid off workers overcome a sudden loss of income. Forced closures

PLAN

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HOW EXPENSES CAN CHANGE DURING RETIREMENT Metro Editorial

Work is a major component of daily life, so much so that Andrew Naber, an industrial and organizational psychologist and an associate behavioral scientist at RAND Corp., determined that the average person spends 90,000 hours at work over the course of his or her lifetime. According to a 2014 Gallup poll, the average American retires at age 62, but roughly 64 percent of professionals bid farewell to the workplace between ages 55 and 65.

Retirees must make a number of adjustments once they call it a career.

No such adjustment is as significant as the financial one. Most people find their post-retirement income is considerably less than when they were working full-time. That is why financial planners often recommend saving and investing enough during working years to be able

LIFE PLANNING GUIDE

to replace 80 percent of preretirement income. Certain expenses get lower after retirement, but some will rise. Here’s a look at what to expect when the bills come due during retirement.

• Food costs: Food costs may go down in retirement because shopping and preparing meals for one or two people is much less costly than feeding a family of four or more. However, dining out may increase as you have more free time to visit local eateries.

• Automotive costs: According to data from the U.S. Department of Transportation, the average commuter spends 25.8 minutes behind the wheel twice a day, and the average driver puts in 13,474 miles behind the wheel each year Ñ with people between the ages of 35 and 54 clocking close to 15,000 miles. Less time spent in the car means fewer gasoline

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fill-ups and longer durations between oil changes and other services. In addition, based on the Internal Revenue Service reimbursement rate of 58 cents per mile, a typical commute of 20 to 30 miles a day costs $11 to $16 a day or $55 to $80 a week.

In a year, you could easily be spending $2,000 to $4,000 a year commuting if you live within 15 miles of your job. Without commuting, that cash stays in your pocket.

• Taxes: Many people can expect to be done paying federal income taxes when they are retired and no longer earning an income. If the majority of retirement savings were in Roth IRA accounts, contributions are available for withdrawal tax- and penalty-free at any age.

• Housing: Your mortgage may be paid off before or soon after retirement. That eliminates the single largest expense in

many people’s budgets. If your home will not be paid off, it’s possible to downsize to reduce monthly payments.

• Travel: While many other expenses can go down, travel is one expense that can shoot up during retirement. But many people are happy to bear this cost. With more time for travel, retirees may allocate more funds toward vacations and other great escapes.

• Health care: Seniors often see their health care needs and costs go up after retirement. It’s important to understand what is covered by health plans, and it’s equally important to set money aside for unforeseen medical expenses.

Many costs of living decrease after retirement. However, it is wise to take in the whole picture to understand how to budget for retirement.

LIFE PLANNING GUIDE

Moscow-Pullman Daily News & Lewiston Tribune | January 23, 2021 | 11

HOW TO SAVE ON FAMILY EXPENSES No one knows when the pandemic will end and life will return to normal, so families facing financial uncertainty can benefit from tightening their belts for the long haul. Thankfully, there are various ways for families to cut costs that won’t adversely affect their quality of life. ¥ Plan more meals. Impulse buying is one of the most costly ways that families overspend. A 2018 survey from Slickdeals. net found that the average consumer in the United States spends $5,400 annually on impulse buys. More than 70 percent of impulse spending goes toward food.

Families looking to cut costs can plan more meals so they know what they need when they visit the grocery store, which should reduce the amount of money they spend on spur-of-the-moment purchases. ¥ Simplify special occasions. It can be fun to go a little overboard for birthday parties, anniversaries and holiday gatherings. However, such spending should be seen as a luxury during a recession. Momentous occasions can be both special and inexpensive. Birthday picnics in the park or at the beach can be

just as unique and memorable as lavish parties, and they won’t cost nearly as much. Parents can agree to forgo giftgiving on anniversaries or birthdays, opting instead for romantic homemade dinners. ¥ Think of new ways to get away. Many families canceled or postponed vacations in 2020 as travel restrictions and social distancing guidelines greatly limited travel options. While it might be possible to travel safely again in 2021, families still dealing with the fallout from COVID-19 may be hesitant to plan traditional vacations. Thankfully, there are ways to get away without breaking the bank. Many campsites are free or charge nominal fees to use their facilities, and such excursions can be great ways for families accustomed to flying and five-star hotels to enjoy new experiences.

The pandemic has posed financial challenges for millions of families. But there are ways for families to reduce their spending without cutting back on their quality of life.

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United States, which was lower than 4 percent in the weeks prior to the WHO’s The pandemic sparked by the spread pandemic declaration, was nearly 15 of the novel coronavirus COVID-19 in the percent by mid-May. While that figure winter of 2019-20 blindsided much of the dropped to less than 9 percent by the world. Since the World Health Organization end of summer, many families are still declared a pandemic in March, millions confronting financial challenges stemming of people across the globe have lost their from the pandemic. Some parents may still lives, while hundreds of millions more be out of work, while others are working on have lost their livelihoods. reduced salaries as their employers try to Data from the Bureau of Labor Statistics overcome the economic challenges posed indicates the unemployment rate in the

by COVID-19.

Metro Editorial

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Our firm has significant experience in elder law, special needs trusts, guardianship, and estate planning for small to large estates. Attorneys Paul B. Burris and Christopher J. Moore are certified as Estate Planning Law Specialists by the National Association of Estate Planners and Councils, a designation for which only six attorneys in Idaho have received. Please consider us for your planning issues.

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12 | January 23, 2021 | Moscow-Pullman Daily News & Lewiston Tribune

LIFE PLANNING GUIDE

FORMS AND DOCUMENTS YOU MAY NEED FOR YOUR 2020 TAX RETURN Metro Editorial

Tax season is upon us. The deadline to file tax returns in 2020 is Wednesday, April 15. The Internal Revenue Service began accepting individual tax returns on January 27, 2020, and people can file their returns in various ways.

Before men and women can begin preparing their returns, they first must gather all of the necessary forms and documents.

If any forms are not included, taxpayers may have to prepare tax amendments, which leads to more work and may delay the time it takes to receive a refund.

Taxpayers who have questions about their returns can access 24hour tax help via the IRS website at www.irs.gov.

According to eFile.com, an authorized IRS efile provider, the

following forms and documents may be needed in order for taxpayers to file their returns promptly and correctly.

TAXABLE INCOME FORMS, DOCUMENTS • W-2 Form(s) for wages, salaries and tips • Interest income statements: Form 1099-INT, 1099-OID • Dividend income statements: Form 1099-DIV • Sales of stock, land, etc. for capital gains: Form 1099-B • Sales of real estate: Form 1099-S • State tax refunds: Form 1099-G • Alimony received or paid • Unemployment compensation received • Miscellaneous income: Form 1099-MISC • Retirement income: Form 1099-R • Social security income and railroad retirement income: Form SSA-1099 • Business income and expenses

• Rental income and expenses • Farm income and expenses • Form K-1 income from partnerships, trusts, and S-corporations • Tax deductible miles traveled for business purposes

TAX CREDITS • Child tax credit • Child care provider address, I.D. number and amounts paid for the child and dependent care credit • Earned income tax credit (EITC) • Adoption expense information for the adoption credit • Foreign taxes paid • First-time home buyer tax credit

TAX DEDUCTIONS AND EXPENSES • • • • •

Medical expenses for the family Medical insurance paid Prescription medicines and drugs Doctor and dentist payments Hospital and nurse payments

• Tax deductible miles traveled for medical purposes • Home mortgage interest from Form 1098 • Home second mortgage interest paid • Real estate taxes paid • State taxes paid with last year's return (if claiming itemized deductions) • Personal property taxes paid • Charitable cash contributions • Fair market value of non-cash contributions to charities • Unreimbursed expenses related to volunteer work • Tax deductible mileage for volunteer purposes • Casualty and theft losses • Amount paid to professional preparer last year • Unreimbursed expenses related to your job • Miles traveled related to your job • Union and professional dues • Investment expenses • Job-hunting expenses • IRA contributions

• Student loan interest paid • Moving expenses • Last year's tax return preparation fee

TAX ESTIMATE PAYMENTS • Estimated tax payments made with ES vouchers • Last year's tax return overpayment applied to this year • Off-highway fuel taxes paid

GENERAL INFORMATION • Copy of last year's tax return • Social security numbers for you and your spouse • Educational expenses for you and your spouse • Dependents' names, years of birth, and social security numbers • Dependents' post high school educational expenses • Child care expenses for each dependent • Prior year adjusted gross income (AGI) • Routing transmit number (RTN), for direct deposit/debit purposes • Bank account number (BAN), for direct deposit/debit purposes

More information about filing 2020 tax returns can be found at www.irs.gov.

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LIFE PLANNING GUIDE

Moscow-Pullman Daily News & Lewiston Tribune | January 23, 2021 | 13

7 WAYS TO SAVE MORE FOR RETIREMENT Metro Editorial

Retirement seems like a lifetime away for young professionals. But as careers advance, families are started and milestones are met, retirement can start to feel a lot closer.

A 2014 Gallup poll indicates that most Americans now retire at age 62. That is a good starting point when planning your retirement. The earlier you start establishing savings goals and putting plans in motion, the more likely you will be to retire on time without having to worry about money. These strategies can help you save more for retirement years.

1. Raise — what raise? If you’re lucky enough to get a salary increase at work, direct the extra money into retirement savings accounts and act like the raise never happened. You won’t miss the extra money since you were not accustomed to earning it, and redirecting it into retirement savings can go a long way toward procuring your financial future.

2. Max out deposit limits. By depositing the maximum allowable amount into your retirement accounts each year, you can grow your retirement savings quickly and earn considerably more interest on your money over the life of the account.

3. Allocate your tax refund. Elect to apply your tax refund to a traditional IRA or Roth IRA. 4. Take advantage of employers’ offers to match retirement contributions. Many employers will match 401(k) contributions if you save enough to qualify. This is an easy way to save without having to put in any extra money out of your own pocket.

Make sure you’re vested in the 401(k) plan so that the employer contributions can be taken with you if you leave a job.

5. Open a Roth IRA. A Roth IRA is a retirement savings vehicle that enables you to pay taxes on the money you put in up front. When you become eligible to withdraw the funds (after age 591Ú2), they are tax-free.

6. Aim for a 15 percent investment.

Start investing 15 percent of gross income for retirement once you’re debt-free and have a fully funded emergency fund.

Such a strategy can go a long way toward ensuring you have enough money to do what you want throughout retirement.

7. Make calculated cuts. Think about which items you can live without and dedicate what you would spend on those

expenditures to retirement. For example, calculate the difference between buying a new car and a certified pre-owned model.

Deposit the savings into retirement.

Can you skip a vacation this year and do a staycation instead? Forgoing certain luxuries can help you build retirement savings.

Saving for retirement becomes a little easier with strategies that can make money go further.

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14 | January 23, 2021 | Moscow-Pullman Daily News & Lewiston Tribune

QUESTIONS TO ASK AFTER TAKING A PAY CUT Metro Editorial

The outbreak of the novel coronavirus COVID-19 in the winter of 2019-20 left no part of life as the world knew it untouched.

Students were instructed to stay home from school, professionals were told to avoid their offices and families were told to limit the size of gatherings for momentous occasions like birthdays and weddings.

The economic fallout of the pandemic has been considerable. Unemployment rates skyrocketed across the globe seemingly overnight. While global unemployment figures are difficult to determine, estimates from the International Labour Organization in June 2020 indicated that working hours fell by 14 percent during the second quarter of 2020. That equates to roughly 400 million lost full-time jobs.

Many people who have been fortunate enough to remain employed throughout the pandemic have taken pay cuts as their employers try to stay afloat during what’s proven to be a time of unprecedented

PLAN

continued from page 9 hurt many small businesses because their bills still came due even if government officials deemed them ÒnonessentialÓ and forced them to close. Rent was still due each month and, in many instances, contracts signed prior to the pandemic still had to be honored, even if companies were no longer generating revenue. Many small businesses operate on slim margins that make it hard to save while still improving the business. But small business owners

economic challenges. Pay cuts can throw professionals’ carefully formulated financial plans into disarray. But salary reductions need not derail those plans, especially if professionals ask the right questions when informed that their pay is being reduced.

WHEN WILL THE SALARY REDUCTION TAKE EFFECT? This is an important question for any professional to ask, but it can be especially so for workers who use automatic bill pay.

You will want to ensure that your accounts have enough money to cover the month’s bills before they come due, so don’t hesitate to ask when pay cuts will go into effect if that information has not been shared.

who make concerted efforts to build their cash reserves without compromising their offerings should be in better position to withstand financial uncertainty in the years to come.

• Watch inventories carefully. The Small Business Administration recommends that small business owners keep watchful eyes on their inventories. The goal in doing so is to ensure you can continue to meet sales needs without ending up with a stockpile of leftover merchandise that’s difficult to move if or when retail sales slump.

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Long-term financial planning is based on long-term salary expectations, so it’s alright to ask if the company has an idea about how long reductions will remain HOW MUCH IS MY in place. Some may be indefinite, and SALARY BEING REDUCED? that knowledge can help professionals Many companies have instituted uniform reconfigure their budgets so their longpay cuts during the pandemic, while others term financial plans stay the course as much as possible. have not. Some may be asking higher

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paid executives to take more significant, percentage-based pay cuts, while others have postponed bonuses. Reductions can be highly complicated, and employees should not hesitate to ask just how much their pay will be reduced. Knowing what’s coming in is an essential component of financial planning, so professionals whose employers have been vague with details can reach out to human resources to determine just how much their bottom lines will be affected.

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LIFE PLANNING GUIDE WILL CUTS BE MADE ELSEWHERE? Ask if health care costs will rise as a result of salary reductions. In addition, if the company matches 401(k) contributions, inquire if that will continue.

If the company does not intend to continue matching, professionals who can afford to do so may want to increase their own 401(k) contributions to account for the loss of matched funds.

DOES THE COMPANY ANTICIPATE ADDITIONAL CUTS IN THE FUTURE? Some companies may be straightforward and acknowledge that the uncertainty surrounding the pandemic makes it likely that future pay cuts will be considered. Others may already have strategies in place that allow them to make the pay cuts a one-time thing. Employees can seek this information to alleviate stress and to inform decisions about their short- and long-term finances.

Salary reductions have taken place at many companies throughout 2020.

Employees concerned by such pay cuts can express those concerns to their employers by asking some thoughtful questions.

Stocking up on more than you need to meet sales needs can eat up cash that you can otherwise use to build your reserves.

• Reduce rented space if possible. One potential positive that may come from the pandemic is that many workers and businesses deftly handled the transition from in-office working to remote working.

Small businesses that successfully made that transition can safeguard themselves against future uncertainty by reducing their office space. Small business owners can renegotiate existing leases to allow for subleasing or simply move into smaller offices when existing leases expire. Money saved on office rentals can be redirected to help businesses grow their cash reserves.

Effective planning can help small business owners weather financial storms that can arise unexpectedly.

50-30-20

continued from page 8 note that calculations should be based on after-tax income, or what’s often referred to as “take-home pay.” Professionals with steady paychecks can easily determine their 50-30-20 breakdowns

by saving a month’s worth of pay stubs and establishing their monthly budget based on what’s coming in. The task can be trickier for self-employed or freelance workers, who may benefit from working with financial planners as they seek to create monthly budgets based on the 5030-20 approach.

LIFE PLANNING GUIDE

Moscow-Pullman Daily News & Lewiston Tribune | January 23, 2021 | 15

STRATEGIES continued from page 5

WEDDING

continued from page 2 AVOID OVERSPENDING An analysis of your spending habits will likely reveal areas where you can scale back so you can devote more funds to wedding savings. Do you need a takeout coffee in the morning or can you brew a pot at home? Might you be able to scale back on streaming services? Do you feel comfortable buying less expensive store brand groceries over name brands? Small cost savings can quickly add up.

to money management. Such an approach advises people to devote 50 percent of their earnings to needs, 30 percent to their wants and 20 percent to savings. Spending more than 30 percent on wants can make it difficult to build up a savings account to levels that can protect you in the event of a recession.

• Expect the unexpected. The American economy was doing historically well as recently as January, only to have the bottom fall out during the pandemic. If you want to recession-proof your finances, do not take your foot off the gas in regard to insulating yourself from the next recession. No matter how strongly the economy is performing, continue to expect the unexpected and prioritize saving so you have a soft landing awaiting you should the economy again take a sudden turn for the worse.

The timing of recessions is unpredictable, but they are inevitable.

Effective financial planning can help anyone overcome the challenges posed by economic downturns.

ADD UP GIFTS Factor in deduction of expenses that other people will commit to covering for wedding expenses, but only if you have concrete confirmation. A parent may host the rehearsal dinner. One’s relative may offer to pass down an antique wedding gown to wear. But rather than simply removing these gifts from your savings calculations, keep them as a safety net to put toward unforseen expenses.

Saving for a wedding can be challenging.

But various strategies can help couples plan their dream weddings without breaking the bank.

PLANNING

continued from page 4 credentials are indicative of proficiency in financial planning.

• Look around online. Various online resources, including U.S. News & World Report, offer searchable databases.

The Garrett Planning Network at garrettplanningnetwork.com offers a map of the United States where users can find financial advisors in their areas who cater to the middle class.

• Contact a professional association.

The National Association of Personal Financial Advisors can provide resources for finding local financial advisors. Visit www.napfa.org for a listing. Middleincome individuals can look at the Accredited Financial Counselor website at www.afcpe.org to find professionals.

Accredited financial counselors often focus on helping low- and middle-income people at affordable prices with relevant financial assistance.

• Research compensation. Financial advisors may receive compensation in one of two ways: fee-only and nonfee-only. A fee-only advisor typically charges an hourly fee or flat rate for services. A non-fee-only advisor may be compensated at a percentage of assets earned or may receive incentives and commissions from their companies based on preestablished sales goals or objectives. There are no right and wrong answers to fee schedules, but find a situation that works for you.

Some people need help navigating the ropes of financial planning. Financial planners can help people from all backgrounds establish and achieve their financial goals.

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recession-proof your finances is an important component of financial planning that can help people overcome the stress of living during a downturn.

• Build up your savings. A recent poll from the Kaiser Family Foundation found that 45 percent of adults said their mental health had been negatively affected due to stress related to the virus. That poll was conducted in March, shortly after lockdown measures were instituted and the term Òsocial distancingÓ entered the North American lexicon. As the pandemic wore on through the summer, fall and into the winter, stress remained a big concern for many people. Much of that stress stemmed from the economy, but one way to ease that stress is to have a substantial amount of money in savings. Each person’s financial needs are different, but many planners recommend clients have at least six months’ worth of expenses in their savings as a cushion to help them get through job loss.

• Pay down debt. Debt, particularly high-interest debt, can compromise your ability to save. A 2019 survey from Bankrate.com found that 13 percent of Americans admitted that debt was preventing them from saving more money.

Pay down debt like credit cards and only make credit card purchases if you have the money to pay the bill in full when it’s due.

• Avoid overspending. Many financial planners recommend a 50-30-20 approach

16 | January 23, 2021 | Moscow-Pullman Daily News & Lewiston Tribune

LIFE PLANNING GUIDE

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