Life Planning, January 2013

lifeplanning GUIDE 2013

When Home Alone Isn’t Enough Improve Your Financial Standing Today

The $23,000 Mistake: What You’re Doing Wrong – and How to Get it Right!

Life Insurance for Beginners

ABC’s of Retirement Planning

Rules of the Road: Auto Insurance

Is Your Nest Egg a Goose Egg? Catch Up on Saving

Healthier and Wealthier?

Pop Quiz: Money Matters

How to

Get Smart Quick About Money

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N ow moving here can be as rewarding as living here.

Today you could be getting more out of life — free to do what you want. You could be making new friends.

And feel a real sense of belonging. And right now, you could also be getting something else that doesn’t come along every day. Moscow Village and Fairview Village Estates is offering a spring move-in special for their senior living apartments.

To learn more about our move-in incentives, call (208) 882-6560.

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So, you’re no Warren Buffett. But even the average Joe – and Jane – can develop the knowhow to make smart, informed financial decisions. Here’s how.

cially how others survived hardships, can help you make good decisions.

Start reading your local paper, Wall Street Journal, Investor’s Business Daily, Smart Money, Worth, Fortune, Working Woman, Business Week and watching CNBC.

Learning to understand money and investments helps you make informed and effective decisions. Books, newspaper articles, online resources, magaby N an e t t e W i s e r zines and workshops can help you and your children prepare for the future.

How can you safeguard and grow According to the Council for your family’s financial health? Everyone Economic Education, many schools worries about money regardless of his and colleges now include personal or her net worth. Here’s the secret: finance education programs in their Knowledge is power. curriculum. By doing this, you can avoid the old adage pitfall: A fool and A smart fiscal roadmap begins with his money are soon parted. understanding your finances, terms and options. Unfortunately, Americans trail “Most local vocational high schools behind Brazil, Mexico and Australia in and community colleges offer a perfinancial literacy according to the 2012 sonal finance course where you can Global Financial Barometer. learn how to establish a personal budget and gain an understanding of difIt doesn’t have to be overwhelming. ferent investments,” says William Find a financial advisor or mentor to Mahnic, associate professor of banking recommend useful news you can use. and finance at Case Western Reserve Join an investment or financial book University in Cleveland. That’s “a lot club. Sharing financial wisdom, espeof bang for your buck,” he adds.

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LIFE PLANNING GUIDE

Ask yourself how financially literate you – or your children – are. Do you know how to craft a budget and stick to it? Do you understand the basics of credit and debt? Are you saving enough for retirement – or your child’s college education? When filling out your tax return, are you taking advantage of every deduction you deserve? Do you know how to protect your portfolio from volatility in the markets?

doesn’t mean they should plan your investments. Research the advisor, get references, check their credentials and always make sure they empower you with knowledge to make good decisions. Check and double check all of your financial documents and resources and learn to comparison shop, from banks to credit cards. Read the fine print on all disclosure documents from your bank, your credit card and your investment group. Understanding the Make it your business to understand important details about interest rates, the 101 of banking services, credit late fees and how much cash advances terms, checking accounts, how to track cost helps you avoid unforeseen chargyour money, how to rebuild credit, how es and determine if your financial instito keep your identity profile safe, even tution is right for you. the pros and cons of home ownership vs. renting. If you’re looking to invest, Set up a budget and learn to track it’s important to understand the stock your spending either with paper and market, mutual funds, bonds and other ink or software such as Quicken, investment terms. Know the wealth Microsoft Money or Mint.com. Make words (trade confirmation, proxy) and files for bills and financial records. Get read the annual report of companies a handle on how many accounts you before you buy the stock. have, how much money is in each and what rate of interest you are earning. It Financial advisors come in all shape doesn’t pay to have cash sitting there, and sizes. Do you need a tax preparer, earning nothing. stockbroker, a CFC, CFP, LUTCF or FC? Just because they have initials, Learn the basics such as living within

The annual returns on various types of investments from 1926 through 2011:

What’s My Return?

0%

3%

6%

9%

Small company stocks

11.9 %

Large company stocks

9.8 %

Government bonds Treasury bills

12%

5.7% 3.6 %

Source: Ibbotson Associates

your means and preparing for retirement. Develop good habits, such as consistently saving, putting aside 10 to 20 percent of your earnings. Plan for your tax bracket bite and review the benefit of pre-tax direct paycheck withdrawals to a 401(k), perhaps one with an employee-matched contribution.

shopping trips and discuss what makes things too expensive or visit your bank so they can learn to prepare deposits or balance checkbooks, even start a savings account.

The challenge is to create a generation of smart savers and savvy investors. There’s even a Financial Literacy Teach your children well. Get them and Education Commission working involved early in saving for things they with the Department of Education to want and earning money through develop financial literacy modules for chores and small jobs, like raking leaves school. Call the toll-free hotline (888for neighbors and selling cookies. Help MYMONEY) to order a package of them create a budget based on their information. annual allowance. Take your child on © CTW Features

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Pop Quiz: Money Matters Knowledge is power. Grab a pencil and see what you know – or don’t – about some numbers that shape your life.

1. More than half of consumers think saving for retirement is more difficult than: A Training for a marathon B Learning a new language C Hitting a hole-in-one D Quitting smoking 2. What percentage of U.S. adults do not have a savings account?

A 27 percent B 57 percent C 77 percent 3. What percentage of people 65 to 74 require personal assistance to manage some

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LIFE PLANNING GUIDE

activities of daily living, such as using the telephone, shopping, meal preparation or managing money?

A 35 percent B 45 percent C 55 percent D 65 percent 4. Fifteen years ago half of all non-retirees said they expected to retire before age 65.

About what proportion of non-retirees has that expectation today?

A One-third B One-quarter

5. Which of the following is the biggest contributing factor in the calculation of your FICO Score, the measure of consumer creditworthiness?

A Payment history; consistently

making payments on time B Keeping low revolving balances low; never maxing out your card C Never using credit cards at all D Having multiple credit cards with high balances

10. What percent of people with a 401(k) retirement savings account that allows loans have borrowed from it?

11. Medicare covers approximately what percentage of the cost of health care services (not including long-term care) for beneficiaries 65 and older?

A 40 percent B 50 percent C 60 percent D 70 percent

6. A year’s stay in a nursing home is less expensive than a year’s tuition at Harvard University. True or false?

12. Social Security pays benefits that are – on average – equal to what percent of preretirement earnings? © CTW Features iStock Photo

7. What is the average American’s life expectancy?

8. Which age group expresses the greatest doubt that they will have enough to live on in retirement?

A 35 to 44 B 55 to 64 9. Households headed by adults 35 to 44 lost the most wealth in the last decade. By what percentage did this group’s wealth decline from 2001 to 2010?

LCCU When it comes to your to-do list,

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Two-thirds of middle-class Americans say they have made at least one “really bad” financial decision, and nearly half have made more than one. The average cost of these blunders was $23,000, according to a study issued by the nonprofit Consumer Federation of America and Primerica, a financial products and services vendor.

Consumers defined “really bad” in their own way, but it is probably the case that “many of the bad decisions involved taking on too much debt, especially credit card and mortgage debt, and not saving enough” versus making risky investments, says Stephen Brobeck, CFA’s executive director.

Indeed, most experts agree that the two costliest mistakes are starting too late and saving too little for major goals like education and retirement. Studies notwithstanding, it’s difficult to put a dollar amount on these lost opportunity costs, says Stuart Ritter, a senior financial planner with T. Rowe Price.

“The best time to start saving is when you’re 22,” he says. “The second-best time is right now.”

Even getting a late start with savings, people can avoid further losses by sidestepping or correcting these five common saving and investing mistakes.

1. Paying hidden or high fees for financial products or services.

The $23,000 Mistake What You’re Doing Wrong – and How to Fix It Creating a wise savings, investment and retirement plan is the work of a lifetime. Avoid these 6 pitfalls along the way b y Daw n K l i n g e n sm i t h

“Expenses impact returns. Reduce your investment fees, and you increase your take-home pay from your retirement account even if you do absolutely nothing else to it,” says chartered financial consultant John Graves, author of “The 7 Percent Solution: You Can Afford a Comfortable Retirement” (Safe Harbor Publishing, 2012).

Generally, “it’s better to pay an adviser a flat fee for advice instead of working with someone who makes a commission on sales,” says attorney Robert Louis, co-chair of the Personal Wealth, Estates and Trusts Group at the Philadelphia-

S A TUR D A Y, J A NU A R Y 1 9 , 2 0 1 3

based law firm Saul Ewing.

Ask about fees, especially those applied to annuities, which The Motley Fool considers “oversold, frequently misrepresented and totally inappropriate for most folks.”

Nevertheless, “there’s been a big push toward annuities, but what people don’t realize is there are fees associated with them, paid to the agent,” Louis says. “Sometime they are reasonable, and sometimes they are really high.”

Habits of Successful Retirement Savers

64% Almost two-thirds of U.S. adults with at least $100,000 in investable assets told pollsters they are on target or ahead of their retirement planning goals. Habits they cited:

72%

33%

“Invest in employment retirement account”

“Changed spending habits”

46%

23%

“Reduced debt”

“Paid off mortgage”

Source: PNC Financial Services Group “Perspectives of Retirement Survey” of 1,038 respondents, July 2012

S A T U R D A Y, J A N U A R Y 1 9 , 2 0 1 3 2. Chasing rates of returns.

“One of the biggest mistakes people make is jumping around with their investments based on a fund’s performance over an inappropriately short period of time,” Louis says. “Or, they drop a fund the moment it stops doing well, when it’s normal for funds to go up and down.”

Mistaking expected costs for emergencies. The water heater bursts, the car breaks down, a tooth cracks. These are foreseeable operating and maintenance issues we should set aside money for as opposed to raiding our emergency fund of three to six months’ worth of expenses. “An emergency fund is for job loss or a major medical event,” Ritter says.

A good rule of thumb for the average homebuyer is to set aside 1.5 to 4 percent of the home’s original cost for annual maintenance expenses.

3. Under funding your first home purchase.

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LIFE PLANNING GUIDE

“People stretch themselves as far as they can for a down payment and closing costs,” Ritter says. But in short order, first-time home-

buyers find they need things like lawncare equipment, and with no money to buy them, they run up their credit cards.

A study by the home and real estate database Zillow reveals that 21 percent of new homebuyers spend $10,000 or more within a year on products and services related to their move.

4. Equating financial aid for college with “free money.”

Some parents are reluctant to save for their children’s education because they fear they won’t be eligible for as much financial aid.

The truth is, “How much you’ve saved has very little impact on how much financial aid you get,” Ritter says.

Financial aid “is loans paid back with interest,” says Ritter, adding that it would behoove parents to substitute the words “massive debt” in its place. “You wouldn’t say, ‘I don’t want to save for my child’s education because then they won’t get as much massive debt.’”

5. Having insufficient life insurance.

Metro

“People need way more than they think they do, and it costs a lot less than they expect,” Ritter says. “Term life insurance for healthy people is really, really cheap – probably less than you’re paying for cable.”

Life insurance needs change depending on age, life stage and circumstances. Reevaluate and make adjustments to your coverage when you marry or divorce, have children, become an empty nester, and retire.

6. Not starting at 22 – or anytime thereafter.

All is not lost if you have not saved consistently over time. Try a decade of “power saving,” which can transform your retirement account, according to a recent Money magazine article. Saving at least 15 percent of their income, you can build a nest egg equal to 10 times or more of your annual pay. To take the sting out of decreased cash flow, time power-saving decades to coincide with periods when expenses fall, like when a grown child leaves the nest. © CTW Features

Your Financial Future: Will You Be Ready?

Getting your financial and investment act together takes time and close attention to detail. With more responsibilities, the process becomes even more complex.

As Morgan Stanley Financial Advisors, we have access to a range of resources, advice and services to help you meet your needs.

Please call us to arrange a meeting about your wealth management needs.

• • • • • •

Equities, fixed income and mutual funds Trust and estate planning services Individual Retirement Accounts Brokerage services Business financial services Financial planning services

The Clearwater Group at Morgan Stanley 518 Diagonal Street Clarkston, WA 99403 509-295-5175 www.morganstanleyfa.com/clearwatergroup Craig Conklin, Financial Advisor; Timothy Lynch, CFA, Financial Advisor; Kenneth Maestas, Financial Advisor; Eric Justis, Financial Advisor; Peggy Byers, Client Services Associate Complex Address: 1233 Northwood Ctr Ct, Coeur d’Alene, ID 83814; 800-338-7169 The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.

Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors do not provide tax or legal advice. This material was not intended or written to be used for the purpose of avoiding tax penalties that may be imposed on the taxpayer.

Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters. © 2013 Morgan Stanley Smith Barney LLC. Member SIPC.

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The Magic Number: How Much Will You Need?

Is there a goose egg where your nest egg should be?

There’s no time like the present to work on your financial future b y L o r i C u ll e n

Retirement is supposed to reward a life well planned, but it won’t if you don’t have enough savings. Many of us don’t.

About four in 10 adults are more wor-

ried about their ability to finance a comfortable retirement today than they were at the end of the Great Recession in 2009, according to a survey by the Pew Research Center.

Another study, by the Employee Benefit Research Institute, reports that 67 percent of workers feel behind in retirement savings, and 56 percent don’t even know how much they’ll need.

If you’re worried about your financial future, now is the time to think and plan ahead.

The financial planning industry abounds with recommendations for how much

money it costs to finance a comfortable retirement: 80 to 110 percent of the annual salary you made during your peak earning years; 20 to 25 times your final salary for those who will rely solely on Social Security and personal savings.

These rules of thumb make general assumptions about post-work years, estimates that often aren’t much help for individuals. That’s exactly the reason Leonard F. Valletta, CFP, of Albany Financial Group in Albany, N.Y., doesn’t like them.

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drive. If your anticipated retirement lifestyle included downsizing and you reduce your income, put the difference into savings, Valletta says.

While most Americans will receive Social Security benefits, these payments were never intended to support a comfortable lifestyle. The Center on Budget and Policy Priorities in Washington, D.C., reports that for people who worked all of their adult lives at average earnings and retire at 65 in 2012, Social Security benefits replace about 41 percent of past earnings, far less than even the lowest replacement ratio suggested by financial planning experts.

One of the best planning strategies is to start now, Valletta says.

Most employers offer tax-advantaged workplace retirement plans, which can be powerful tools to build retirement savings, especially if they offer matching contributions. The amounts you’re allowed to contribute are significant, he says.

If you’re under 50, in 2012 the maximum contribution level is $17,000 and $17,500 in 2013. If you are turning 50 in

2013, you can contribute an additional $5,500 in catch-up contributions for a total of $23,000, and it’s all pre-tax.

To clients who say they can't save anything, Bill Losey, CFP, owner of Bill Losey Retirement Solutions in Saratoga, N.Y., offers his 1 percent rule: Save 1 percent of your earnings each payday at a minimum.

Got a raise of 3 percent? Save 1 percent.

Losey’s second rule is to make savings automatic, a habit that will improve your chance of savings success. If you don’t have a workplace plan, have money automatically paid from your checking account into an IRA. Savings has a way of snowballing. “If you automate the process and you get in the habit of saving money, all of a sudden you actually start to feel better about yourself, Losey says. “As your net worth rises, so does your self-worth and your confidence, and you end up making more and saving more.� Š CTW Features

The $100,000 Inheritance Where would you stash the cash?

Here are the top 10 choices of adults asked to name up to three spending priorities in an online poll: 1. Pay off any existing debt/loans (59 percent) 2. Save for a rainy day fund/ unexpected expenses (42) 3. Invest toward my retirement (33) 4. Go on vacation (19) 5. Donate to charity (18) 6. Buy a car (17) 7. Treat myself to something I would not normally spend money on (15) 8. Buy a house (13) 9. Pay for my kids’ college (10) 10. Go back to school (6)

Source: Harris Interactive online survey of 2,307 adults, August, 2012

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“It’s not a simple answer, as much as we’d like it to be,� Valletta says. “It differs for everyone and comes down to what your expenses will be.�

Retirement planning is a balance between financial resources and lifestyle, he says. For some people retirement dreams include having time to take long walks and live simply. Others might expand their lifestyle.

Valletta encourages all clients to enter retirement totally debt-free, if they can, but not everybody does.

In retirement, basic expenses can change. You may not need business clothing, or as much insurance, and if you no longer have children at home, expenses such as education might go away. But home maintenance and health care costs may increase, and you may pick up new expenses, like premiums for long-term-care insurance, he says.

To know how much you’ll need, add the cost of your desired retirement lifestyle to your expectations of basic living expenses.

If you want to determine if you can live on your projected budget, take it for a test

9

LIFE PLANNING GUIDE

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Saving for Retirement

by Age Percent of respondents who have any money saved for retirement:

AGE

35 %

63 %

55 %

72 %

66 %

45-54

73 %

64 %

55+

75 %

71%

64 %

61%

25-34

Sufficient savings is only part of the equation. A smart retirement plan calls for patience and a sharp pencil.

dreau, who stresses that whether your retirement will consist of gardening, home dining and neighborhood walks b y L or i C u lle n with the dog or touring the world’s top 100 golf courses depends not only on the amount of money you sock away but There’s one query Terry Jandreau, certi- ficient savings is only one of several key also on how you manage it thereafter. fied financial planner (CFP), hears from elements of a smart retirement plan.

According to “Key Findings and almost every client, and it usually starts One of the most important retireIssues: Longevity,” a 2011 report conoff like this: “I just want you to look at ment planning tasks is creating an ducted by the Society of Actuaries, most my numbers and look at my assets and let income strategy. Even if you amass a siz- Americans underestimate longevity and me know if I can retire today.” able fortune, in order to make it last fail to understand the poten­tial conseSo the first vice president and branch through retirement, you’ll likely live off quences of living beyond their own manager at Wells Fargo Advisors in interest rather than tapping into the actu- planned life expectancy.

Albany, N.Y., goes through the exercise. al funds.

By age 65, U.S. males in average health He says it’s rare that he would tell clients In the best scenario, Jandreau says, have a 40 percent chance of living to 85 they can’t retire today. More often, he workers enter retirement with several while females have a 53 percent chance, tells them that to do it right now isn’t in sources of retirement income. more if you’re healthier. Therefore, their best interest.

Fixed costs like food, clothing and financial planning experts suggest pre“After people have been working for shelter should come from guaranteed paring for 25 to 30 years in retirement to so many years, they get fed up,” Jandreau sources, like Social Security, corporate lessen the chance of running out of says. “They look at things and say, ‘If I pension plans and annuities. money. cut back here, and I pull all of my income Remaining costs such as entertainA second risk is inflation, which can together, I can just about cover my ment and travel are variable lifestyle corrode the purchasing power of your basics.’” expenses and should be financed from savings.

Many people focus on the magic money accumulated in personal savings “The income that one would receive number needed to retire. Just because and investments, including savings today is going to fall way short 20 years you can scrounge together enough to accounts, mutual funds and IRAs, for from now,” Jandreau says. retire today, however, doesn’t mean you example.

The Bureau of Labor Statistics’ Conshould or that your savings will last. Suf“It’s very, very specific,” says Jansumer Price Index inflation calculator

2012

30 %

18-24

Planning for Retirement

1997

35-44

TOTAL

Source: Consumer Federation of America 2012 Household Financial Planning Survey

shows a person who retired in 1992 with an income of $50,000 would need almost $82,437 to maintain the same lifestyle today.

Because of inflation, Social Security automatically factors in a cost-of-living adjustment; some pension plans do, too.

However, these automatic increases may not be enough.

“There has to be a hedge against inflation and a continual income stream,” says Bill Losey, CFP, owner of Bill Losey Retirement Solutions in Saratoga, N.Y. The author of “Retire in a Weekend”(Love Your Life, 2007) and former resident retirement expert on

S A T U R D A Y, J A N U A R Y 1 9 , 2 0 1 3

CNBC’s “On the Money” television program advises clients to allocate a minimum of 30 to 40 percent of a retirement portfolio to stocks and stock mutual funds. These should be from larger, good-quality U.S and international companies that have a long-term history of not only paying dividends but also raising them annually at a rate that outpaces inflation.

Once you are all set with your smart retirement plan, all that’s left is to wait for your 62nd birthday to roll around so you can quit work, file for Social Security and hit the green, right? Not so fast.

Charles Jeszeck, director of education, workforce and income security at the U.S. Government Accountability Office in Washington, D.C., recommends that individuals delay receipt of Social Security benefits until reaching at least full retirement age and, in some cases, continue to work and save, if possible.

“Claiming Social Security benefits early may jeopardize your economic security because early claimants receive permanently reduced benefits,” he says.

For example, a person retiring today

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LIFE PLANNING GUIDE

who begins collecting benefits at age 62 instead of 66 will receive monthly payments reduced by 25 percent.

If you can afford to wait even longer, do, Jeszeck says, as the monthly Social Security benefit rises by about 8 percent each year until age 70.

“One of the big mistakes I see people make in their 50s or 60s is that they retire or take an early incentive offer because they think they’re ready to stop working, but what they really wanted was a break,” Losey says.

He suggests they decrease the number of days or hours they work and take a corresponding pay cut.

But in Losey’s opinion, the ultimate in retirement planning is never to retire.

“When I meet with clients, I redefine retirement as making work optional,” he says. “If you find a career that you love or a calling that gets you excited to get out of bed in the morning that generates cash flow, why would you give that up at age 60 or 65?”

She Plans, He Plans Who’s better at retirement planning? He is, hands down. Fewer women have completed any of the basic retirement planning activities and just one-third say they actively monitor and manage retirement savings, compared with nearly half of men.

Determined what your income will be in retirement

47

% female

50

% male

39

43

% male

Calculated the amount of assets and investments you will have available to spend in retirement

38

% female

47

% male

29

% female

Determined what your expenses will be in retirement % female

Estimated how many years your assets and investments will last in retirement

36

% male

Identified the activities you plan to engage in and their likely costs

26

% female

33

% male

None of the above

32

% female

28

% male

Source: LIMRA survey of 3,763 U.S. adults, May 2012

© CTW Features

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fi n a n ci a l pl a n n i n g

Is Your Financial House In Order? audit your worth. Review all financial statements (bank, credit card, mortgage, 401(k), brokerage account), income and expenses. Once you’ve got the big picture, make a budget and stick to it. Keep a log b y N a n e t t e W is e r of everything you spend and tally it monthly. Look for ways to cut back.

Research lower cost options for car insurDon’t let economic bad news and dwinance, health insurance, cable and phone. dling assets prevent you from adopting a Make sure your fiscal public profile is smart financial strategy. Make a plan, invest- both current and secure. Check your credit ment professionals advise, and stick with it. report and review your credit history.

Start fresh with no guilt: If you’ve made Look for things such as credit card mistakes with money in the past, put it accounts that aren’t yours or accounts listbehind you. Focus on a secure financial ed as unpaid that have been paid off. You future by embracing these ideas. are entitled to a free annual credit report do the math from each of the three main credit Take a snapshot of your finances and bureaus. Your goal? An excellent score of

5 ways to improve your fiscal future now (… don’t turn the page!)

740 and up.

offers a 401(k), it can reduce your taxable income and grow your nest egg. Any Save More, Invest Wisely employer contribution is free money. Take “Pay yourself first: Save a set amount right it. away, before doing anything else,” says You can save in several ways. Consider Christine Walker, vice president of Farmers setting up an IRA account with a bank, & Merchants Bank. Use direct deposit for credit union, brokerage firm or mutual paychecks, pension and social security. Set fund company to supplement your workaside a percentage of your paycheck for place retirement plan. savings or investments. If your employer

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Create a flexible spending account to cover prescription, medical visits or health insurance co-payments. Start an emergency savings account in addition to your retirement or paying-downdebt savings account. Get a high-yield savings account that is free of investment risk, earns a return and is liquid so that you can tap it when you need it fast.

San Diego attorney and investment consultant Robert Weaver recommends sticking to a plan, staying on top of current trends and diversifying assets to meet your goals: “Develop a diverse array of asset classes – stocks, bonds, real estate (including a home), metals, commodities and your business. Except for home and business, it’s safer to use liquid vehicles to hold these assets – ETFs, REITs, MLPs and funds.”

Adopt a foolproof credit card strategy. Reduce credit card debt. Pay cash when possible. See if you can qualify for a balance transfer card that offers a low or 0 percent introductory interest

Q/A

iStock Photo

Q: What comes first when money to save is limited: college savings or retirement savings?

A: For many parents, especially those who had children in their mid-30s and 40s, college and retirement savings are concurrent financial goals. If funds for savings are limited, people often wonder which finan-

rate for the first six to 12 months. If you can get a good deal, move your high-rate debt to that new card.

Spend Less You’ll never get ahead if you spend more than you are paid. A little costcutting can pay off in big savings. It’s not rocket science. Buy only what you need, not what you want. If it’s not on the must-have list, don’t purchase the item. Leave the cash and credit cards at home and window shop instead. Discounts and coupons are your best friends. Be a coupon queen. Double them up and buy when items are on sale.

Dave Ramsey, J.D. Roth, Adam Baker, The Motley Fool or “The Complete Idiot’s Guide to Managing Money.”

Ask for advice from your accountant, successful business people, friends and family who invest wisely and save well.

Be Accountable: Set Financial Goals It’s all about planning and housekeeping. Once you’ve set financial goals, be sure you are on track. By keeping good records and bills organized by month and type, you can review your status and claim your allowable income tax and deductions at the end of the year.

Don't be afraid to plan for the Improve Your Money IQ future. “Plan your estate. A will, possiGet smart and research personal finan- bly coupled with a trust, is an essential cial advice. Start with your local busielement of any good financial plan. ness section and the financial reporters Don’t procrastinate,” says H. Parker who cover the money beat. Bookmark Evans, president & chief investment websites and magazines that offer great strategist of Florida’s Successful Porttips and advice. Visit the library to bone folios LLC. up on authors such as Suze Orman, © CTW Features

cial goal should come first if they can only save for one. Experts almost always advise prioritizing saving for retirement.

For-profit employers often match employee retirement savings. This is “free money” that savers should not pass up. Assets in a tax-deferred retirement account (such as an IRA) do not affect a child’s ability to receive financial aid. And students can get loans for college but there is no such thing as a “retirement loan.”

55%

55%

“It’s hard for me to know who to trust for financial advice”

“I’m worried about losing my money if I invest it”

52%

50%

“To me, investing seems complicated”

“Just don’t earn enough money to save regularly”

Source: Consumer Federation of America 2012 Household Financial Planning Survey

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LIFE PLANNING GUIDE

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estat e pl a n n i n g

9 Smart Questions Estate Planners Wish You Would Ask What you don’t know can hurt. Just ask these estate planners.

iStock Photo

b y Ta n i es h a Ro b i n s o n

S A TUR D A Y, J A NU A R Y 1 9 , 2 0 1 3

No question is a dumb question when it comes to your estate, but if these queries are on your mind, you may be ahead of the curve. We talked to the experts to find out what you should ask to avoid common pitfalls in estate planning.

2. How can I meet the real needs of my heirs?

A key element of estate planning is the idea of “fair versus equal,” says Paul Gullickson, an accredited estate planner of Gullickson Group, Davenport, Iowa.

Splitting up assets equally among sib1. What are the limitations lings may not be the fairest way to pass of my will? Do I need a on your estate. Perhaps one is in greater trust? need of assistance because of a disabiliGood news: we’re living longer. Bad news: ty, greater family size or underemploywe’re more likely to reach a state of mental ment. Also, if there is a business incapacity while we’re here. In addition to involved, consider which sibling gains a will, which only has power after death, more joy from managing the day-to-day every estate plan needs a health care direc- operations, Gullickson says. Leaving a tive, for any time a person can’t speak for business to all the siblings could lead to himself, says Bonnie Wittenburg, an estate family quarrels. planning attorney at Wittenburg Law Office, Minnetonka, Minn.

3. How do all of my asset Also, wills cannot control the terms documents work for which estate funds are distributed. together?

Trusts, however, can set the ages at which “Beneficiary designations actually superchildren receive their inheritance and reg- sede anything you have in a will,” says Rusulate funds to go out periodically. “That sell McAlmond, an accredited estate way, if they make any foolish mistakes, planner with Portland, Ore.-based Everthey’ve only received part of it at a time,” green Capital Management. Consequently, Wittenburg says. if only one child is a designated beneficia-

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S A T U R D A Y, J A N U A R Y 1 9 , 2 0 1 3 ry on an account (IRA, 401(k) and the like) the funds will go directly to that child and not to all siblings, despite opposing wishes expressed in the will. It’s important to review estate-planning documents for any conflicts that could result in undesired distribution of funds.

4. Are my assets titled into the name of my trust? “People sometimes think that once they set up a trust with the attorney, they’re done,�

Wittenburg says. “They’re really not, because assets still need to be titled into the name of the trust.�

If assets are titled into any name other than that of the trust – even the estate holder’s name – a trustee has no legal right to manage or distribute them according to the terms of the trust. And, the estate will likely be subject to probate.

15

LIFE PLANNING GUIDE 7. What’s all this talk about probate? Should my goal be to avoid it?

Probate has a reputation for being a lengthy, expensive court process that holds assets in limbo instead of transferring them smoothly to heirs. “I don’t think probate is the worst thing that can happen to you,� McAlmond says.

This is another aspect of estate planning that varies state by state, but McAlmond cites two general cases when avoiding probate should be a priority: if confidentiality is desired or if multiple properties are owned in different states.

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8. Is it a good idea to add my child as joint owner to my bank account or my home?

Many folks do this as a matter of convenience, but there are many downsides to this plan. “It’s not fair to the other siblings because technically the child who is the joint account 5. Do I need more life holder owns the money,� Wittenburg says. insurance?

Even if he or she plans to fairly distribute It’s tough to conceptualize your own death the assets to family members and organizaand the impact it would have on loved ones. tions designated in the will, there are other It may be best to ponder the scenario from a problems. The joint owner must report different perspective. these assets in the event of a divorce, lawsuit “Instead of thinking about how we and even a child applying for financial aid, would provide for our spouse, we should be which makes the estate vulnerable to credithinking about what would be the benefits tors. What estate holders need instead is to for us if we were the survivor,� says Chrisappoint their child or another trusted inditine Fahlund, vice president and senior vidual as a durable power of attorney who financial planner of T. Rowe Price Group, can make decisions on their behalf.

Baltimore, Md. Thinking critically about personal needs 9. How can I prepare my heirs for survival upon the death of a spouse and to receive their inheritance? what can be afforded in premiums for life Wayne Johnson, a certified financial planner insurance can help a couple decide together and accredited estate planner with Syverson what an appropriate plan would demand, Strege & Company, West Des Moines, Iowa, Fahlund says. tells his clients “it’s about passing along their values, not just their valuables.� To achieve this goal, Johnson suggests heritage planning, 6. What of my estate assets a process in which family members engage in will be taxed? projects and activities that build a culture of It’s a common misconception that money in trust and communication and establish a a revocable living trust is tax-free. Federal form of family governance. It can be as simestate tax law is rapidly changing. In addiple as regularly coming together to plan a tion, “each state has its own tricky tax rules family vacation or volunteering together. for trusts,� writes author Rachel Emma Sil“It doesn’t matter how good your estate verman in “The Wall Street Journal Complanning is, how technically strong it is; if plete Estate-Planning Guidebook,� (Crown your heirs are not prepared, you will be disBusiness, 2011). Working with a knowledge- appointed with the outcome of your estate,� able estate planner will help minimize what Johnson says.

Uncle Sam will inherit from your estate. Š CTW Features

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S A TUR D A Y, J A NU A R Y 1 9 , 2 0 1 3

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berg says.

Permanent – or whole – life insurance is kept as long as the insured lives and the policy owner wants to keep it in force by paying premiums. It builds up cash value that can be borrowed by the policy owner or received upon releasing the insurer from its obligation to keep the policy in force, according to Leimberg. The interest rate in a permanent policy is fixed.

There are different versions of term and permanent policies, such as universal life, variable life, guaranteed level term insurance and return of premium term insurance. These vary in cost.

The ABCs of Life Insurance Insurance can play an important role in a family financial plan – if only we care to think about it b y L i n d s e y Ro ma i n

The term “life insurance” can send a shiver down even the most resilient spine. It doesn’t matter that it’s a product that guarantees coverage and protection of loved ones. For all the goodness life insurance provides, it means the insured must confront a chillingly inevitable prospect: mortality.

In fact, more than 118 million adults in the United States age 18 and above don’t have any life insurance coverage – more than half the adult population (52 percent). In 2011, 51 percent of U.S. adults were uninsured,

according to a Genworth Financial survey of 25,000 adults.

Experts agree that life insurance is more than just paying the bills when time is up. It’s about providing stability for family members left behind.

“Life insurance is love insurance,” says Steve Leimberg, publisher of Leimberg Information Services, a Havertown, Pa., publisher and coauthor of “Tools and Techniques of Life Insurance Planning” (National Underwriter Company, 2007). “When a breadwinner dies, an adequate amount of life insurance is typically

the major thing that determines whether his or her survivors will live with dignity or despair.”

Choosing life insurance is still a difficult process, but understanding the basics is a good start. Here are some important points about life insurance to know before buying.

Types Life insurance policies can be divided into two major categories: term and permanent.

Term policies are so named because they provide for a set number of years, typically 10, 20 or 30. It does not have an investment component and pays benefits only when the insured dies. A term policy must be renewed to keep it in effect.“No lifetime payments are possible with term contracts,” Leim-

Which To Pick?

The main reason to purchase life insurance is to protect your family from financial loss should you die. To choose the best plan, select an insurance agent who is qualified, choose a policy you understand and review your needs annually.

Term insurance is the less expensive option, usually only a few hundred dollars depending on health or other variables. It’s best applied to short-term needs, such as paying off a mortgage or other temporary debt at death.

Permanent insurance is more complex and more expensive. Unlike term policies, it provides more than a death benefit. A portion of the premium funds a separate, tax-free investment fund.

It’s not the type of life insurance that matters, but the dollar amount, argues Jack Hungelmann, author of “Insurance for Dummies” (For Dummies, 2009) and proprietor of Jack Hungelmann Risk Management & Insurance, an independent insurance agency, Edina, Minn. “When you die, your family isn’t going to care about the policy,” he says. “All they want to know is how much money they’re going to get.”

Hungelmann also notes that one of the downsides to cash value policies is that holders end up paying a lot in the

S A T U R D A Y, J A N U A R Y 1 9 , 2 0 1 3

beginning so that rates stay level as he or she ages. “It’s good when you’re older, but it’s tough when you’re young,� he says. “Some people I’ve met are uninsured because they can’t afford to buy all the life insurance they need with that type of policy.�

Plan Accordingly Despite the complicated process of applying and qualifying, experts stress that life insurance is still an important part of any family plan. “There are usually far too many inappropriate, unsuitable replacements,� Affleck warns.

And don’t just buy it “because it’s the adult thing to do,� Hungelmann says. Make sure it’s done for the right reasons. He advises going back to the idea of family: “You don’t buy car insurance when you don’t have a car.

Don’t buy life insurance when you don’t have someone to care for.�

Top Reasons for Purchasing Life Insurance

Marriage

32%

Part of retirement plan

25%

Birth of a child

22%

Home ownership

19

%

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Health Matters Life insurance isn’t as easy as picking up the phone. You have to qualify. “They’re going to ask you questions about your lifestyle, like ‘are you going to jump out of airplanes?’� says Theodore Affleck, an independent life insurance consultant with more than 37 years in the business. “If so, they might not consider you fit.�

Expect questions about personal medical history, family health and employment, too. After an assessment, candidates are placed into a risk-classification: super-preferred, preferred, standard and sub-standard. “A preferred person will have a lower premium than a sub-standard,�

Affleck says. He also points out that women will have lower premiums than men since they tend to live longer, that an overweight person will have a higher premium than a marathon runner, and so on.

Smoking is also a significant factor; non-smokers are almost guaranteed a lower premium than smokers, Leimberg says.

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Death of someone who did not have a life insurance policy

%

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8%

Call us and we’ll help you choose the right life insurance for you and your family.

College expenses

5%

Other

18

%

Source: Northwestern Mutual Life Insurance Awareness online poll of 2,097 adults, 2012

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independently. Just ask theresa Duff of Joliet, mother, Rita, l e w i s t o n t r i bIll. u n her e S A TUR D A Y, J A NU A R Y 1 9 , 2 0 1 3 18 already losing her eyesight from macular degeneration, was further hobbled by a broken shoulder and two shattered wrists due to the U.S. Department of choice Families face difficult choices when one or both of their a fall.â&#x20AC;&#x153;It was painful to health and human Seraddres parents can no long live on their own. see mom, who had vices.While the departwishe b y j I M G O R Z E L A NY - C T W F E AT U R E S raised a house full of ment says family If a kids, nursed her husmembers and friends feels a one of the toughest decisions care rises. About nine million seband after his stroke are the sole caregivers ing on many of us will face in our lifenior citizens will need some form remained active 70 percent of year, the acon the timesand is what to do when an aging offor long-term care this parent canher no longer live indepen- cording to this the U.S. Department of needs into 80s, suddenly elderly, may not dently. Just ask Theresa Duff of Health and Human Services. While become so frail,â&#x20AC;? Duff always be possible or tance, Joliet, Ill. Her mother, Rita, already the department says family memsays. practical. â&#x20AC;&#x153;Mom wasnâ&#x20AC;&#x2122;t losing her eyesight from macular bers and friends are the sole care- consu degeneration, was further hobbled givers forfor 70 apercent of the elderly, profes As the population ready nursing by a ages, brokenthe shoulder and two this may not always be number of home just yet, butpossible none or way it shattered wrists due to a fall. â&#x20AC;&#x153;It practical. â&#x20AC;&#x153;Mom wasnâ&#x20AC;&#x2122;t ready for who needwho longthe family members was adults painful to see mom, had a of nursing home just yet, but none determ raised a house fullrises. of kids, nursed ofstill theliving family members still living of care term care About in the area her husband after his stroke and in the area had homes that iStock Photo nine million senior citihad homes that couldcould can ru remained active into her 80s, sud- accommodate her limited mobilwillsoneed accommodate denlyzens become frail,â&#x20AC;?some Duff says. ity,â&#x20AC;?

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caregiver. Those requiring additional help may require 24-hour live-in assistance. Aside from the cost, family members have to consider the effort involved in hiring a caregiver and following up regularly to ensure that proper care is being given.

Ultimately, this becomes a decision based as much on a family’s financial resources as it is on an aging parent’s needs. That’s because neither Medicare nor most supplemental health insurance policies pay for long-term care costs.

Another approach is to use the services of a licensed home health care agency, which is a necessity if an individual requires skilled nursing care or physical therapy services. The National Association for Home Care & Hospice maintains a national database of such agencies with tips on how to choose and deal with one on an ongoing basis at www. nahc.org.

For many, in-home health care can be a desirable and reasonably affordable option. Those who require only modest assistance may have their needs served by a part-time

If living at home proves to be particularly difficult because of stairs or other hazards, placing an elderly parent in an assisted living facility may be best.

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If a family member feels a parent who’s living on his or her own is on the decline and needs custodial assistance, he or she should consult with a medical professional. Either way it’s essential to determine what level of care is needed. This can run from simple help with housekeeping and shopping to more acute levels of care such as health monitoring and physical, speech or occupational therapy.

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LIFE PLANNING GUIDE

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Residents often live in separate pate in Medicare or Medicaid are apartments, enjoy communal subject depends to annual inspections. family’s financial on the size In of meals and participate in planned addition to personal vetting of resources as it is on an the living area, services activities. Costs usually depends any facilities under consideration, aging parent’s needs.it’s a good required and where the on thesize of the living area, idea to compare these That’s facility is located, addservices required andbecause where neither inspection records by consulting nor most ing upHome to several thouthe facility isMedicare located, adding up supthe “Nursing Compare” to several thousand dollars a resource at www.medicare. gov. plemental health insursand dollars a month. month. the those Duff family ance policies pay forSo how didFor who For those who require constant finally decide to care for their long-term care costs. require constant care, a care, a nursing home may be the mom, Rita? “We wrestled with Fora many, nursing home may be only option, albeit costly in-home one. our options and though the famhealth care can be a ily would the only option,that albeit Medicare pays for skilled nursing have preferred she a facility care for a limitedand period her final years at home, desirable reason- live out costly one.

Medicare following a hospital stay for we finally settled on moving ably affordable option. pays for skilled nursing rehabilitative purposes, but not her to an assisted living cenwho require only facility for a limitfor ongoing Those care. State Medicaid ter,” Duff says. care “We didn’t have modest assistance may ed period following programs will generally pay for to worry about caregivers not a basic nursinghave hometheir services, but showinghospital up or being needs served stayinattentive for rehaonly after anby individual’s personal to mom’s needs, and it afforded a part-time caregiver. bilitative purposes, but assets are exhausted and he or her some independence and soThose requiring addi-cialization notwithout for ongoing care.to she has no other means to cover her having tional help may require State prothe cost. be cooped upMedicaid alone at home.”

24-hour assisgrams will generally © CTW Features All nursing homes thatlive-in partici-

tance.Aside from the cost, family members have to consider the effort involved in hiring a caregiver and following up regularly to ensure that proper care is being given.

Another approach is to use the services of a licensed home health care agency, which is a necessity if an individual requires skilled nursing care or physical therapy services.The National Association for Home Care & Hospice maintains a national database of such agencies with tips on how to choose and deal with one on an ongoing basis at www. nahc.org.

pay for basic nursing home services, but only after an individual’s personal assets are exhausted and he or she has no other means to cover the cost.

All nursing homes that participate in Medicare or Medicaid are subject to annual inspections. In addition to personal vetting of any facilities under consideration, it’s a good idea to compare these inspection records by consulting the “Nursing Home Compare” resource at www.medicare.gov.

So how did the Duff family finally decide to care for their mom, Rita? “We wrestled with

S A TUR D A Y, J A NU A R Y 1 9 , 2 0 1 3

• Locate a local home health care agency at the National Association for Home Care’s website, www.nahc.org. Click on “Consumer Information.”

• For information on assisted living homes, consult the Assisted Living Federation of America at www.alfa.org.

LonG-Term Care resourCes • Fors &OR HELP IN IDENTIFYING help in identifying elder careelder services facilities careand services and in the community, contact facilities in the commuthe state or city’s elder care nity,Find contact state inforor agency. the the contact mation city’s elder care agency. online at the www. eldercare.gov Find contact inforor by calling online at www.

(800)mation 677-1116.

• Check local home healthcare agency and nursing home accreditation via the Joint Commission on the Accreditation of Healthcare Organizations at www. jointcommission.org.

• Research inspection records of nursing homes at www.medicare.gov. Click on “Resource Locator.” © CTW Features

eldercare.gov or by calling (800) 677-1116. s ,OCATE A LOCAL HOME health care agency at the National Association for Home Care’s website, www.nahc.org.

Click on “Consumer Information.” s &OR INFORMATION ON assisted living homes, Thethe Valley’s consult AssistedReverse Mortgage Specialist ,IVING &EDERATION OF America at www.alfa. org. existing mortgage is paid s #HECK LOCAL HOME Q Any Q Use the equity from your home off/eliminated agency forhealth-care anything you need –and Fix up

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LIFE PLANNING GUIDE

Same Great Care...

Now With a New Name!

Lewiston Rehabilitation & Care Center has been renamed Kindred Transitional Care and Rehabilitation - Lewiston to best reflect our participation in the nationwide Kindred Healthcare network of nursing and rehabilitation centers and long-term acute care hospitals. â&#x20AC;&#x153;Our management, ownership and staff have remained the same...â&#x20AC;?

Debbie Freeze RHIT

Executive Director 36 years experience in rehab. and long-term care

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Mary Moree RN, DNS Director of Nursing Services 25 years multifaceted background with 10 years in long-term care at the center

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h e a lt h a n d w el l n es s

Make Aging Well Part of the Life Plan Healthcare and USA Today, most older Americans expect better times ahead.

Some 75 percent of boomers (age 60 to 64) expect their health to get better or stay the same in the next five to 10 years. Twenty-five percent of those seniors also say their health is better than normal. b y L i n ds e y Ro ma i n Yet fewer seniors report the level of physical activity and exercise that is required to insure a good quality of Retirement is idealized as a time of health. Little more than half (52 perrelaxation, reserved for fun and loved cent) of the surveyed seniors say they ones after all the hard work is done. exercise or are physically active at least And many seniors embrace the sunny four days per week; another quarter notion. According to a survey done by say they are active one to three days the National Council on Aging, United- per week.

iStock Photo

Physical well-being and fiscal fitness walk hand in hand. Sound exercise habits can be an important element of a life plan

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LIFE PLANNING GUIDE

About one in 10 respondents report that their exercise or physical activity is limited to just a few days each month, and 11 percent are never physically active Confidence is fine, but “it’s important that this positive mindset doesn’t prevent them from taking the necessary steps to maintain optimal health,” says Rhonda Randall, chief medical officer at UnitedHealthcare. The survey of 2,250 U.S. adults age 60 or older examined seniors’ outlook and preparedness for aging.

Randall points to a figure from a Centers of Disease Control and Prevention survey that shows that 80 percent of older adults live with one chronic condition, while 50 percent have at least two. She cites chronic conditions as the biggest driver of cost and quality of life for seniors. “For people who are in poor health and getting ready to retire, monthly expenses will only increase with health bills, medications and other services needed to support them as they age, which can deplete their financial resources,” says Randall.

Investing in health from an early age is the easiest way to secure a promising post-retirement life. Randall says it’s never too late to take the necessary steps towards that healthier lifestyle. “Whether you’re 50 or 70, start today,” she advises.

Health extends beyond the obvious balanced diet and exercise routine – it’s about overall health of the body, mind and finances.

“Maintaining a healthy body will be significantly easier if you’re feeling good mentally and emotionally, so that’s why it’s important to stay engaged with family, friends and the community to keep mentally sharp,” says Randall. She suggests setting goals or writing a mission statement for your retirement years.

“You’ll be glad when you start to reap the rewards, such as weight loss, more energy, better mental well-being and lower health care costs,” says Randall. © CTW Features

Get Going!

Go4Life, an exercise and physical activity campaign from the National Institute on Aging, says to focus on four types of exercise and activity for optimum fitness as you age. Mix up the activities to avoid boredom and prevent injury.

Endurance Brisk walking or jogging Yard work (mowing, raking, digging) Dancing Swimming Biking Climbing stairs or hills Playing tennis Playing basketball Strength Lifting weights Using a resistance band

iStock Photo

S A T U R D A Y, J A N U A R Y 1 9 , 2 0 1 3

Balance Standing on one foot Heel-to-toe walk Tai Chi Flexibility Shoulder and upper arm stretch Calf stretch Yoga Source: go4life.nia.nih.gov

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au to i n su r a n c e iStock Photo

What’s Your Automotive Bottom Line?

S A TUR D A Y, J A NU A R Y 1 9 , 2 0 1 3

Cost: $32,384

J.D. Power average price of a new car

tom line like an accountant and think long term like an investment adviser when you go out shopping for a new car or truck. Fortunately, the Internet is a bountiful source of information that makes comparing projected ownership costs easier than scouring financial reports to pick stock-market winners. Car-information sites including Kelley Blue Book (kbb. com) and Intellichoice (intellichoice. com) track such costs for most new and past model-year vehicles.

One of costliest – and often overlooked – components of auto ownership is depreciation, which is the difference between a car’s purchase price and its resale value down the road. It always pays to choose a model that’s predicted to hold its value better over time, based on economic factors, historical data and plain old supplyand-demand issues, According to Intellichoice, large cars, luxury cars and minivans typically don’t hold their value as well these days as do compact passenger cars and sporty coupes.

For example, let’s compare two hypothetical models each having a purchase price of $30,000, which is close to the national average for a new car. The first vehicle is estimated to An automobile can be one of buyers. While motorists can indeed return 32 percent of its original value salve the sting they’re feeling at the after a five-year ownership period, life’s great investments ­­– or pump by shopping for a vehicle that while valuation sources project the financial drains. To fit your gets more miles per gallon, if they’re second model will be worth 5 percent more after the same period. Assumride into your financial plan, ignoring other long-term operating costs – including depreciation, ing both cars are kept in good condipay as much attention to financing and insurance – they might tion with average mileage, someone long-term ownership cost as ultimately lose money in the process. choosing the second auto would “When it comes to purchasing an come out around $1,500 ahead at you do to mpg and colors automobile, consumers need to trade-in time. think long term to determine all of Such savings tend to grow expoby Jim Gorzelany the costs associated with owning a nentially with the price of the car, vehicle,” says Alec Gutierrez, senior simply because there’s more money With the price of gasoline fluctuatmarket analyst of automotive at stake – a 5 percent difference in ing between costly and downright insights for Kelley Blue Book in resale value after five years between expensive the last few years, it’s not Irvine, Calif. competing $50,000 cars would be surprising that fuel economy considTo wring the most value out of $2,500. However, differences in erations rank high among new-car your ride you’ll have to work the bot- resale values among similarly priced

Rules of the Road

models tend to narrow the longer one keeps a vehicle, and resale value virtually becomes negligible if you’re the type of person who “runs a car into the ground.”

If you’re financing the cost of a new vehicle be sure to compare loan rates to minimize interest costs. As of mid-November 2012, Bank Rate Monitor cited a low of 1.49 percent for a 60-month new-car loan from a credit union in Chicago, with a high of 7.5 percent at a major bank. If you’re borrowing $20,000 toward the purchase price of a car, that’s a difference of $3,279 in interest costs at stake over the life of a five-year loan.

Some automakers offer zero-percent financing on select models, particularly near the end of a model year to clear dealers’ inventories, which are the best financing deals of all. Be aware, however, that the lowest rates are available only to borrowers with pristine credit ratings. If you have a blemished credit record you’ll likely pay more to finance a car.

What’s Your Automotive Bottom Line?

Insurance [LOW]

[HIGH]

$1,111

$3,384

Toyota Sienna LE minivan

Audi R8 Spyder Quattro convertible

Source: Insure.com national annual averages for the least expensive/most expensive cars to insure in 2012

S A T U R D A Y, J A N U A R Y 1 9 , 2 0 1 3

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LIFE PLANNING GUIDE

au to i n su r a n c e

Another major cost factor is the price of auto insurance. While rates are largely based on a person’s driving record, age, gender, credit rating, address and miles driven, some cars are inherently cheaper to insure than others based on their claims histories and repair costs. As a rule, expensive cars are costlier to insure than cheaper ones, with high-performance sports cars carrying much higher premiums than family-minded models.

According to a 2012 survey conducted for Insure.com, the Toyota Sienna minivan was ranked the cheapest model to insure at a $1,111 average annual premium for a representative driver, while the Audi R8 Spyder Quattro sports car topped the list at $3,834.

Always consult with an insurance agent to gather price quotes for various models as part of the car-shopping process, and compare rates

iStock Photo

among several companies to garner the best deal.

And, yes, choosing a more fuelefficient car can indeed be a significant cost-saving measure. For example, with average gas prices hovering around $3.50 a gallon as of mid- November 2012, the annual estimated cost difference between a vehicle that gets a combined 25 mpg city/highway and one rated at 30 mpg would be around $750 (based on 15,000 miles/year) according to the Environmental Protection Agency.

That’s a savings of about $3,750 over five years, with even bigger money at stake if fuel costs head back upward.

Ratings for current and past modelyear cars and trucks, along with a customizable fuel-cost calculator and other related information can be found on the EPA’s website, fueleconomy.gov.

What’s Your Automotive Bottom Line?

Operating expense: $8,946

AAA cost to own and operate an average sedan (fuel, maintenance and tires)

Monthly loan payment: $462

J.D. Power average monthly loan payment on a car in 2012

© CTW Features

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S A T U R D A Y, J A N U A R Y 1 9 , 2 0 1 3

LIFE PLANNING GUIDE

27

H E A LT H Y E AT I N G

Make Your Favorite Recipes Healthier A healthy diet plays a significant role in a person’s overall health. Without a healthy diet, men and women are more susceptible to disease and other potentially harmful ailments.

M E T RO C R E AT I V E C O N N E C T I O N But when many people think of a healthy diet, a lack of flavor is often one of the first things to come to mind. That’s a common misconception, as a diet that’s healthy and full of nutrients can simultaneously be flavorful. In fact, it’s easy to enjoy many of your favorite dishes in a way that makes them much healthier. Oftentimes, a few minor alterations to a recipe is all it takes to turn the dish from high-risk to healthy. * Trim the fat. No one wants to eat fat, but fat isn’t entirely bad for you. Fat can help your body absorb vitamins A, D, E and K, and replacing fat with something like carbohydrates decreases how much these valuable vitamins are absorbed. In addition, dietary fat releases chemicals in the brain that make you feel full, reducing the likelihood that you will overeat.

Those are just a few of the benefits of dietary fat, which is an essential element of a healthy diet. But overconsumption of dietary fat can be dangerous, and many people simply need to trim some fat from their diets. One way to do that is to reduce how much butter, shortening or oil you use when cooking. For some recipes, you may be able to cut suggested portions of such ingredients by half without replacing them; however, for others, especially those for baked goods, these items may have to be replaced. In the case of the latter, find a suggested alternative to high-fat items, and only use half of the high-fat item listed in the original recipe. Chances are you won’t taste the difference, but your body will be better for it. * Substitute healthier fare. Substituting items is another way to turn a favorite dish

into a healthier dish without altering the flavor dramatically, if at all. For example, instead of cooking with enriched pasta, purchase whole-wheat or whole-grain pastas, which are higher in fiber and lower in calories. If a recipe calls for using milk, choose fat-free milk instead of whole milk.

Doing so reduces your fat intake by nearly 8 grams per cup.

Metro

Using nonstick cookware when preparing your favorite meals can reduce reliance on oil or butter, cutting fat and calories from your diet.

Continued from page 5

Recipes can even be made healthier by simply cutting back on the main dish and adding more vegetables. Instead of using the recommended amount of meat or chicken, scale back and make up for it with additional vegetables, which reduces your caloric and fat intake while adding more vitamins and minerals to your diet. * Change your methods. Certain cooking techniques are healthier than others. Frying foods or cooking with fat, oil or salt is not the healthiest way to prepare a meal. Some of your favorite dishes that call for frying or cooking in oil can be just as flavorful if you opt for healthier methods like braising, broiling, grilling, or steaming. When recipes call for basting foods in oil or drippings, forgo these unhealthy options and baste foods in vegetable juice or fat-free broth instead.

What you use to cook can also be healthy or unhealthy. Nonstick cookware won’t require you to use oil or butter to keep foods from sticking to the pan. This reduces the amount of fat and calories you will consume, and you likely won’t notice a difference with regards to flavor.

Men and women who enjoy food and cooking their own meals can take several steps to make those meals healthier without sacrificing flavor.

How do you rate?

8-10 correct: Green eye shades… err… hat’s off!

5-8 correct: Less “Dancing With the Stars,” more crunching the numbers!

4 or less correct: Meh. Keep on learning!

1 a: Training for a marathon (ING) 2 a: 27 percent (Allstate Insurance) 3 d: 65 percent (agingstats.gov) 4 a: about one-third (CFPB)

5 a: Payment history (FICO) 6 False: A year in a nursing home, $90,000, is nearly double Harvard’s $53,000 tuition/room/ board/fees for 2011-2012 (Northwestern Mutual) 7 82 years (Northwestern Mutual) 8 a: 35 to 44 (Pew Research Center) 9 56 percent (Pew Research Center) 10 21 percent (EBRI) 11 c: 60 percent 12 40 percent (Department of Labor)

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LIFE PLANNING GUIDE

S A T U R D A Y, J A N U A R Y 1 9 , 2 0 1 3

Living in the Now, Preparing for the Future For many of us, our goals in life remain constant: nancial independence and providing for family. Striking a balance between saving for goals, such as education and retirement, and allocation money for daily expenses can be challenging. But you can do it.

Learn how you can redene your savings approach toward education and retirement. Call or visit today.

www.edwardjones.com Member SIPC Trevor E Arnone Financial Advisor

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