Life Planning, 2011

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Who, Me? Meet Your Financial Team 10 Tips for Saving More Pop Quiz: Test Your Financial Savvy!

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Smart Money Tips, from Tots to Retirees Insurance 101 What a Widow Must Know Charitable Giving in Good Times and Bad

2 LIFE PLANNING GUIDE

JANUARY 2011

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Tax & Accounting Services D. L. MERRILL & ASSOCIATES, LLC email: larae@clarkstoncpa.com

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(509) 758-1580 Fax (509) 758-6845

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Must be at least 62 years old.

Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. © 2010 Wells Fargo Bank, N.A. All rights reserved. #163603 7/10-7/11

D. LaRae Merrill C.P.A.

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JANUARY 2011

LIFE PLANNING GUIDE

3

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1. the 1. u.s. thesocial u.s. security social security administration administration estimates estimates that a that a man reaching man reaching age 65age today 65 can today expect can expect to live, to onlive, average, on average, until age until 83.age a woman 83. a woman turningturning age 65age today 65 can today expect can expect to to live until liveage until 85.age to 85. calculate to calculate your expected your expected lifespan, lifespan, go to: go to: http://www.ssa.gov/planners/lifeexpectancy.htm http://www.ssa.gov/planners/lifeexpectancy.htm 2. c: 662. c: 66 How Do How You DoRate?

You Rate? www.wi-series.com years old years 3. D: old20 3. percent D: 20 percent 10 coRRect: 10 coRRect: 4. False.

4. Pre-tax False. Pre-tax moneymoney a worker a worker contributed contributed to a retireto a retirewarrenwarren Buffet is Buffet youris your ment plan ment is plan subject is subject to income to income taxes when taxes it’s when withdrawn it’s withdrawn Introducing Wi Series by Starkey. new best newfriend! best friend! during during retirement retirement years. 5. years. c: 205.years c: 20 years Stream stereo sound directly to 9 coRRect: 9 coRRect: 6. D: 47 6. percent D: 47 percent 7. False.

7. every False. u.s. everystate u.s.has state unique has unique laws laws close‌close‌ but we but are we notare not your hearing aids from your TV, governing governing who will who own will the own property. the property. to calculate to calculate the outthe outplayingplaying horseshoes! horseshoes! radio or computer. come in come your in state, your go state, to www.mystatewill.com go to www.mystatewill.com 8 oR less 8 oRcoRRect: less coRRect: 8. c: Handling 8. c: Handling risk 9. risk D: all 9. of D:the all above of the 10. above a: correcting 10. a: correcting It’s time It’stotime do some to do some inaccurate inaccurate information information as soon as as soon possible as possible homework! homework!

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4 LIFE PLANNING GUIDE

JANUARY 2011

PopEstate Quiz: Test Your An Plan…

Financial Savvy Who, Me?

Procrastination is one of the main ways the average Joe and Jane get in trouble with their finances. Break the bad habit – starting now! Answer these basic questions and see how you rate

also must decide who should Get Organized handle financial and medical affairs if they are incapacitated and ask if they’ll serve as Assemble and store these documents in a bank safe financial and health care deposit box and/or a fireproof safe to which a trusted powers of attorney, respecindividual besides your spouse has access. tively.

It’s smart to work with a • Will, trust agreements and letter of instruction questIon questIon questIon questIon qualified lawyer to create the • Contact information for advisers including attorney, legal documents that govern accountant, financial planner and stockbroker the process of protecting the • Powers of attorney (financial, health care) According to actuarial What percent of a How many years, on estate and passing along • List of retirement, bank and brokerage accounts charts, how many years retiree’s income will be average, will a U.S. assets as planned. Take time with PINs Your credit score is: can you expect to live? spent on healthcare, on citizen spend in to get educated on the basics oF •eaRlY Investment documents (certificates a. a snapshot of deposit, of stock your wHat PeRcent BaBY average? retirement? before choosing a professioncertificates, etc.) credit risk BoomeRs, age 56 to 62, aRe questIon a. 5 percent a. 10 al and sitting down to work • LifeoF insurance policies b. an objective meaexPecteD to Run out moneY b. 10 percent b. 15 on a plan. to coveR BasIc RetIRement • Health and long-term care insurance surement policies used by c. 15 percent c. 20 • Social security and pension information, lenders and military lIvIng exPenses? peod. 20 percent allows for calling shots d. 25from the A Will discharge papers (if benefitsc. transfer available to survivors) to you on Dawn Klingensmith At what age is a worker ple grave.

The centerpiece of a comprehen• Marriage certificate request CTW features born between 1943 tend The value of property at the sive estate plan is a will. The reason • Funeral prearrangements and d.cemetery all of theplot above deed a. 17 PeRcent istockphoto.com and 1954 eligible for to time of its owner’s death is an a will is important, regardless of net c.• 42 RealPeRcent property documents, such as deeds 23 go PeRcent D.• 47 PeRcent question full social security ben- delay or estate.4:Estate planning begins by worth, is so B. assets to the right Titles and extended warranties to cars,questIon boats, travel avoid efits?estate planning as though taking inventory of someone’s people, says Alexandra Armstrong, trailers, etc.

Income taxes go away after a drafting a. 62 ac. will 66might somehow assets, including investments, certified financial planner with the • Safe combinations worker retires. true or false? hasten b. 64 their d. 68 demise. But thought retirement savings, insurance poli- Washington, D.C.-based invest• List ofquestIon stored or loaned valuables question 7: of another way, estate planning cies, real estate and business inter- ment advisory firm Armstrong, © CTW Features You can improve your actually prolongs one’s presence ests, and then deciding to whom Fleming &true Moore. without one, credit rating by orDieFalse: among the living. An estate plan these assets should go. Individuals and in most cases each state applies a. correcting inaccuIf you die rate information as its standardaformula Insurance who is ameasure. way of: That means soonthe as brother possible without will, to decide gets what, without regard to a. wishes savingor for who won the lotto b. disputing gets the same negative 508 8th St., Lewiston your sur viving the needs of heirs. a rainy day amount as the brother information who went into 208.743.9428 spouse will inbe For example, the absence b. preventing of a social work and c.the correcting estranged only sister the www.smithandcannon.com Attorneys at Law will in the District of Columbia, unplanned only with events a gambling addiction. worst report granted all or one-third of the deceased’sc.assets handling not risk A will is also d.the asking best that placenegative to Wrongful Death Claims - most of your jointly held will go to a surviving d. all of the above name guardians information of children. not be Estate & Probate Law- assets. spouse; two-thirds goes to the chilStandard forms included are available in your for the dren. In most places, when a single simplest of situations. credit“But report most peoEstate & Probate Administrationour Most dies without a will, his or her parents ple should consult an © estate-planning CTW Features Estate & Heir Claims inherit all assets or, if Mom and Pop lawyer” for will preparation, ArmImportant Legal are dead, the siblings inherit in equal strong advises. Leave a copy of the will Decision is the Licensed top Practice law 1. the u.s. social security administration estimates that a in all Idaho courts - State, man reaching age 65 today can expect to live, on average, Federal & Administrative; also ttorney You until age 83. a woman turning age 65 today can expect to Tribal Courts of the Nez Perce live until age 85. to calculate your expected lifespan, go to: Choose & Coeur d’Alene Tribes.

You don’t need to live in a fancy house 5 3 to have an estate.

1 community in a gated Establishing a solid financial plan, with documents that govern what you own and bequeath, is key to moving ahead in 2 confidence and security life with

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Smith & Cannon PLLC

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A

A

How Do You Rate?

10 coRRect: warren Buffet is your new best friend!

9 coRRect: close… but we are not playing horseshoes!

8 oR less coRRect: It’s time to do some homework!

http://www.ssa.gov/planners/lifeexpectancy.htm 2. c: 66 years old 3. D: 20 percent 4. False. Pre-tax money a worker contributed to a retirement plan is subject to income taxes when it’s withdrawn during retirement years. 5. c: 20 years 6. D: 47 percent 7. False. every u.s. state has unique laws governing who will own the property. to calculate the outcome in your state, go to www.mystatewill.com 8. c: Handling risk 9. D: all of the above 10. a: correcting inaccurate information as soon as possible © CTW Features

JANUARY 2011

LIFE PLANNING GUIDE

Pop PopQuiz: Quiz: Test Test Your Your Financial FinancialSavvy Savvy with a lawyer, and keep a copy.

wealthier among us to reduce estate of life insurance policies that are issued Procrastination Procrastination is one is one of the ofmain the main waysways the average the average taxes. They can also be used to hold but never paid because the survivors Joemoney Joe and and Jane Jane get in get trouble in trouble withwith their finances. finances.

Break Break for underage children; provide don’ttheir even know they exist, ” says Wayne care for disabled children; or equalize Copelin, founder and president, Copethe inheritances. bad the bad habithabit – starting – starting now!now!

Answer Answer these these basic basic A financial adviser can lin Financial Advisors, Sugar Land, help determine it makes Texas. questions questions and whether and see how see how yousense you rate rate

entrusted to make decisions.

Because of strict privacy rules that A Letter of Instruction govern doctors and hospitals set forth A letter of instruction to survivors by the Health Insurance Portability and includes bequests not specified in the Accountability Act, a HIPAA waiver will, including sentimentally valuable also should be considered. This lets possessions like Grandma’s china and people name individuals with whom the oil painting the mantel. Here’squestIonhealth discuss questIon questIon conquestIon care providers can questIonover questIon where to communicate to family memdition and care. Unlike a power of bers the type of memorial service want- attorney, folks named in the waiver are ed, including “in lieu of flowers” not entitled to make medical decisions specifications According According toand actuarial to wishes actuarial to be What cremated What percent percent on of asomeone of a else’s How behalf. many How many years,years, on on or charts, buried. charts, how Individuals many how many years might years even retiree’s write retiree’s income income will bewill be average, average, will a will U.S. a U.S. down can you key canexpect points you expect for to live? their to live? obituary spent spent in on healthcare, onPower healthcare, on ofon citizencitizen spendspend in in case loved ones omit one of our average? prouder average?Attorney retirement? retirement? questIon questIon accomplishments. a. 5 percent a. 5 percent A durable power a. 10 of attorney a. 10 names a perb. 10 b. percent 10 percent son to act on an b.individual’s 15 b. 15 behalf in A Living Will c. 15 percent c. 15 percent financial matters: c. 20 investing c. 20 money, signA living will or advance medical d. 20direcd. percent 20 percent ing checks, selling d. 25real d. estate.

25 Keep a tive At what spells At age what outiswishes age a worker is aregarding worker life sup- signed copy handy and give one to the port bornorbetween born medical between 1943 intervention 1943 and care. person designated.

For andsomeone 1954 and eligible 1954 in aeligible coma for who for does not question question 4:Trust 4: want full social tofull besocial security kept alive security benon life bensupport, a A living efits? will efits? spells that out. A health care taxes In some cases, decide Income Income taxes go away goindividuals away afterafter a ato proxy a. 62 names a. 62 c. 66 a person c. 66 to carry out create a trust, which puts conditions worker worker retires. retires. true true orassets false? orwill false? those b. 64wishes. b. 64 d. 68Ad. lawyer 68 can create this on how and when be distribdocument. Keep signed, witnessed cop- uted. Trusts are designed to achieve ies at home; give signed copy to those different goals. Often, they allow the

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ESTATE PLANNING

to set up a trust, Armstrong says.

He recommends keeping original Keep in mind that retirement accounts documents in a bankquestIon safe deposit box questIon such as IRA and 401k plans, have desig- and a set of copies at home. It’s impornated beneficiaries apart from what it tant to designate a signatory who is says in someone’s will, Armstrong says. authorized to unlock the box in the So it’s important to review and amend event we die; otherwise, a court order these accounts periodically – along with must be obtained, Your credit Your he adds. credit score score is: is: a will, pension plansPeRcent and life a. a© snapshot CTW a. aFeatures snapshot of your of your wHatwHat PeRcent oF insurance eaRlY oF eaRlY BaBYBaBY policiesBoomeRs, – especially if marital status creditcredit risk risk BoomeRs, age 56 age to 5662,toaRe 62, aRe changes. objective an objective mea- meaexPecteD exPecteD to Run to out Run oF out moneY oF moneY b. an b.

A rainy fund of three to sixRetIRement surement surement used by used by BasIc BasIc RetIRement to day coveR to coveR months’ expenses is also a key compolenders lenders lIvIng lIvIng exPenses? exPenses? nent of an estate plan. “Settling an estate c. available c. available to youtoon you on doesn’t happen overnight,” Armstrong request request says, “and meanwhile a surviving spouse d. all of d. the all of above the above a. 17something a.

PeRcent 17 PeRcent c.

PeRcent 42 PeRcent needs to live on,c.a 42 cash B. 23 B. PeRcent PeRcent D. 47 PeRcent 47 PeRcent questIon questIon reserve to23 carry them through. ” D. A final and crucial step in estate planning is assembling pertinent documents (see sidebar) and making sure a survivor questIon questIon question question 7:has 7: is aware of and access to them.

You can Youimprove can improve your your “You’d surprised by the number creditcredit ratingrating by by true true or be False: or False: a. correcting a. correcting inaccuinaccuIf you If you die die rate information rate information as as Insurance is a way is aof: way of: soon as soon possible as possible without without a will, a will,Insurance a. saving a. saving for for b. disputing b. disputing negative negative youryour sur viving sur viving a rainya day rainy day information information spouse spouse will will be beb. preventing b. preventing c. correcting c. correcting only the only the unplanned unplanned events events worst worst report report granted granted all or all or c. handling c. handling risk risk d. asking d. asking that negative that negative mostmost of your of your d. all of d. the all of above the above information information not benot be included included in your in your assets. assets. creditcredit reportreport

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Thinking of Pre-planning Your Funeral or Cremation

For all of your estate planning, probate and elder law needs, contact Christopher J. Moore. Chris is a member of Creason, Moore, Dokken & Geidl, PLLC, of Lewiston, Idaho.

Chris practiced as a Certified Public Accountant in Idaho from 1975 through 1986, when he entered law school. He received his J.D., magna cum laude in 1989, and is currently licensed in both Idaho and Washington.

Chris is an Accredited Estate Planner® and holds an Estate Planning Law Specialist designation from the Estate Planning Law Specialists Board, Inc. He currently serves as President-elect on that board. Chris has been a member of the Clearwater Estate Planning Council for over twenty years.

Chris’ areas of emphasis include trusts and estates, business organizations, taxation, probate and elder law. He is accepting new cases in all or any of those areas.

© CTW © Features CTW Features

AA

1. the 1. u.s. thesocial u.s. security social security administration administration estimates estimates that a that a man reaching man reaching age 65age today 65 can today expect can expect to live, to onlive, average, on average, until age until 83.age a woman 83. a woman turningturning age 65age today 65 can today expect can expect to to live until liveage until 85.age to 85. calculate to calculate your expected your expected lifespan, lifespan, go to: go to: http://www.ssa.gov/planners/lifeexpectancy.htm http://www.ssa.gov/planners/lifeexpectancy.htm 2. c: 662. c: 66 Jeff Rate?

Seipert, Jason Harwick, Dennis Hastings How Do How You DoRate?

You years old years 3. D: old20 3. percent D: 20 percent 10 10 coRRect: • coRRect: Prepayment guarantees the cost yourcontributed wishes 4. False.

4. Pre-tax False.

Pre-tax money• money aEnsures worker a worker contributed to a are retiretomet a retirewarrenwarren Buffet is Buffet your is your of services and merchandise at is subject Pre-plan inwhen yourit’s home, our •income ment plan ment is plan subject to to income taxes taxes when withdrawn it’s withdrawn new best newfriend! best friend! today’s price. during during office, retirement retirement years. 5. years. c: 205.by years c: phone 20 yearsor online 9 coRRect: 9 coRRect: 6.

D: 47 6. percent D: 47 percent 7.

False.

7. every False. u.s. every state u.s.has state unique has unique laws laws close…close… but we but are we notare not governing governing who will who own will the own property. the property. to calculate to calculate the out-the outplayingplaying horseshoes! horseshoes! come in come your in state, your go state, to www.mystatewill.com go to www.mystatewill.com 8 oR less 8 oRcoRRect: less coRRect: Exceptional Service licensed staff Competitive prices 8. c: Handling 8.Fully c: Handling risk 9. risk D: all 9. of D:the all above of the 10. above a: correcting 10. a: correcting It’s time It’stotime do some to do some inaccurate inaccurate information information as soon as as soon possible as possible homework! homework!

Vassar-Rawls Funeral Home & Crematory

Creason, Moore, Dokken & Geidl, PLLC

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Meet Your Pop Quiz: Test Your Financial Team Financial Savvy

It takes a team to make financial goals a reality. Here is the roster of folks you want to have working for you questIon

1

Taniesha Robinson

questIon

3

JANUARY 2011

questIon

5

increase capital at an acceptable level of risk. “I look at my role as being the quarterback of the According to actuarial What percentfinancial of a team, bringing Howallmany the other years, financially on istockphoto.com charts, how many years retiree’s income related will people be whoaverage, a client interacts will awith U.S.togethpersonal can you expect finance to live? can be a source spent of on healthcare, er,” says Paul onWinter, citizen president spend of FiveinSeasons stress, which is why a lot of folks like average? to rely on a Financial Planningretirement? in Salt Lake City. To do this, questIon professional when it comes to crunching a. 5numpercentplanners attempt toa.obtain 10 a comprehensive look bers. b. 10 percentat clients’ entire financial b. 15situation – bank Whether the goal is to dig out of debt c. 15 or topercent get accounts, brokerage c.accounts, 20 retirement ahead on retirement savings – and stay d. there 20 percent – accounts and otherd. investments.

25 turn At what to someone age is trained a worker and qualified to offer Winter refers to himself as “a conduit of inforprofessional born between guidance 1943 in matters of saving, mation” and formulates plans for his clients investing and 1954 andeligible planning to forget on the road to based on the information he collects regarding questionthe4:client’s assets and goals. Interview a few planfinancial full social balance. security benefits?

Read on to learn more about the pros to ners before committing to one, and be sure to Income taxes go away after a recruit a. 62for a top-notch c. 66 personal finance team. find out if the planner’s services are commissionworker retires. true or false? b. 64 d. 68 based or fee-based.

Financial Stock Broker Planner/Adviser A broker isn’t just the person that carries out Financial planners help clients invest and desired investment transactions. According to CTW features

2

OKAY NOW WHAT? Have recent market events left you uncertain about your financial future? Investing shouldn’t be fraught with confusion; I can help clear things up. I will address your short-term and long-term strategies, help you select the best investment vehicles for your needs and help guide you toward financial well-being.

Call today for more information or to schedule a consultation.

?

• What is your area of expertise? • What is your educational background?

Procrastination• What isfinancial oneplanning of the main ways the average credentials have you earned?

• What further education in financial planning do you plan to pursue?

Joe and Jane get ina member trouble withfinancial their finances.

Break • Are you of any professional planning association?

• How long have you been offering financial planning services? • Will you provide references? the bad habit –•starting now!

Answer these basic Have you ever been cited by a professional or regulatory governing body for disciplinary reasons?

Questions to • in the last year, how many clients have stopped using your services? Why? questions rateover to another employee in your firm?

Ask A and •see Do you dohow the work oryou will i be turned FinAnciAl PlAnner

• How are fees calculated? • What is your approach to saving and investing?

• Will you provide an individualized financial plan? can i look at a recent example of a plan prepared questIon there’s no substitute for someone in similar financial circumstances? for a face-to-face • What kinds of communications can i expect from you on an ongoing basis (account statements, chat to decide if a newsletters, etc.)? professional financial • How often will you review my portfolio? • How are you compensated for the services you provide? planner is right for • on average, how much can i expect to pay for your service? you. Among the ques- • What do i receive in return for that fee? tions you should ask: • What, if anything, do you expect of me during our relationship?Your credit score is: source: www.choosetosave.org a. a snapshot of your wHat PeRcent oF eaRlY BaBY © CTW Features credit risk

9

6

BoomeRs, age 56 to 62, aRe b. an objective meaexPecteD to Run out oF moneY the Financialto Industry Regulatory Authority, a Insurance Agent surement used by BasIc RetIRement coveR broker’s role is legally defined as a person or com- Licensed insurance agents lenders are essentially saleslIvIng exPenses?

pany that buys and sells stocks, bonds, mutual people who providec.clients available with life,tohealth you or on funds and other securities on behalf of customers property insurance policies. request FINRA outlines two and/or for its own account. Brokerage firms fall categories for agents: d.an allindependent of the above insurance a. 17 PeRcent c. 42 PeRcent into two categories: discount and full-service. agent who may represent multiple companies to B. 23 services PeRcent D. 47 are PeRcent questIon Transaction from discount brokers find the best coverage for an individual client; and usually cheaper but come with little advice. For a “captive” agent who only recommends policies investment counsel, investors can employ a fullfrom one company. Agents are licensed by the service broker. To learn more about how to findquestIon a state. Find financial and disciplinary information question 7:www.finra.org and click on on insurance companies qualified broker go to You can nationwide improve on the your “Investors.

Use the FINRA BrokerCheck tool to National Association credit of Insurance rating Commissionby true ”or False: track down background information on brokers. ers website, www.naic.org. a. correcting inaccu-

10

If you die without a will, your sur viving spouse will be granted all or most of your assets.

8

rate information as Insurance is a way of: soon as possible a. saving for b. disputing negative a rainy day information b. preventing c. correcting only the unplanned events Advisor,worst report Financial LPL Financial c. handling risk d. asking that negative 230 Johnson Ave., d. all of the above Orofino, ID 83544information not be (208) 476-7100 included in your credit report

Teri Bolling

toll-free (877) 476-7101 © CTW Features teri@camasfs.com

A How Do You Rate?

10 coRRect: warren Buffet is your new best friend!

9 coRRect: close… but we are not playing horseshoes!

8 oR less coRRect: It’s time to do some homework!

1. the u.s. social security administration estimates that a man reaching age 65 today can expect to live, on average, www. camasfs.com until age 83. a woman turning age 65 today can expect to www.disciplinediq.com live until age 85. to calculate your expected lifespan, go to: http://www.ssa.gov/planners/lifeexpectancy.htm 2. c: 66 years old 3. D: 20 percent 4. False. Pre-tax money a worker contributed to a retirement plan is subject to income taxes when it’s withdrawn during retirement years. 5. c: 20 years 6. D: 47 percent 7. False. every u.s. state has unique laws governing who will own the property. to calculate the outcome in your state, go to www.mystatewill.com 8. c: Handling risk 9. D: all of the above 10. a: correcting inaccurate information as soon as possible

Indepence Powered by

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Securities are offered through LPL Financial, member FINRA/SIPC.

JANUARY 2011

LIFE PLANNING GUIDE

Pop PopQuiz: Quiz: Test Test Your Your Financial FinancialSavvy Savvy 33

INCOME TAX SERVICES

Procrastination Procrastination is one is one of the ofmain the main waysways the average the average Joe Joe and and JaneJane get in gettrouble in trouble withwith theirtheir finances. finances.

Break Break the bad the bad habit habit – guarantee starting – starting now!now!

Answer Answer these these basic basic We our fee schedule questions questions andsave and see how seenew how you you rate rate at least 25% will clients

55

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from their previous years charges.

Just bring in those documents.

99 questIon questIon

66

Electronic e-filing is always included.

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Certified Public Accountant Personal Banker Those who are self-employed or simply have The friendly faces at the bank are not just complex tax situations should consider there to transact deposits and withdrawals all employing the expertise of a CPA. CPAs day. Personal bankers can review accounts to undergo rigorous certification and licensing determine eligibility for a higher-yielding procedures in most states. As a result, they account and if there are new credit or debit can handle the nuances of self-employment cards available that offer better rates or and can alsoquestIon provide some financial planning They will also field questions questIon questIon questIonrewards. questIon questIon advice. Their services can be expensive. A regarding mortgages or car loans and can put cheaper option may be an enrolled agent, individuals in touch with the appropriate says Lauren Lyons Cole, financial planner in loan officer. residence According According at LearnVest.com, to actuarial to actuarial a personal What What percent percent of a of a How many How many years,years, on on finance charts,charts, website. how many how many years years retiree’s retiree’s income AT-WORK income will bewill HUMAN be average, RESOURCES average, will a will U.S. a U.S. can you canexpect you expect to live?to live? spent spent on healthcare, onPROFESSIONAL healthcare, on on citizencitizen spendspend in in Estate Lawyer average? average?Lyons Cole saysretirement? that HR retirement? managers are some questIon questIon Shockingly, simply signing awaya. worldly 5 percent a.pos5 percent of the most underutilized a. 10 a. 10 financial resourcsessions on a cocktail napkin doesn’t b. 10pass b. percent 10 percent es. They know the b. 15 details b. 15 about the compamuster for a will. That’s where a c. lawyer 15 percent c. 15 percent ny’s insurance policies c. 20 c.and 20401(k) or other schooled in estate planning comes d. in.

20This d. percent 20 percent retirement programs d. 25 d. sponsored 25 by the comspecialized At what At age what attorney is age a worker will is adraft worker proper wills, pany. “That’s really their job, to provide for living bornwills between born and between trusts, 1943which 1943dictate how their employee in many financial spheres to property and 1954 and andeligible 1954 assetseligible will for be distributed for upon employees can go to work, be productive and question 4: have4:to worry about benefits,” Winter death full social orfull in the social security event security one benbecomes ben-question incapacinot tated. efits?The efits? more complex familial circumsays.

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– multiple 66 c. 66marriages or children, © CTW Features worker retires. retires. truetrue or false? or false? for b.example 64 b. 64 d.– 68 thed. more 68 critical itworker is to have plans in place.

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question question 7: 7: You can Youimprove can improve your your creditcredit rating rating by by Breaking News Line truetrue or False: or800-972-5504 False: a. correcting a. correcting inaccuinaccuIf you If you die die rate information rate information as as Insurance is a way is aof: way of: soon as soon possible as possible without without a will, a will,Insurance a. saving a. saving for for b. disputing b. disputing negative negative youryour sur viving sur viving a rainya day rainy day information information spouse spouse will will be beb. preventing b. preventing c. correcting c. correcting only the only the unplanned unplanned events events worst worst report report granted granted all or all or c. handling c. handling risk risk d. asking d. asking that negative that negative mostmost of your of your d. all of d. the all of above the above information information not benot be included included in your in your assets. assets.

88

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lans an d You have important decisions to make. We specialize in Spousal Benef it Replacement Preport creditcredit report

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1. the 1. u.s. thesocial u.s. security social security administration administration estimates estimates that a that a man reaching man reaching age 65age today 65 can today expect can expect to live, to onlive, average, on average, hard-earned savings to continue to grow tax -defuntil d give eater turning erredage an83. youa gr investment until age a woman 83. woman turning age 65age today 65options can today expect can expect to to live until liveage until 85.age to 85. calculate to calculate your expected your expected lifespan, lifespan, go to: go to: We are your Sterling Banc Financial Services investment professionals located at Sterling Savings http://www.ssa.gov/planners/lifeexpectancy.htm http://www.ssa.gov/planners/lifeexpectancy.htm 2. c: 662. c: 66 How Do How You DoRate?

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4. Pre-tax False. Pre-tax moneymoney a worker a worker contributed contributed to a retireto a retirewarrenwarren Buffet is Buffet youris your ment plan ment is plan subject is subject to income to income taxes when taxes it’s when withdrawn it’s withdrawn new best newfriend! best friend! during during retirement retirement years. 5. years. c: 205.years c: 20 years 9 coRRect: Renita Lee-Hausladen 9 coRRect: Shaun Kelley 6. D: 47 6. percent D: 47 percent 7. False.

7. every False. u.s. everystate u.s.has state unique has unique laws laws close…close… but we but are we notare not Grangeville, ID Clarkston, WA governing governing who will who own will the own property. the property. to calculate to calculate the out-the outplayingplaying horseshoes! horseshoes! come in come your in state, your go state, to www.mystatewill.com go to www.mystatewill.com 208-983-3072 509-758-1023 8 oR less 8 oRcoRRect: less coRRect: 8. c: Handling 8. c: Handling risk 9. risk D: all 9. of D:the all above of the 10. above a: correcting 10. a: correcting It’s time It’stotime do some to do some inaccurate inaccurate information information as soon as as soon possible as possible homework! homework!

Investment and Insurance Products are offered through Fintegra Financial Solutions, an independent registered broker/dealer, Member FINRA/SIPC. Sterling Savings Bank and Fintegra are not affiliated. Renita Lee-

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© CTW © Features CTW Features

8 LIFE PLANNING GUIDE

JANUARY 2011

10 Tips toTest Jump-Start Pop Quiz: Your 10 Tips to Jump-Start Your Savings 10 Tips to Jump-Start Financial Savvy Your Savings Last we checked there was no bailout Your Savings Last we checked money regularthere folks.

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TIP No.

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2 2 2

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3 3 3

TIP No.

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istocKphoto.com CTW feaTures

Kept money in account until age 65

a. 17 PeRcent B. 23 PeRcent per-episode fee might be cheaper than cable. question 7:might per-episode fee might per-episode fee TIP No. be cheaper than cable. cable. true or False: be cheaper than per-episode fee might TIP No. No. If cheaper you TIP die be than cable.

5 without5a will, your sur viving 5 spouse will be TIP No.

redeem reward points.

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9

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Last we checked there bailout money for regular folks.was no Are you saving enough?

According to actuarial What percent of a How many years, on charts, how many years retiree’s income will be average, will a U.S. money for regular folks.

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10 coRRect: $20K $40K $40K $60K $60K $80K $20K $80K warren Buffet is your amount investeD new best friend!

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10

going to purchase anyquestIon way.”

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“Any timeflowyou Negotiate car insurance. c. handling risk d.rates. asking providers’ that negative aaers, major retailer – different major retailer – aa different providers’ furniture – check with the same company, make a the purchase from once a year, compare d. all of above information notstay be new computer, flowrates. even if new computer, flowrates. evencan if you you stay out your credit card you likely save aers, major retailer – a different providers’ included in your furniture – check with the same company, ers, furniture – check with thebysame company, and car insurance money adjusting new computer, flowrates. even if you stay credit report out your card you likely can out your credit credit card you likely can save save websites for deals,” your deductible; unloaders, furniture – check with same company, ©the CTW Features and car insurance money by and car insurance money by adjusting adjusting Sethi says. “my credit ing unnecessary servicout your credit card you likely can save websites for deals,” your deductible; unloadwebsites for deals,” your deductible; unloadcardcar gives me dises (suchby asadjusting roadside and insurance money Sethi says. “my ing unnecessary servicSethi says. “mytocredit credit ing unnecessary serviccounts of up 30 perassistance if you’re an websites for deals,” your deductible; unload1. card the u.s. social security administration estimates that a gives me dises (such as roadside card gives me dises (such as roadside cent off for things I’mcan expect AAAunnecessary member); orservicasking Sethi says. “my credit ing man reaching age 65 today to live, on average, counts of up to 30 perassistance if you’re an counts of up to 30 perassistance if you’re an card me dis-turning as roadside until agegives 83. a woman age es 65(such today can expectasking to cent AAA cent off off for for things things I’m I’m AAA member); member); or or asking livecounts until ageof85. to calculate your expected lifespan, go up to 30 perassistance if you’re to: an interest earneD final total http://www.ssa.gov/planners/lifeexpectancy.htm 2. c:or66asking cent off for things I’m AAA member); $100K $120K $140K $160K $180K $200K $220K $240K years old 3. D: 20 percent interest earneD final total total interest earneD final

8 6 6 6

7 7 7

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D: 47 percent 7.

False. every u.s. state has unique laws close… but we are not $152,288 $251,578 $251,578 $107,209 governing who will own the property. to calculate the outplaying horseshoes! $85,688 $152,288 come in your state, go to www.mystatewill.com $152,288 8 oR less coRRect: $251,578 source: american savings education employee 8. c: Handling risk 9. D: all of the above 10. Council; a: correcting It’s time to do some $85,688 $41,015 Benefit research Institute $85,688 $152,288 source: american savings inaccurate information as soon as possible homework! source: american savings education Council; Council; employee employee education $41,015 © CTW Features Benefit $41,015 Benefit research research Institute Institute $85,688

$41,015

4. False.

Pre-tax a worker $100K $120K $140K money $160K $180K $200Kcontributed $220K $240K $240Kto $100K $120K $140K $160K $180K $200K $220K

source: american savings education Council; employee Benefit research Institute

JANUARY 2011

LIFE PLANNING GUIDE

9

Procrastination Procrastination is one is one of the ofmain the main waysways the average the average in Over YOur Head?

Pop PopQuiz: Quiz: Test Test Your Your Joe Joe and and JaneJane get in gettrouble in trouble withwith theirtheir finances. finances.

Break Break the bad the bad habithabit – starting – starting now!now!

Answer Answer these these basic basic Financial FinancialSavvy Savvy questions questions and and see how see how you you rate rate 10

about repeat-customer, low-mileage and safeoccupation discounts.

Use Sethi’s negotiating script:tinyurl.com/carinsurance1. questIon TIP No. questIon

81 1

than indulging in a splurge.

TIP No.

questIon questIon

33

s 9OU HAVE ONLY A SMALL IN CASE OF control how much you spend, emergency fund, or none at all. you’re never going to have enough s 9OU PAY ONLY THE MINIMUM OR A money,” she says. When Hill reallittle extra, toward your credit card ized her irresponsible spending habquestIon questIon every month. its, she started a “cash-only diet” s 9OU DON T UNDERSTAND THE DIFFERand wrapped a piece of paper ence between a Roth IRA, a tradiaround her credit card that read, tional IRA and a 401(k)…

“Do I need this?” s x .OR DO YOU KNOW THE BEST WAYS Here are signs you may be in need Your credit Your credit score score is: is: ina.these retirement ofwHat your own spending dieteaRlY from her a. a snapshot a snapshot of your ofplans. your wHat PeRcent PeRcent oF eaRlY oF BaBY BaBY to invest s 9OU GET A HUGE INCOME TAX new book, “Shoo, Jimmy Choo!” creditcredit risk risk BoomeRs, BoomeRs, age 56 age to5662,toaRe 62, aRe year.

(Sterling, 2010). b. each an b. objective an objective mea- meaexPecteD exPecteD to Run to out Run oF out moneY oF moneYrefund s 9OU DON T HAVE THE INSURANCE surement surement used by used by BasIcBasIc RetIRement RetIRement to coveR to coveR you need. s 9OU HAVE NO CONCRETE PLAN FOR A lenders lenders lIvIng lIvIng exPenses? exPenses? s 9OU DON T HAVE A CLUE ABOUT WHERE secure financial future. c. available c. available to youtoon you on your money goes each month (but s 9OU HAVE SIGNIFICANT DEBT AND NO request request it sure solid plan to get out of it. d. goes all of d.somewhere). the all of above the above 17 a.

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PeRcent 42 PeRcent than 13 percent your © CTW Features 23 B. PeRcent 23 income PeRcent 47retirement D. PeRcent 47 PeRcent questIon questIon goes toD. your Source: “Shoo, Jimmy Choo: The Modern savings (or worse, you haven’t even Girl’s Guide to Spending Less and Saving thought of saving for retirement).

More,” by Catey Hill (Sterling, 2010)

Financial journalist Catey Hill, selfdescribed shoe addict and money editor of NYDailyNews.com, says an overspending habit is hard to admit questIon questIon to and even harder to curb, but imperative nonetheless. “Until you

55

Eliminate temptation: unsubscribe. Many retailers send According According to actuarial to actuarialWhat What percent percent ofspecial a of a How many How many years,years, on on Sell stuff.

Auction off offers via e-mail.

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20bottom d. percent 20 percent d. 25 d. 25 At what At age what is age a worker is a workere-mails to stop receivborn between born between 1943 1943 ing them.

When you receive © CTW Features and 1954 and eligible 1954 eligible for for extra cash – such as a question question 4: 4: full social full social security security ben- bentax return, bonus, efits? efits?

Income Income taxes taxes go away go away afterafter a a birthday gift a. 62 a. 62 c.

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88

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At H&R Block, we believe you should never have to settle for anything © CTW ©Features CTW Features less than the best tax preparation. That’s why we require our tax professionals to take more than 84 hours of specialty tax training. And then require them to pass hours of continuing education of all of the 1. the 1. u.s. thesocial u.s. security social security administration administration estimates estimates that a that a tax law changes each year. So your can feel confident you’re claiming man reaching man reaching age 65age today 65 can today expect can expect to live, to onlive, average, on average, every credit you can and taking advantage of every deduction you until age until 83.age a woman 83. a woman turningturning age 65age today 65 can today expect can expect to to have coming.

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live until liveage until 85.age to 85. calculate to calculate your expected your expected lifespan, lifespan, go to: go to:

Never settle for less.smhttp://www.ssa.gov/planners/lifeexpectancy.htm http://www.ssa.gov/planners/lifeexpectancy.htm 2. c: 662. c: 66 How Do How You DoRate?

You Rate? years old years 3. D: old20 3. percent D: 20 percent

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10 coRRect: Call10orcoRRect: visit us now. 4. False.

4. Pre-tax False. Pre-tax moneymoney a worker a worker contributed contributed to a retireto a retire-® warrenwarren Buffet is Buffet your is your hrblock.com / 800-HRBLOCK ment plan mentis plan subject is subject to income to income taxes when taxesit’s when withdrawn it’s withdrawn new best newfriend! best friend!

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1626 17th St., Lewiston (208) 746-7233 1451 15th St., Clarkston (509) 780-4120 234 Johnson Ave, Orofino (208) 476-5112

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© CTW ©Features CTW Features CLARKSTON MOSCOW 435 Elm Street 124 West C Street (509) 751-8872 (208) 882-0702

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10 LIFE PLANNING GUIDE

JANUARY 2011

Procrastination is one of the main ways the average Pop Quiz: Test Your Joe and Jane get in trouble with their finances. Break Financial Planning Timeline the bad habit – starting now! Answer these basic Financial Savvy questions and see how you How to think smarter and plan better in rate money Taniesha Robinson CTW features

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good financial habits start early. The very best According actuarial What percent of a somewhere How many last welltointo old age.

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No matter what stage of life, a person retirement? can always take a. 5 percent a. 10 Taniesha Robinson How to think smarter CTW feaTures b. 10 b. 15and steps to improve his orpercent her finances, says Julie plan Jason, isTockphoTo.com c. 15 percent c. 20 better in money matters at all president of the Jackson, Grant Investment d. 20 percent d. 25 Advisors,

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credit risk BoomeRs, age 56 to 62, aRe in your 30s Married b. an objective meain your 50s… exPecteD to Run out oF moneY and early 40s WiTh a faMily surement used by to coveR BasIc RetIRement lenders lIvIng exPenses?

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17 PeRcent and 1954 eligible for insurance.

Whole life AARP Retirement SurvivTeens neWlyWeds Children B. 23 PeRcent D. 47 PeRcent questIon question 4: College sTudenTs full social security beninsurance is expensive al Guide: How to Make and unnecessary in Smart Financial Deciefits?

Income taxes go away after a Thakor’s opinion.

She sions in Good Times and a. 62 c. 66 if little ones start to learn as kids approach their a new couple’s main suggests acquiring Bad, ” (Sterling, 2009). worker retires. true or false? b.

68 questIon the64 basicsd. of money teenage years, they can financial goal should term life insurance Make catch-up contribuquestion 7: which proYoutions, can an improve your management as they start to grasp the truth be to build a solid foun- instead, “The challenge as you extra amount grow, perhaps they can in the old adage dation that includes anor vides rating bycan add to coverage for a set enter into these years credit those over 50 true False: avoid the debt and exu“money doesn’t grow emergency fund to a. correcting inaccutime period – usually is to avoid lifestyle 401(k) and other retireberant spending habits on trees.”Thakor tells cover three toIf sixyou die five to 30 years – at a creep,”Thakor says.“It’s rate mentinformation accounts.At age as59 that plague many adults. teens to think about months of living fixed rate. very easy to start living 1/2 you will no longer Insurance is a way of: soon as possible be without aKeep will, it’s important to teach how many hours they expenses,Thakor says. retirement a. sav-saving beyond your means. hit with taxnegative penalties on for b. disputing children that every dollar would have to work to However, thisyour should sur ingviving in mind, despite the The more you earn, withdrawals from retireday the more information they receive is not a dolearn enough to buy an The average collegehappen only after each focus on children.Youa rainy sometimes ment accounts, but leavspouse will be a year lar they can spend, says item they want.This age credit card holder partner pays down any can b. preventing the put $5,000 you spend.”This pres- c. correcting ing money inonly means Manisha Thakor, personal way, they begin to carries a balance of debts they may have unplanned events worst report into an Individual ents a big problem for more time for it to grow. all or finance expert for understand how much more than $3,000, accumulated granted before Retirement Account savings for a couple’s d. asking Imagine you’re retirc. handling risk that negative women and author of labor really goes into according to Sallie Mae. marriage.Thakor urges of(IRA) and delay paying and their ing on Monday andbe most your d. all ofretirement the above information not “get financially naked,” an iPod or Xbox purfortunately for frisky, newlyweds to conduct taxes on investment children’s college eduneed to calculate how included in your assets. (adams Media, 2009). chase. Encourage a young credit users, financial check-ins on earnings until retirecation.Thakor has long your funds will last. credit report Kids should learn to teen to find a part-time credit card reform meaall assets at least semiment age. If you don’t noted another dangerJason says this scenario divide allowances into job, and share your sures that started rollannually. couples © CTW Features have a retirement plan ous trend in this age forces people to look at three buckets: one for views on money mating out in 2010 make it should save 20 percent (or are in a plan and bracket: risky investtheir expenses, savings savings, one for charity ters and what you’ve more difficult to overof their income,Thakor earn less than a certain ments.An investment and income sources and one for spending. learned about saving load on credit and debt, says. amount), you can1.also portfolio at this age outside of work.that “If you the u.s. social security administration estimates a Thakor recommends and spending. requiring anyone investment smarts: If take a tax deduction should be a low-cost, do the analysis, you can man reaching age 65 today can expect to live, on average, parents help children under age 21 to show for your IRA contribuhigh-quality mix of adjust your savings and until age 83. a woman today canshe expect allocate 10 percent for proof of income or get tions. stocks, bondsturning and age 65investing,” says.to savings, 10 percent for parents to co-sign in live until age 85. to calculate your expected lifespan, go on to: mutual funds that get going! Are you charity and 80 percent order to get a credit http://www.ssa.gov/planners/lifeexpectancy.htm 2. c: 66 grows conservatively How Do You Rate? for spending. card. college students over she says. years old 3.

D: time, 20 percent Required reading: shouldn’t avoid credit your employer offers a10 coRRect: 4. False. Pre-tax money a worker contributed to a retireJean Chatzky, awardtax sheltered savings cards completely, howwarren Buffet is your ment plan is subject to income taxes when it’s withdrawn winning financial journalplan, such as a 401(k), ever.a student should new best friend! college planning: The during retirement years. 5. c: 20 years ist, wrote “Not Your sign up and contribute get one credit card in College Savings Plan track financially for a com9 coRRect: Parents’ Money Book: all you can. Your taxes his or her name; moni6. D: 47 percent 7. False. every u.s. state has unique laws calculator at the financial fortable retirement?

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Financial Planning Start early. Make retireplaying horseshoes!

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D: all of 10. a: correcting do some Schuster, 2010) to help tions make it easy.It’s time to www.threejars.com to every month. Used op or fine-tune a college highlight areas where you and set goals. Grab a inaccurate information as soon as possible homework! start teens on a path to come up with a weekly responsibly, a credit savings plan, factoring in need to improve: Go to quick estimate of your © CTW Features >> conTinUeD number and ages of chilfinancial success. sum that’s reasonable, card can help young www.fpaforfinancialplanretirement needs using on paGe 14 dren in the family. Click based on the age of the adults build a strong ning.org/ and click on the “Ballpark Estimate” child and the parent’s credit profile. on “Financial Tools.”

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The minimum receive Social benefits is age but delaying t year will mean monthly bene erally, governm sponsored Me health insuran available to th 65 and older.A those born be 1943 and 195 gible for full S Security bene Jason says th at age 65 mus that they’re ta every ambitio cial advisor.“P skeptics hat,” Retirees shou view professio make sure the prior experie retirement ac and clients in situations sim ing decisions $100,000 acc very different making decisi million-dollar Jason says.

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JANUARY 2011 g Timeline Continued...

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LIFE PLANNING GUIDE

in your 60s…

in your 70s…

80s and beyond

Pop PopQuiz: Quiz: Test Test Your Your Financial FinancialSavvy Savvy

Procrastination Procrastination is one is one of the ofmain the main waysways the average the average Joe Joe and and JaneJane get in gettrouble in trouble withwith theirtheir finances. finances.

Break Break the bad the bad habithabit – starting – starting now!now!

Answer Answer these these basic basic Lewiston questions questions and and see how see how you you rate rate

“Fifty is the time of prepThe minimum age to aration and a time of receive Social Security opportunity,”says Julie benefits is age is 62, Jason, author of“The but delaying to a later AARP Retirement Surviv- year will mean a bigger al Guide: How to Make monthly benefit. GenSmart Financial Decierally, governmentsions in Good Times and sponsored Medicare questIon questIon questIon questIon questIon questIon Bad,”(Sterling, 2009). health insurance is Make catch-up contribuavailable to those age tions, an extra amount 65 and older.At 66, those over 50 can add to those born between 401(k) and other retireand 1954 areWhat eliAccording According to actuarial to 1943 actuarial What percent percent of a of a How many How many years,years, on on ment accounts.At age 59 gible for full Social charts, charts, how many how years years retiree’s retiree’s income income will bewill be average, average, will a will U.S. a U.S. 1/2 you will no longer be many Security benefits. hitcan withyou tax penalties onto live?

Jason says that those can expect you expect to live? spent spent on healthcare, on healthcare, on on citizencitizen spendspend in in withdrawals from retireat age 65 must realize average? average? retirement? retirement? ment accounts,questIon but leavthat they’re targets for questIon a. 5 finanpercent a. 5 percent a. 10 a. 10 ing money in means every ambitious more time for it to grow. cial advisor. a 10 percent b.“Put 10onb. percent b. 15 b. 15 Imagine you’re retirskeptics hat,” she says. c.

15 percent c.

15 percent c. 20 c. 20 ing on Monday and Retirees should interd. 20 d. percent d. 25 d. 25 need to calculate how view professionals to 20 percent long funds will last. sure they have At your what At age what is age a worker ismake a worker Jason says this scenario prior experience with bornpeople between born 1943 accounts forces to between look1943 at retirement andexpenses, 1954 and eligible 1954 forand clients for in financial their savingseligible and income situations similar. Mak“Now is the time to Healthcare and legacy full social fullsources social security security benbenoutside of work.“If you ing decisions for a review assumptions planning should come efits?you can $100,000 account is doefits? the analysis, and make adjustments into the picture adjust your to your cash flow and around age 85, Jason a. 62 a.savings 62 c. 66and c. 66very different from investing,” she says. making decisions for a to your investments,” says. Long-term care b. 64 b. 64 d. 68 d. 68 get going! Are you on million-dollar account, Jason says.At the outfor husbands and Jason says. set of retirement, peowives should be deterple assume that mined.“At a certain healthcare will be their point you have to greatest expense. It bring in your spouse turns out that the largand see if you’re in track financially for a comest expense is most sync with each other,” fortable retirement? The often taxes. Plan to Jason says. She reminds Financial Planning Assoc. begin taking minimum retirees to include the offers an interactive FinanLearn what your estiwithdrawals from most desire to leave an cial Roadmap tool to help mated social security retirement accounts inheritance in their highlight areas where you benefit will be at retireby 70 1/2 or you may planning. need to improve: Go to ment by using the retirebe charged a penalty. © cTW features

33

11

question question 4: 4: Income Income taxes taxes go away go away afterafter a a worker worker retires. retires. truetrue or false? or false?

tip

www.fpaforfinancialplanning.org/ and click on “Financial Roadmap” under Tools & Resources.

tip

ment estimator at www. ssa.gov/estimator or call 1-800-772-1213.

Financial advice for the long run questIon questIon

55

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George Bodman,

CWS® Vice President, questIon Financial Consultant, Assistant Branch Manager The Nesset Bodman Group

surement surement used by used by lenders lenders c. available c. available to youtoon you on request request d. all of d. the all of above the above questIon questIon

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CWS® Financial Consultant questIon The Nesset Bodman Group

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Brad Rice,

CWS® Financial Consultant The Nesset Bodman Group

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Associate Vice President, Financial Consultant

Vice President, Financial Consultant

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12 LIFE PLANNING GUIDE

JANUARY 2011

Pop Quiz: Test Your Financial Savvy questIon

According to actuarial charts, how many years can you expect to live?

What percent of a retiree’s income will be spent on healthcare, on average? a. 5 percent b. 10 percent c. 15 percent d. 20 percent

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LIFE PLANNING GUIDE

Insurance for Beginners Beginners 55 33 11 Pop PopQuiz: Quiz: Test Test Your Your Insurance for Financial FinancialSavvy Savvy

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Premiums for it’s not not easy, though, though, the financially financially adults who who have have universal. for request CTW feaTures could lie ahead.even Life insurance the choice ofPremiums young tend types: whole and born between born between 1943 1943 to get a focus d. all main of d. the all of above the above it doesn’t matter on the unsophisticated have responsibilities, such as whole life policies DisabiLitY income it doesn’t matter to get a focus on the unsophisticated have responsibilities, such asc. 42whole life policies tend DisabiLitY income a.

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Premiums for and 1954 and eligible 1954 eligible for for insurance protection a if heard kids and aa mortgage, to stay level, while insurance if every every penny penny is is insurance protection a heard about about life life insurinsurkids and mortgage, toD. stay level, while prepreinsurance B. 23 B. PeRcent 23 PeRcent D. 47 PeRcent 47 PeRcent questIon questIon question question 4: 4: full fullasocial security security benben-family really pinched. can needs –– poliaa lot miums death certain.

But itsocial doesn’t matter to get a focus onance, thean unsophisticated such polas whole policies pinched. a calamity calamity can family really needs ance, an insurance insurance poli- but but not not have lot of of extra extraresponsibilities, miums for for universal universal poldeath is islife certain.

But tend efits? efits? arrive unannounced and can afford.

Here, cy that pays a sum to a cash, Hunt says. the icies allow you to elect none of us know Income Income taxes taxes go away gocyaway after aa sum ato aabout arrive unannounced and can afford.

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64 b. 64 d. 68security.

68 ly’s financial those who want to children other insurance only mums, lesser serious illness will prequestIon questIon ly’s financial security. those who want to children or other insurance only pay out mums, with a lesser serious illness will prequestion 7: a during 7: cash, investment arrive way unannounced and can afford. Here, cy that pays aquestion sum to Hunt says.the You can icies allow youyour to elect You improve can improve your the guard dependents should vent the only only way to to ensure ensure guard their their financial financial dependents should should should you you die die during investment build-up build-up vent us us from from working working credit rating rating by by period. protection is start security –– without one suddenly the specified period. over for aa prolonged and wipe out any famispouse, or provides for term lifecreditto certain minitrue true or False: orfor False:premiums protection is to to start securityexperts withoutshare tips onefor suddenly pass pass the specified period. over time. time. forpay prolonged period. a. correcting a. correcting inaccuinacculy’s financial security. those who want to childrenIforyou other with a lesser If you die die insurance only pay out ratemums, information rate information as as the only way to ensure guard their financial dependents should should you investment build-up Insurance Insurance is adie way isduring aof: way of: soon as soon possible as possible without without a will, a will, protection is to start security – without one suddenly pass the specified period. over time. a. saving a. saving for for b. disputing b. disputing negative negative youryour sur viving sur viving a rainya day rainy day information information spouse spouse will will be beb. preventing b. preventing c. correcting c. correcting only the only the unplanned unplanned events events worst worst report report granted granted all or all or c. handling c. handling risk risk d. asking d. asking that negative that negative mostmost of your of your d. all of d. the all of above the above information information not benot be included included in your in your assets. assets. creditcredit reportreport

Genuine financial security often includes a Genuine financial security often aa Genuine financial security often includes includes few nets.

Here’s an insurance fewsafety safety nets.

Here’s anto to insurance few safety nets.

Here’s an intro intro tointro insurance options to on feeling options to get get on the the road toroad feeling secure options to get onroad theto to secure feeling secure

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© CTW ©Features CTW Features

Rick Woods

1. the 1. u.s. thesocial u.s. security social security administration administration estimates thatto a that a Call meestimates today man reaching man reaching age 65age today 65make can today expect canan expect to live, to onlive, average, on average, appointment until age until 83.age a woman 83. a woman turningturning age 65age today 65 can today expect can expect to to live until liveage until 85.age to 85. calculate to calculate your expected your expected lifespan, lifespan, go to: go to: http://www.ssa.gov/planners/lifeexpectancy.htm http://www.ssa.gov/planners/lifeexpectancy.htm 2. c: 662. c: 66 How Do How You DoRate?

You Rate? years old years 3. D: old20 3. percent D: 20 percent Monday - Friday | 8:30 - 5:30 10 coRRect: 10 coRRect: 4. False.

4. Pre-tax False. Pre-tax moneymoney a worker a worker contributed contributed to a retireto a retirewarrenwarren Buffet is Buffet youris your ment plan ment is plan subject is subject to income to income taxes when taxes it’s when withdrawn it’s withdrawn new best newfriend! best friend! during during retirement retirement years. 5. years. c: 205.years c: 20 years 9 coRRect: 9 coRRect: 6. D: 47 6. percent D: 47 percent 7. False.

7. every False. u.s. everystate u.s.has state unique has unique laws laws close…close… but we but are we notare not governing governing who will who own will the own property. the property. to calculate to calculate the out-the outplayingplaying horseshoes! horseshoes! come in come your in state, your go state, to www.mystatewill.com go to www.mystatewill.com 8 oR less 8 oRcoRRect: less coRRect: 8. c: Handling 8. c: Handling risk 9. risk D: all 9. of D:the all above ofST the 10. above a: correcting 10. a: correcting It’s time It’stotime do some to do some inaccurate inaccurate information information as soon as as soon possible as possible homework! homework!

(Across from Lewiston Albertsons)

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208-746-7046 Rick Woods Insurance

© CTW ©Features CTW Features

www.rickwoodsinsurance.com

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14 LIFE PLANNING GUIDE

JANUARY 2011

Pop Quiz: Test Your Why Should I Financial Savvy Prearrange Services?

According According According toto to the the the www.ssa.gov/disabiliwww.ssa.gov/disabilici.org/long-term-careci.org/long-term-careci.org/long-term-careis onewww.ssa.gov/disabiliof the main ways the average What You Need to Know Procrastination Insurance Insurance Insurance Information Information Information ty/ty/ ty/ toto learn tolearn learn more more more about about about insurance/. insurance/. insurance/. and Jane get in trouble with their finances. Break About Prearranging Joe Institute, Institute, Institute, 4343 43 percent percent percent disability disability disability programs. programs. programs.

ofof of workers workers workers between between between BLenDing BLenDing BLenDing HeaLtH HeaLtH the bad habit – starting now! Answer these basic HeaLtH ages ages ages 4040 40 and and and 6565 65 will will will Long-term Long-term Long-term care care care insurance insurance insurance anD anD anD questions and see howinsurance you rate suffer suffer suffer a disability aadisability disability that that that insurance insurance savings savings savings

InIn In our our our aging aging aging society, society, society, Paying Paying Paying forfor for health health health insurinsurinsurquestIon nearly nearly nearly everyone everyone everyone ance ance ance and and and saving saving saving are are are knows knows knows someone someone someone who who who two two two ofof the ofthe the biggest biggest biggest Security Security Security system system system has has has a a a needs needs needs years years years of of nursing of nursing nursing financial financial financial challenges challenges challenges 1. You’ll protect your family from disability disability disability benefit benefit benefit propropro- care, care, care, which which which can can can quickquickquick- families families families face. face. face.

According to actuarial What percent of a many years, on unnecessary painHow & expense. gram, gram, gram, and and and many many many lower lower lower ly ly put ly put put a drain a a drain drain on on on life life life If If you If you you purchase purchase purchase charts, how many years retiree’s income will be average, will a U.S. Your credit score is: a aa 2. You’ll say goodbye in a way that uniquely income income income workers workers workers savings. savings. savings.

Fortunately, Fortunately, Fortunately, as as as high-deductible high-deductible high-deductible health health health can you expect to live? spent on healthcare, on citizen spend in a. a snapshot of your wHat PeRcent oF eaRlY BaBY reflects your personal style — not someone depend depend depend on on on this, this, this, Hunt Hunt Hunt long-term long-term long-term care care care needs needs needs insurance insurance insurance plan plan plan – either – – either either average? retirement? credit risk BoomeRs, age 56 to 62, aRe else’s. questIon a. 5 percent a. 10 an objective says. says. says.

Some Some Some employers employers employers become become more more prevaprevapreva- b. onon on your your your own own own ormeaor or exPecteD to Runbecome out oFmore moneY 3. You’ll lessen the fib. nancial b. 10 percent 15 burden. Our surement used by also also also offer offer offer disability disability disability lent, lent, lent, insurers insurers insurers are are are offerofferoffer- through through through your your your employer employer employer BasIc RetIRement to coveR easy payment plans make it easy for you c. 15 percent c. 20 lenders coverage coverage coverage asas as part part part of of of ing ing ing more more more ways ways ways to to to – you – – you you may may may qualify qualify qualify forfor for a aa lIvIng exPenses? to comfortably pay d. 20 percent d.for 25 your funeral over available to you on their their their group group group benefits. benefits. benefits. insure insure insure against against against the the the cost. cost. cost. c. health health health savings savings savings account, account, account, time, at today’s prices, so your family won’t At what age is a worker request For For For those those those who who who are are are For For For instance, instance, instance, many many many paying paying paying less less less forfor for premipremipremihave to find the money later. born between 1943 d. all of the above high high high earners earners but but but dodo do states states now now participate participate participate ums ums ums and and and building building building savsavsava.earners 17 PeRcent c.states 42 now PeRcent and 1954 eligible for 4. You’ll minimize disputes between your not not not have have have an an an employeremployeremployerin in a in “Partnership a a “Partnership “Partnership for for for ings. ings. ings.

B. 23 PeRcent D. 47 PeRcent questIon question 4: full social security benwell-meaning relatives. based based based disability disability disability plan, plan, plan, Long-Term Long-Term Long-Term Care” Care” Care” proproproYour Your Your employer’s employer’s employer’s efits?

Income taxes a family neglecting 5. You’ll showgo youraway love in after a way your neglecting neglecting toto purchase topurchase purchase gram gram gram – a––cooperative aacooperative cooperative benefit benefit benefit manager manager manager oror or a aa a. 62 c. 66 will never forget. private private private disability disability disability covcovcovprogram program program between between between state state state health health health insurance insurance insurance proproproworker retires. true or false? b. 64 d. 68 questIon erage erage erage could could could mean mean mean a a a governments governments governments and and and insurinsurinsurvider vider vider can can can help help help with with with question 7: 1225 E. 6th Street • Moscow, ID You can improve your dramatic dramatic dramatic change change change inin lifeinlifelife- ers ers ers that that that “is“is “is one one one ofof the ofthe the credit details, details, details, but but but briefly, briefly, briefly, rating by (208) 882-4534 true or False: style style style should should should they they they be be be best-kept best-kept best-kept secrets, secrets, secrets, ” says ” ” says says because because because deductibles deductibles deductibles a. correcting inaccuwww.shortsfuneralchapel.net Ifinjured youorordie injured injured or unable unable unable toto to Jesse Jesse Jesse Slome, Slome, Slome, executive executive executive are are are high high high – for ––for for 2010 2010 2010 and and and rate information as work work work and and and their their their paypaypaydirector director director of of the of the the AmeriAmeriAmeri2011 2011 2011 it’s it’s it’s at at least at least least $2,400 $2,400 $2,400 Insurance is a way of: soon as possible without a will, checks checks checks stop, stop, stop, says says says JefJefJefcan can can Association Association Association for forfor for families families families –negative monthly ––monthly monthly a. saving for forfor b. disputing your sur viving frey frey frey Shaw, Shaw, Shaw, executive executive executive Long-Term Long-Term Long-Term Care Care Care InsurInsurInsurpremiums premiums premiums are are are lower. lower.

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Private Private Private haps haps haps forfor for retirement retirement retirement insurance insurance insurance agents agents agents sell sell sell health health health expenses, expenses, expenses, Your Your Your action action action the the the partnership partnership partnership plan plan plan explains explains explains Roy Roy Roy Ramthun, Ramthun, Ramthun, 1. the u.s. social security administration estimates that a PLan PLan PLan and and and traditional traditional traditional longlonglonga fellow a a fellow fellow at at the at the the Council Council Council Steve Forge man reaching age 65 today can expect to live, on average, Talk Talk Talk to to your to your your employemployemployterm term term care care care plans. plans. plans. for for for Affordable Affordable Affordable Health Health Health 1442 Idaho Street until age 83. a woman turning age 65 today can expect to Lewiston er’s er’s er’s human human human resources resources resources live until The The The cost cost cost of longof longlong- your Insurance.

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Pre-tax a worker contributed Lewiston warren Buffet is your the the the group group group benefits. benefits. benefits. and and and whether whether whether home, home, home, Review Review Review your health health health ment plan is subject to income taxes when your it’syour withdrawn (208) 743-6249 new best friend! bruce.wyatt.b63n@statefarm.com Your Your Your state’s state’s state’s insurance insurance insurance during assisted-living assisted-living assisted-living and and and insurance insurance insurance plan plan plan and/or and/or and/or retirement years.

5. c: 20 years 9 coRRect: 6.

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State Farm Life Insurance Company (not licensed in MA, NY or WI) tions/. tions/. tions/.

Visit Visit Visit the the the Social Social Social has has has a LTC aaLTC LTC partnership, partnership, partnership, ©© ctW ©ctW ctW features features features State Farm Life and Accident Assurance Company (Licensed in NY and WI) • Bloomington, IL Security Security Security website website website atatat visit visit visit http://www.aalthttp://www.aalthttp://www.aaltquestIon

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For life insurance, call a good neighbor.

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JANUARY 2011

LIFE PLANNING GUIDE

15

Procrastination Procrastination is one is one of the ofmain the main waysways the average the average Pop Pop Quiz: Quiz: Test Test Your Your Joeon Joe and and Jane Jane get in gettrouble in trouble withwith theirtheir finances. finances.

Break Break TheThe GiftGift that Keeps ononGiving The Gift that Keeps Giving that Keeps Giving theGiving bad the bad habithabit – starting – starting now!now!

Answer Answer these these basic basic The Gift that Keeps on Financial Financial Savvy Savvy questions questions and and seehow how see how you rate rate At a time so many need soneed much, how to to At time soso many need so much, here’s how Ataawhen timewhen when many sohere’s much, here’s toyou

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CTW feaTures “the reality is, it’s all can be a small or large ence in their own lives. ers. charitable giving plan what’s made a differAccording According to actuarial to actuarialWhat What percent percent of a of a How many How many years,years, on on CTW feaTures istoCkphoto.Com istoCkphoto.Com going toincome go away. part ofwill itlarge willinmake that “the reality is, it’s allaverage, can be alarge small orence ence in their own lives. going toretiree’s go “the away. part of financial planit will make giving thatlives. reality is, it’s all can be afinancial small oraplantheirgiving own charts,charts, how many how many years years retiree’s income will be will be average, a will U.S. U.S. istoCkphoto.Com istoCkphoto.Com in tough there’s no u-haul in ning, ranging from a much more signifigoing to go away. part of financial planit will make giving thatBaBY going to go away. part of financial planit will make giving that canexpect you expect to live? to live? spent spent on healthcare, on on citizen citizen spend spend ina in much more in toughcan you there’s no u-haul in healthcare, ning,on ranging from signifiwHat wHat PeRcent PeRcent oF eaRlY oF eaRlY BaBY economic times, when the back of a hearse,” one-time gift to a large cant,” he says.

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© CTW ©Features CTW Features

t Open a Platinum Checking account and1.pay nou.s. monthly fee if you set up a the 1. u.s. thesocial security social security administration administration estimates estimates that a that a Direct Deposit. * man reaching man reaching age 65age today 65 can today expect can expect to live, to onlive, average, on average,

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untilrates age until 83.usually age a woman 83. a woman turningturning age 65with age today 65Money can today expect can expect to to Platinum Checking pays the competitive tiered interest associated live until live age until 85. age to 85. calculate to calculate your expected your expected lifespan, lifespan, go to: go to: Market accounts, but offers you unlimited check writing, as well as a debit card, free checks, a http://www.ssa.gov/planners/lifeexpectancy.htm http://www.ssa.gov/planners/lifeexpectancy.htm 2. c: 66 2. c: 66 free safe deposit box, and more. Details atDo www.communitybanknet.com.

How Do How You Rate?

You Rate? years old years 3. D: old20 3. percent D: 20 percent

10 coRRect: t Earn a .75% rate bonus on 10 a coRRect: CD of $5004. or for money any if you open False.

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during during retirement retirement years. 5. years. c: 205.years c: 20 years Discover the difference Community makes.

You’ll find a full range of financial products and 9 coRRect: 9 coRRect: 6.

D: 47 6. percent D: 47 percent 7.

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7. every False. u.s. every state u.s.has state unique has unique laws laws close… but we but are we notare notoften found in large regional services, delivered with a level ofclose… personal service not banks.

118 Bridge Street Clarkston, WA 99403 509-758-6878

governing who will who own willthe own property. the property. to calculate to calculate the out-the outplayingplaying horseshoes! horseshoes!governing come in come your in state, your go state, to www.mystatewill.com go to www.mystatewill.com Mon 8- oR Thurs: 9am-5pm less 8 oRcoRRect: less coRRect: 8. c: Handling 8. c: Handling risk 9. risk D: all 9. of D:the all above of the 10. above a: correcting 10. a: correcting It’s time It’s to time do some to do some Fri: 9am-6pm inaccurate inaccurate information information as soon as as soon possible as possible homework! homework!

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16 LIFE PLANNING GUIDE

JANUARY 2011

goals to financial details on staff a charitable gift annuity and a also gets an income tax deduc- have to be cash. Securities and Procrastination is one of the main ways the average salaries and fis-cal operations. charitable remainder trust, says tion for the fair market value assets, which typically constiJane getinterest in trouble their finances.

Breakof net Charity-navigator.org uses a greg Ring, founder of Fulcrum Joe of and the remainder that withtute a larger per-centage bad habit – starting now! Answer these numbers-based rating system Philanthropy Systems, a Colo- the the trust earned. in addi-tion, worth, can alsobasic be transferred. see how to assess the financial health rado Springs, Colo.-based advi-questions the asset isand removed fromyou the rate“in a tough econom-ic time of more than 5,000 charities. sor to non-profits. in a chariestate, reducing subse-quent when people are watching their questIon questIon questIon questIon Kluth says these sites offer to table gift annu-ity, an individual estate taxes. While the contribud-gets and salaries are gotrack the per-centage of intrans-fers cash or property to bution is irrevocable, the grant- ing down, other folks may find come a giver donates annually. in exchange or may have some con-trol over they can do much more if they According to actuarial What percentthe of aorganization How many years, on charts, how many yearsget retiree’s average, will a U.S.to Your credit score is:” “Sometimes people into income for will thebe chari-ty’s promise the way the assets are invested, give assets rather than cash, can you expect to live? spent on healthcare, on citizen spend in a. a snapshot of your wHat PeRcent oF eaRlY BaBY giving ruts and keep giving the make fixed lifetime payments. and mayBoomeRs, even switch Ring says. thiscredit option average? retirement? risk is ideal agefrom 56 to 62, aRe questIon goals to financial details savings to givers who property and receive estate, reducing subseplistic level, people can a. 5 percent in a charitable a. 10 an objective measame amounts even though remain-der trust, one charity another.

With for a donorb. with any range exPecteD to Run quent out oF moneY on staff salaries and fismake substantial donaincome from ittowhile estate taxes. take the money thatof b. 10 percent b. 15 surement used by BasIc RetIRement to coveR cal rise. operations.

Charitytions.There two living.The grantor’s ben- individuWhile the contribution goingwhat to go the to the their incomes continue c.to the grantor c. turns overare property charitable annuities, income. no was matter 15 percent 20 lenders lIvIng Navigator.org uses a types of plans that proeficiaries receive the exPenses? is irrevocable, the grantgovernment and usually only sys-tematicd.givers charity but con- als can donate to a cause while financial climate, donat-ing 20 percentor money tod.a25 c. available to you on numbers-based rating vide the giver with reve- income and the charity or may have some coninstead give it to chariAt what age is a worker request to growand their giving tinues thea property andpeople avoiding taxes their income money always relto givers continue who property receive reducing subseplistic level, can the may findon they can trol do system as toestate, assess the to use nue: charitable gift receives principal over the way the to charity ty,” Ringissays.

Annuity born between 1943 d. all of the above ubstantialtheir dona- incomes incomego from it while quent estate taxes. take the money that much more if they give financial health of more annuity and a charitable after a specified period assets are invested, and gifts don’t have to be a.

17 PeRcent c.

42 PeRcent receive income from it while at the time of their death or evant. Devel-oping a charitable and 1954 eligible forup,” he says. here are two living.The grantor’s ben-5,000 While the contribution going the assets rather than D. cash,” than charities. remainderwas trust, saysto go toof time.

The grantor may even switch from cash. Securities B. 23 PeRcent 47 PeRcent questIon and question 4: full social securityoff benSome er giftthe annuity living. ben-efi deaths ofgains their ones. that which makes sense f plans that pro- charities eficiaries receive irrevocable, thegrantor’s grantgovernment Ring says.

This option ischarity togiv-ing Kluth saysisthese sitesthe Greg Ring, founderciaof and the avoids capital taxloved one another. planassets, typically efits?

Income go away after a give e giver with reve- income and income the charity or taxes may some con-income instead ideal for a level, donor with offerand to track thehave perFulcrum Philanthropy on the donated assets With charitable constitute a largervalues perplans provide ries receive the and theit to chari“At a sim-plistic people and reinforces individual a. 62 that c. 66 haritable gift receives the principal trol over the way the ty,” Ring says.

Annuity any range of income. centage of income a Systems, a Colorado and also gets an income annuities, individuals centage of net worth, worker retires. true orthefalse? b. 64 d. 68to givers who tax savings make assets charity receives principal can take the money thatthe was questIon can be beneficial to the giver and a charitable after a specified period are invested,Springs, and gifts don’t have toquestion be deduction No matter giver donates annually.

Colo.-based tax for the whatcan donate to a cause can also be transferred.

7: You can improve your substantial dona-tions. there after specifi ed period of time. and going tofinancial go to the and the world at alarge. der trust, says of time.

The grantor maypeople even aswitch from Securities donat“Sometimes get advisor tocash. non-profits. fair market value ofclimate, thegovernment while avoiding taxes “In tough economcredit rating by true oring False: ng, founder of avoids capital gains tax one charity to another. assets, which typically money to charity is into giving ruts and In a charitable gift annuremainder interest that on their income at the ic time when people are two types of plans that pro- the grantor avoids capital gains and instead give it to chari-ty,” a. correcting inaccum Philanthropy on the donated assets With charitableity, an individual constitute a largerIf peralways relevant.

Develkeep giving the same transthe trust earned.

In additime of their death or are watching their budyou die rate information as vide the giver with tax onindividuals the donated and Ring says.

Annuity giftsthe don’t s, a Colorado and also getsreve-nue: an income annuities, centage of net oping givamounts even though fers cash assets or property to worth, tion, the asset is a charitable deaths of their gets and salaries are

Pop Quiz: Test Your Financial Savvy 3

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may find th much more assets rathe Ring says.T ideal for a d any range o No matt financial cl ing money always rele oping a cha ing plan tha sense and r individual v beneficial t and the wo

Insurance is a way of: soon as possible without a the will, , Colo.-based tax deduction for the can donate to a cause can alsoinbe transferred. that makes their incomes continue the organization removed ing fromplan loved ones.“At a simgoing down, other folks © cTW a. saving for b. disputing negative your sur viving to non-profits. fair market value oftothe whileonly avoiding tough economsense and reinforces rise. Usually sys- taxes exchange for“In thea charia rainy day information ritable gift annuremainder interesttematic that givers on their income atty’s thepromise ic time when people can be continue to make Money magazine offersoffers these tips for best Money magazine these tips fors 7HAT PERCENTAGE OF MY DONATI best spouseindividual will bevalues b. preventing c. correcting only the ndividual transthe trust earned. Intoadditimegiving of their or are watching their budbeneficial to the giver to charitable initial questions to ask a charity (answers grow their as death fixed lifetime payments. initial questions to ask a charity (answers in works? (75 perce ts unplanned events worst report ountan Acc of ty cie So al granted all or tion the deaths Na ts tan h or property to tion,ocithe asset is of their gets and salaries are and the world at large. or more) in parentheses) to evaluate its worthiness: their incomes go up, ” he In a charitable remainoun Acc n Of Public c. handling to riskevaluate itsd.worthiness: asking that negative parentheses) er: Idaho Ass atio anization in Memb removed from the says. loved ones.“At a simgoing down, othermost folks of your © cTW features s $O YOU HAVE A YEARgS WORTH OF s $OES THE )23 RECOGNIZE YOU AS A der trust, the grantor G d. all of the above information IN T • Does the IRS recognize you as a charity? not be N U O ACC ge for the charicapital? (Yes) charity? (Yes) Some charities offer turns over property or included in your AsK Before (Yes) G IN P assets.

E E K K O s 7HAT PERCENTAGE OF MY DONATION WILL GO mise to make Money magazine offers these tips for best s !RE YOU SLASHING SERVICES THIS s (OW LONG HAVE YOU BEEN AROUND gift annuity plans that money to a charity but O B Nand tax How long have you been around? credit report IO T GivinG ARA (75 percent (Five years or more) initial questions to ask a continues charity (answers etime payments. income to use the to charitable works? © cTW features TAX PREPprovide © CTW Features (five years or more) or more) in parentheses) to evaluate its worthiness: ritable remain• What percentage of my donation will go to charitable s $O YOU HAVE A YEARgS WORTH OF WORKING s $OES THE )23 RECOGNIZE YOU AS A st, the grantor 1 8 3 works? (75 percent or more) -3 9 8 2 • drick (Yes) capital? (Yes) ver property or 1 Kencharity?

8 6 1. the social security administration a AsK Before -3 0 6 • Do youu.s. have a year’s worth of workingestimates capital?that (Yes) 5 4 0 7 • -5 9 n Lewisto s !RE YOU SLASHING SERVICES THIS YEAR .O s (OW LONG HAVE YOU BEEN AROUND to a charity but FAX 28 682 manyou reaching age 65 today can live, on average, 746-3 • Are slashing services thisexpect year?to(No) X A F GivinG (Five years ues to use the © cTW features Years ity For or30more)

A P , S L L E & S E L T T BA

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until age 83. a woman turning age 65 today can expect to live until age 85. to calculate your expected lifespan, go to: http://www.ssa.gov/planners/lifeexpectancy.htm 2. c: 66 How Do You Rate? years old 3. D: 20 percent 10 coRRect: 4. False. Pre-tax money a worker contributed to a retirewarren Buffet is your ment plan is subject to income taxes when it’s withdrawn new best friend! during retirement years. 5. c: 20 years 9 coRRect: 6. D: 47 percent 7. False. every u.s. state has unique laws close… but we are not governing who will own the property. to calculate the outplaying horseshoes!

Adopt-a-patient and help an uninsured medically come in your state, go to www.mystatewill.com 8needy oR less coRRect: family get the medical care they need now.

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Send your “Adopt-a-Patient” charitable donation to: Adopt-a-Patient, SRCC, 215 Tenth Street, Lewiston ID 83501 The Snake River Community Clinic is a 501 c3, charitable nonprofit. All donations are tax deductible.

JANUARY 2011

LIFE PLANNING GUIDE

17

Procrastination Procrastination is one is one of the ofmain the main waysways the average the average people get confused about the options Pop PopQuiz: Quiz: Test Test Your YourMany Joe Joe and and JaneJane get in gettrouble in trouble withwith theirtheir finances. finances.

Break Break that Seniors have these days. Even Physicians the bad the bad habithabit – starting – starting now!now!

Answer Answer these these basic basic unsure about the services that Financial FinancialSavvy Savvy are sometimes questions questions and and see how see how you you rate rate questIon questIon

11

questIon questIon

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Whitman Senior Living in Pullman can offer a person. It’s your life, know your choices so you can pick what is best for you.

questIon questIon

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Laurie Hamilton Executive Director

According According to actuarial to actuarialWhat What percent percent of a of a How many How many years,years, on on charts,charts, how many how many years years retiree’s retiree’s income income will bewill be average, average, will a will U.S. a U.S. Your credit Your credit score score is: is: can you canexpect you expect to live?to live? spent spent on healthcare, on healthcare, on on citizencitizen spendspend in in a. a snapshot a. a snapshot of your of your wHatwHat PeRcent PeRcent oF eaRlY oF eaRlY BaBYBaBY average? average? retirement? retirement? creditcredit risk risk BoomeRs, BoomeRs, age 56 age to 56 62, to aRe 62, aRe questIon questIon a. 5 percent a. 5 percent a. 10 a. 10 objective an objective mea- meaexPecteD exPecteD to Run to out Run oF out moneY oF moneY b. an b. b. 10 b. percent 10 percent b. 15 b. 15 surement surement used by used by BasIcBasIc RetIRement RetIRement to coveR to coveR c. 15 percent c. 15 percent c. 20 c. 20 lenders lenders lIvIng lIvIng exPenses? exPenses? d. 20 d. percent 20 percent d. 25 d. 25 c. available c. available to youtoon you on At what At age what is age a worker is a worker request request you will pass by several other community areas Many of our residents privately their What is Assisted Living? born between born between 1943 1943 d. allpay of d. the all of above thefrom above retirement accounts and social security, or a.

17 a.

PeRcent 17 PeRcent c.

42 c.

PeRcent 42 PeRcent like the billiards room, the library, the T.V. Th ere is one thing that I am sure of when and 1954 and eligible 1954 eligible for for the sale of their homes.

Others have room, theB. old23 fashioned Coca-Cola parlor it comes to Assisted B. PeRcent 23 PeRcent D. 47and D. PeRcent 47 possibly PeRcent questIon questIon question 4: 4:Living; the idea that is full social full social security security ben- ben-question help from Long Term Care Insurance policies a large and open activities room. All of the conjured in the minds of most people when efits? efits? or from benefits available to them from being Income Income taxes gois not away goaccurate. away after after a acommon areas are available to our residents they hear taxes those words When a. 62 a. 62 c. 66 c. 66 a wartime Veteran. We also can accommodate and are also utilized for community functions. asked, many people cannot differentiate worker worker retires. retires. truetrue or false? or false? Whitman Senior Living has a variety of questIon b. 64 b. 64 d. 68 d. 68 some residents who are enrolled in Medicaid. between the “nursing homes” of yesterday and questIon question 7:their7:40’s to people You can Youimprove can improve your your residents fromquestion people in the Assisted Living Homes of today.

What if I only need a place for credit credit rating rating by by in theirtrue 90’s. Many our Assisted Living is a relatively new concept. true or ofFalse: or residents False:decided short term? to move here so they could retire from the Assisted Living as it exists today emerged in a. correcting inaccuinaccuExcellent question!

Tha. erecorrecting are several ways to If you you die and diecleaning. They daily chores ofIfcooking the 1990’s as an alternative to eldercare. It is rateLiving. information rate You information stay at Whitman Senior canas rent as designed for seniors that do not need the 24benefit from having 3 meals a day prepared Insurance Insurance isone a way aof: way soonapartments as soon possible as possible ofisour fullyof: furnished for stays without without a will, a will, hour medical care provided by a skilled nursing for them by our highly trained chef. While Most people utilize this a. saving a. saving foras short for as one night. b. disputing b. disputing negative negative sur viving sur facility but that could benefit by having help several your of our your residents still viving drive, they also option while either recovering from a surgery a rainy a day rainy day information information with activities of daily living. Assisted living is utilize the transportation we provide to the or illness or to give their home caregivers a the spouse spouse will will be be b. preventing b. preventing c. correcting c. correcting only the only a philosophy of care and services promoting area medical offices and shopping malls. Others break. Sometimes it is used by visiting relatives unplanned unplanned events events worstworst reportreport independence and dignity. that callgranted Whitman Senior granted all Living or all home or need whose family members don’t have appropriate c.their handling c. handling risk risk d. asking d. asking that negative that negative a little more help, some with managing accommodations. Others move in for 4 to 5 What can you expect at Whitman most most ofwith your of your d. all of d. the all of above the above information information not be not be medications, some bathing and dressing. months in the winter so they don’t have to Senior Living? included iney your in your Our fullassets. time assets.

Registered Nurse meets with each worry about winteryincluded hazards.

Th may choose Many people that visit us at Whitman Senior of our residents to discuss what their wants and the fully furnished apartment, creditcredit report report or more often

22

WE’VE GOT THE ANSWERS TO YOUR QUESTIONS!

1010

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Living say they feel like they are walking into a grand hotel. The entrance and dining area boast vaulted ceilings and large windows while the designer décor is warm and inviting. The fireplace is a popular area among our residents promoting a comfortable place to gather to talk to one another or to sit and read the morning paper.

As you head down the hall to the Studio, one-bedroom and two-bedroom apartments

needs are, and then we tailor a plan to meet CTW © Features CTW Features they will furnish one of©our apartments with these wants and needs. Our full time Activities their own personal items.

Director helps to coordinate outings to lunch, Are you educated on your options? shopping, the grocery store and local events, as 1. the 1. u.s. thesocial u.s. While security social many security administration administration estimates that a that a people think that estimates Assisted well as leading several daily activities right here man reaching man reaching age 65age today 65 can today expect can expect to live, to onlive, average, on average, Living means losing their independence, most at Whitman Senior Living. fi83. nd athat it actually gives it65back to can them. until age until 83.age a woman woman turning turning age 65 age today can today expect expect to If you to Can I afford Assisted Living? a need now, if youexpected just want to live until liveage until 85.have age to 85. calculate to calculate youror expected your lifespan, lifespan, go prepare to: go to: Whitman Senior Living is one of http://www.ssa.gov/planners/lifeexpectancy.htm the most for the future, we invite you to come and visit http://www.ssa.gov/planners/lifeexpectancy.htm 2. c: 66 2. c: 66 Do How You DoRate?

You Rate? us and see what Assisted Living really means. affordable How Assisted Living options in the area. years old years 3. D: old20 3. percent D: 20 percent 10 coRRect: 10 coRRect: 4. False.

4. Pre-tax False. Pre-tax moneymoney a worker a worker contributed contributed to a retireto a retirewarrenwarren Buffet is Buffet youris your ment plan ment is plan subject is subject to income to income taxes when taxes it’s when withdrawn it’s withdrawn new best newfriend! best friend! during during retirement retirement years. 5. years. c: 205.years c: 20 years 9 coRRect: 9 coRRect: 6. D: 47 6. percent D: 47 percent 7. False.

7. every False. u.s. everystate u.s.has state unique has unique laws laws close…close… but we but are we notare not governing governing who will who own will the own property. the property. to calculate to calculate the out-the outplayingplaying horseshoes! horseshoes! come in come your in state, your go state, to www.mystatewill.com go to www.mystatewill.com 8 oR less 8 oRcoRRect: less coRRect: 8. c: Handling 8. c: Handling risk 9. risk D: all 9. of D:the all above of the 10. above a: correcting 10. a: correcting It’s time It’stotime do some to do some inaccurate inaccurate information information as soon as as soon possible as possible homework! homework!

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Consider this your invitation. Come see what Whitman is all about.

Bringing Independence to Living and Quality to Life 1285 SW Center Street - Pullman, WA 509.332.2629 • www.whitmanslc.com Add Us On

© CTW © Features CTW Features

18 LIFE PLANNING GUIDE

JANUARY 2011

Ready Pop Quiz: Test for Your Something Different?

Financial Savvy

In today’s volatile markets, many conservative, moderate and even aggressive investors are looking to the financial questIon questIon questIon marketplace to provide solutions that give them flexibility during difficult market cycles.

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In addition, d.cars, all while staying handling risk asking that negative others up BarBara Ballinger new destination they can make do with BarBara Ballinger new destination they can make do with more roo boomer generation close to hospitals, awith Find am mostCTW offeaTures your all of the above information notdobe BarBara Ballinger d.the new destination they can make more roo CTWfeaTures dimmed dream less space and fewer dimmed that that dream of ofless space and fewer grandkid as more baby –dimmed those born between host of restaurants, appeal CTW feaTures included your that dream of less spacein and fewer grandkid assets. istockphoto.com retirement.

In addition, cars, allcars, while istockphoto.com retirement. allstaying while staying boomers reach their 1946 and 1964 –Inis addition, shops cultural loCale credit report istockphoto.com retirement.

In addition, cars, alland while staying the boomer generation close to hospitals, a Find am 60s and start to ponder highly diverse and no events. all sorts o the boomer generation close to hospitals, a © CTW Features a the boomer generation close to hospitals, Find am as more baby – those born between host of restaurants, appeal retirement, many begin single solution appeals ann Fry, a life coach boomers as more baby – those born between host of restaurants, as more baby – those born between host of restaurants, appeal boomers 1946 andall, 1964 –Carol is shops and cultural to debatereach where they to them says speaker who from wan boomers reachtheir their 1946 1964 shops and focuscultural loCale boomers reach their 1946 andand 1964 – is – is and shops and cultural loCale 60s andspend start to ponder 1. the highly diverse and no events. all sorts o should their orsborn, author and es on reinvention, is a er to child u.s. social security administration estimates that a 60s toto ponder highly diverse and no all sorts o 60sand andstart start ponder highly diverse and no events. events. retirement, many begin single solution appeals ann Fry, a life coach boomers golden years. of prime example ofcoach this different manco-founder reaching age 65Fleishtoday can expect to live, on retirement, many begin single solution appeals ann Fry, aaverage, life boomersc retirement, many begin single solution appeals ann Fry, a life coach to debate where they to them all, says Carol and speaker who focusfrom wan Highly educated and man-Hillard’s boomertrend.

When she hit 60, state until age 83. a woman turning age 65 today can expect to to debate where they to them all, says CarolCarol and speaker who focusfrom with wan to debate where they to them all, says and speaker who focusshould spend their orsborn, author and es on reinvention, is a er to child active, boomers aren’t live until focused practice, FH your expected she relocated living and age 85. to calculate lifespan,to goNew to: should spend their orsborn, author and es on reinvention, is a er to child shouldyears. spend their orsborn, and prime es on reinvention, isdifferent ato simpc golden co-founder ofauthor Fleishexample ofTexas. this following in the footboom.

The prime destiyork from austin, or http://www.ssa.gov/planners/lifeexpectancy.htm 2. c: 66 golden years. co-founder of Fleishprime example of this different c How Do You Rate? and golden years. co-founder primeshe example Highly educated man-Hillard’s boomerWhen hit ini60, of this state with steps of their parents, to of beFleish- trend.

Fry decided adventure old 3. D:seem 20 percent Highly educated andyearsnations man-Hillard’s boomertrend.

When to sherent hit 60, state with 10 coRRect: active, boomers aren’t focused practice, FH she relocated to New living Highly educated and communities man-Hillard’s boomertrend.

When she hitcommun 60, and many of whom migratclose to tially, explaining love Pre-tax money aFH worker contributed to a retireactive, boomers aren’t 4. False. focused practice, she relocated to “I New living and warren Buffet is your following in the footboom.

The prime destiyork from austin, Texas. or to simp ed to warm-weather residents being to call the look a active, boomers aren’tmenthome focused practice, she relocated to New plan iswith subject to income taxesit, when it’sable withdrawn following infriend! the footboom.

The prime desti-FH york from austin, Texas. or to for simp newofbest steps their parents, nations seem to be Fry decided to rent iniadventure destinations. stories of who vary in age – super and say, ‘Fix this’.” housing s following in the footboom.

The prime destiyork from austin, Texas. during retirement years.

5. c: 20 years steps9of their parents, nations seem to be Fry decided to rent iniadventure coRRect: many of whomand migrat- 6. D:communities close to u.s.tially, explaining “I love commun older relatives where boomers can boomers contemgle-family 47 percent 7.

False. every state has unique laws steps ofbut their parents, nations seem Fry decided to rentcommun inimany of whom migratcommunities closetotobe tially, explaining “I love close… we are not ed to warm-weather home with residents it, being able the to call the look for re a friends who fell illmigratfar governing continue to feel plating retirement dos who will ownyoung the property. calculate out-the “I love ed to warm-weather home with residents it,to being ableexplaining to call lookand for a playing horseshoes! many of whom communities close to tially, destinations. stories of who vary in age – super and say, ‘Fix this’.” housing s away from loved ones maintain friendchoose onesay, of‘Fix twothis’.” villages.W inhome your goresidents destinations. stories of comeand who varystate, in age –to www.mystatewill.com super it, and ed toless warm-weather with being able to callhousing the s 8 oR coRRect: older relatives and where boomers can boomers contemgle-family or become lonely –boomers and main paths: find a locaoptions, 8. c:ships Handling riskdowntown 9. D:can all of the above 10. a: correcting It’s time to do some older relatives andafterof where boomers contemgle-familyi destinations. stories who vary in age – super and say, ‘Fix this’.” friends who fell ill far continue to feel young plating retirement dos and re the excitement of a urban centers, where tion close to home, or ing t inaccurate information as soon as possible homework! friends who fell ill far continue toboomers feel youngcan plating retirement dos that and re olderfrom relatives boomers contemaway lovedand ones andwhere maintain friendchoose one of two villages.W © CTW Features away from loved ones maintain friendone of two villages.W friends who fell after ill far and continue to feel youngchoose plating retirement or become lonely ships – and downtown main paths: find a locaoptions, i or become lonely after ships –nand downtown main paths: find a locaoptions, i 20 F i n a n C i a l p l a n i n g g u i d e the excitement of a urban centers, where tion close to home, or that t away from loved ones urban andcenters, maintain friend- tion close choose one of two ing the excitement of a where to home, or ing that t

Procrastination is one of the main ways the average Joe and Jane get in trouble with their finances. Break the bad habit – starting now! Answer these basic questions and see how you rate

5

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According to actuarial What percent of a How many years, on high net worth individuals are doing for investment advice. charts, how many years retiree’s income will be average, will a U.S. Do you think they are working with a traditional commission can you expect to live? spent on healthcare, on citizen spend in based retail broker? Think they are tying up their average? retirement? investments for long periods of time without the flexibility to questIon a. 5 percent a. 10 change strategies as the market changes. Probably not, and b. 10 percent 15 you don’t have to any longer either, if youb.choose to access c. 15 percent c. 20 one of the Third Party Asset Management Programs we d. 20 percent d. 25 offer as Investment Advisor Representatives of At what age is a worker ING Financial Partners. born between 1943 and 1954 eligible Now mayforbe the time to explore a new way of investing. question 4: full social security ben-of the Utilizing state art investment technology platforms, individual investors can now gain a broad efits?

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or become lonely after ships – and downtown the excitement of a 20 F i n a n C i a l p l aurban n n i ncenters, g g u where i d e 20

FinanC ial

pla n n i n g

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main paths: find a location close to home, or

JANUARY 2011

LIFE PLANNING GUIDE

19

move to a new location that’s closer omers says. taxes and the cost of to family or that offers longed-for social, Procrastination Procrastination is one is one of the ofmain the main waysways the average the average retirement CommunitieS need to be daily living, including cultural or natu-ral amenities. setting offers housing, health care Joe Joe and and JaneJane get in gettrouble in trouble withwith theirtheir finances. finances.

Break Break Stay CloSe to Home amenities.

For and entertainment Banish the phrase “old folks home” from your vocabuCo-HouSing because relationships are so important the bad the bad habithabit – starting – Instarting now!now!

Answer Answer these these basic basic lary. Retirement living options have never been more co-housing communities, residents actively particisure, Somers costs, she says.

You to also to this generation, many choose stay questions questions and and see how see how you you rate rate varied. Among them: pate in the design and operation of the neighborhood. answer queshavecommunity, to take intoorsborn within the same says.

In fact, most of those who move Each home is privately owned and decisions are made about possiaccount any possible questIon questIon questIon questIon into Dublin, ohio-based epcon Com- questIon questIon cooperatively. Residents often share thequestIon cost questIon of health age-reStriCted CommunitieS d put down income changes. munities’ various boomer-geared deaides or an on-site healthcare provider.

Great for people interested in living amongst their peers, s on paper. vel-opments come from a 7-to-10-mile these communities have a mix of housing types and fea9.

Have you radius, says Nanette overly, vice presiAccording toand actuarial to out actuarial What percent of ature ofamenities a How like many How many years,courts years, on on tennis and golf courses. iS your your naturally oCCurring CommunitieS dent ofAccording salestried marketing. but ifWhat they percent charts, charts, how many how many years years retiree’s income income will bewill be average, average, will a will U.S. a U.S. Your credit score score is: in their is: NORCs are a response to retireesYour whocredit want to remain n going to deCiSion? stay put in their own home, manyretiree’s opt can you can expect you expect to live? to live? spent spent on healthcare, on healthcare, on on citizen citizen spend spend in in a. a snapshot a. a snapshot of your of your wHat wHat PeRcent PeRcent oF eaRlY oF eaRlY BaBY BaBY to redecorate or remodel so it’s more College toWn retirement CommunitieS homes for as long as possible. Essential services are pooled e?

It’s hard to test-drive a average? average? retirement? retirement? creditcredit risk risk BoomeRs, BoomeRs, age age to 5662,toaRe 62, aRe for their years. questIonempty-nest Ideal for anyone seeking a more youthful environment, so 56 that maintenance, transportation, eldercare, shopping and as clientsconvenientquestIon decision without own5 percent a.or5 percent a. 10 a. 10 objective an objective mea- meaexPecteD exPecteD to Run to out Run oF out moneY oF moneY b. an b. others downsize to a smallera.home these communities other basics are readily available to surement the community’s e a timetable ing a home, butb.The 10 b. percent 10 percent b. 15 b. 15include varying forms of indepensurement used seniors. by used by condo to cut expenses and upkeep. and BasIcBasIc RetIRement RetIRement to coveR to coveR dent off-campus while providing access to unin put it off North Carolina c.Center 15 percent c. 15 percent c. 20 c.housing 20 lenders lenders still others upgrade to have more room lIvIng lIvIng exPenses? exPenses? d. 20 d. percent 20 percent d. 25 d.

25programs c. available c. available to youtoon you on versity facilities and SuStainable CommunitieS ly.

Creative Retirement, for kids andfor grandkids.

At what Atmore age what is age a appealing worker a worker request For seniors who want to live green intorequest their old age, part ofisthe University Find a lo- of born between bornNorth between 1943 1943 at d. all of d. the allliving of above the above Cale Assisted living promote conscious practices ou aFFord Carolina a. 17 a.

PeRcent 17 PeRcentthese c. communities 42 c.

PeRcent 42 PeRcent and 1954 and eligible 1954 eligible for for all sorts of reason spur boomers to living andPeRcentin every from the neighborhood questIon building materieCiSion?

Asheville, offersquestion semiB. 23 B. PeRcent 23 D. 47aspect D. PeRcent 47 PeRcent questIon 4: These 4: residences provide apartment-style full social social security security ben-to benmove –full from wanting be clos-erquestion to offer personal care and support services with basic daily als to waste disposal. boomersefits? efits?nars and a Creative children, live in a different climate, Income Income taxes taxes go away go away after after a from a bathing and dressing activities ranging anywhere w how much Retirement Exploration © CtW Features a. 62 a. 62 c.with 66 c.lower 66 costs of living find a state worker worker retires. retires. true true or false? or false? b. 64 b. 64 d.taxes, 68 d.or 68to simply assistance to medication management. Communities ey need and to Weekend program.

—danielle Cadet, CtW Features questIon questIon estate have a question question 7: 7: Sources: Co-Housing Association of theYou can You improve can improve your your also include meals, housekeeping, activities, transportaman says.new Theyadventure Many may United States; in acommunities new community. creditcredit ratingrating by by true true or False: or False: They also look for a variety of housing tion and varying levels of security.

Campus Continuum; NORC; Ecovillage Network of the Americas ke into offer similar programs. a. correcting a. correcting inaccuinaccutate and estate © CtW Features If you If you die die rate information rate information as as

Pop PopQuiz: Quiz: Test Test Your Your Financial FinancialSavvy Savvy 11

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33

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a. saving a. saving forfor for exceptional b. disputing b. disputing negative negative Trust our care; youryour sur viving surreputation viving a rainya day rainy day information information spouse spouse will will betobefind b. preventing b. preventing c. correcting c. correcting only the only the call today outevents more! unplanned unplanned events worstworst reportreport

granted granted all or all or c. handling c. handling risk risk d. asking d. asking that negative that negative mostmost of your of your d. all of d. the all of above the above information information not benot be Seniors Have Different Needs... included included in your in your assets. assets. creditcredit reportreport We Offer Great Choices

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• Independent Living Cottages • Memory Care Villa • Assisted Living Apartments •u.s.Enhanced Care Villaestimates 1. the 1. u.s. thesocial security social security administration administration estimates that a that a man reaching man reaching age 65age today 65 can today expect can expect to live, to onlive, average, on average, • Independent Living until ageuntil83.agea•woman Expanded Program 83. a woman turningturning ageWellness 65age today 65 can today expect can expect to to live until liveage until 85.age to 85. calculate to calculate your expected your expected lifespan, lifespan, go to: go to: Apartments • Pool, Spa & Fitness2.Center http://www.ssa.gov/planners/lifeexpectancy.htm http://www.ssa.gov/planners/lifeexpectancy.htm c: 662. c: 66

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How Do How You DoRate?

You Rate? years old years 3. D: old20 3. percent D: 20 percent 10 coRRect: 10 coRRect: 4. False.

4. Pre-tax False. Pre-tax moneymoney a worker a worker contributed contributed to a retireto a retirewarrenwarren Buffet is Buffet youris your ment plan ment is plan subject is subject to income to income taxes when taxes it’s when withdrawn it’s withdrawn new best newfriend! best friend! during during retirement retirement years. 5. years. c: 205.years c: 20 years 9 coRRect: 9 coRRect: 6. D: 47 6. percent D: 47 percent 7. False.

7. every False. u.s. everystate u.s.has state unique has unique laws laws close…close… but we but are we notare not governing governing who will who own will the own property. the property. to calculate to calculate the out-the outplayingplaying horseshoes! horseshoes! come in come your in state, your go state, to www.mystatewill.com go to www.mystatewill.com 8 oR less 8 oRcoRRect: less coRRect: 8. c: Handling 8. c: Handling risk 9. risk D: all 9. of D:the all above of the 10. above a: correcting 10. a: correcting It’s time It’stotime do some to do some inaccurate inaccurate information information as soon as as soon possible as possible homework! homework! © CTW © Features CTW Features

815 SE Klemgard Pullman • (509) 334-9488 • www.BishopPlace.net

20 LIFE PLANNING GUIDE

JANUARY 2011

stock, from single-family homes to redecorating, remodel-ing and con-dos and retirement villages.With moving all require time, money and so many options, it’s not surpris-ing patience, and typi-cally add to stress that the easiest solution for many is levels. “ask yourself whether you have to stay put. Nevertheless, the visibility the stomach to go through a remodand afflu-ence of this generation has eling or move,” suggests Laura meyer, given rise to experts from different co-author of “remodel This!” (PeriquestIon questIon questIon disciplines who have lots of advice to gee, 2007). some older homeowners share on how boomers – and anyone tolerate stress better since they’re not debating what to do – can be better dealing with young children. prepared.

Here are nine questions 3.ofare to Cuton According to actuarial What percent a you ready How many years, experts sug-gest boomers ask themtHe umbiliCal Cord? charts, how many years retiree’s income will be average, will a U.S. selves to make happiest People become attached to their can you expectthe to smartest, live? spent on healthcare, on citizen spend in move: homes, meyer says. “are you average? retirement? really questIon a. 5 percentready to leave?”a.she 10 asks.

1. WHat are your goalS? percent 15 before you focus on the typeb.of10 house 4. Will you b.

Con-tinue to c. 15 percentHave a good c. 20 you seek, think about your big-picSupport d. 20 percent d. 25 ture goal, whether it’s to be closer SyStem WHere you are At what age is a worker to your children and grandchil-dren or WHere you go? born between 1943 or even farther away, says marion It may be your children or a good and 1954 eligible for som-ers, nationally of friends, but you need to questionnetwork 4: full socialthe security ben- rec-ognized geriatric care manager and author of know that have peo-ple you can efits?

Income taxes goyouaway after a “elder Care made easi-er” (addicus rely on, says ann a. Fishman, presia. 62 c. 66 worker retires. true or false?marb. 64 2006). d. 68 books, dent of Generational-Targeted 2. are you up For tHe upketing Corp., New york. even if you Heaval? move to be closer to children, realize

Pop Quiz: Test Your Financial Savvy 1

3

they may not always stay there.

boomers is to share a condo or house. much money they need to age, FishquestIon smart development compa-nies are man says. They need to take into building com-munities targeted at account state and estate taxes and the homeowners with like-minded inter- cost of daily living, including housing, ests, over-ly says. health care and entertainment costs, 6. WHat type oF HouSe she says. you also have to take into Your credit score is: acand Community makeS count any possible income changes. a. a snapshot of your wHat PeRcent oF eaRlY BaBY tHe moSt SenSe?age 56 to 62, aRe 9. Have you tried out your credit risk BoomeRs, Boomers need to care-fully deCiSion? b. an objective meaexPecteD to Runweigh out oF moneY surement usedwithby their hous-ing choice and what level It’s hard to test-drive a decision BasIc RetIRement to coveR lenders of services they want, based on realisout own-ing a home, but The North lIvIng exPenses? c. available to you on tic factors such as health and not just Carolina Center for Creative retirerequest pipe dreams, somers says. They also ment, part of the University of North d. all of the above needa.to17 bePeRcent sure their setting c. offers Carolina at asheville, offers semi-nars 42 the PeRcent 23 PeRcent D.sure, 47 PeRcent rightB.amenities.

For those not and a Creative retirement exploration questIon somers has them answer ques-tions, Weekend program. many communitalk about possi-bilities, and put ties may offer similar programs. down responses on paper. questIon 7: deCiSion You can improve your 7.question WHen iS your credit rating by going made? true to or be False: a. correcting inaccuIf you die rate information as Insurance is a way of: soon as possible without a will, a. saving for b. disputing negative your sur viving a rainy day information spouse will be b. preventing c. correcting only the unplanned events worst report granted all or c. handling risk d. asking that negative most of your d. all of the above information not be included in your assets. credit report

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Somers has clients determine a time-

Procrastination is one of the main waysthan theputaverage 5. Will you be WitH table rather it off indefilike-minded nitely.

Joe and JaneFolkS? get in trouble with their finances. Break Boomers are social and like to be sur- 8. Can you aFFord your the bad habit – starting now! Answer these basic rounded by a people of varied ages, deCiSion? questions see how you rate says Fishman.and one solution for some Too many boomers don’t know how

© CTW Features

1. the u.s. social security administration estimates that a man reaching age 65 today can expect to live, on average, until age 83. a woman turning age 65 today can expect to live until age 85. to calculate your expected lifespan, go to: http://www.ssa.gov/planners/lifeexpectancy.htm 2. c: 66 years old 3. D: 20 percent 4. False. Pre-tax money a worker contributed to a retirement plan is subject to income taxes when it’s withdrawn during retirement years. 5. c: 20 years 6. D: 47 percent 7. False. every u.s. state has unique laws governing who will own the property. to calculate the outcome in your state, go to www.mystatewill.com 8. c: Handling risk 9. D: all of the above 10. a: correcting inaccurate information as soon as possible

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JANUARY 2011

LIFE PLANNING GUIDE

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The Official U.S. Government Site Procrastination Procrastination is one is one of the ofmain the main waysways the average the average for People with Medicare Joe Joe and and JaneJane get in gettrouble in trouble withwith theirtheir finances. finances.

Break Break with Mediven products from Social Security Administration the bad the bad habithabit – starting – starting now!now!

Answer Answer these these basic basic The Owl Although Social Security determines entitlement to questions questions and and see how see how youHome you rate rate Medical

You’ll Feel Better

Pop PopQuiz: Quiz: Test Test Your Your Financial FinancialSavvy Savvy

Medicare benefits, the Medicare program is administered Visit us today for questIon questIon questIon questIon questIon questIon by a different agency, the Centers for Medicare & Medicaid Medical Compression Services. CMS’ Medicare Savings Programs Model and Orthopedic Application for Medicare Premium Assistance can you from your According According to actuarial to actuarial Whathelp What percent percent ofget a ofassistance a How many How many years, years, on on products. charts, charts, how your many how many years years retiree’s retiree’s income income will bewillhas be average, average, will a will U.S. a U.S. state with Medicare costs.

CMS also publications can you can expect you expect to live? to live? spent spent ondrug healthcare, on healthcare, on on citizen citizen spendmore, spend in in wHatwHat PeRcent PeRcent oF eaRlY oF eaRlY BaBYBaBY about Medicare prescription coverage.

To learn average? average? retirement? retirement?

We have: BoomeRs, BoomeRs, age 56 age to 56 62, to aRe 62, aRe visit the questIon CMSquestIon website. a. 5 percent a. 5 percent a. 10 a. 10

11

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b. 10 b. percent 10 percent b. notices 15 b. 15 you There you can find information about CMS c. 15your percent c. 15 percent c. 20 c. 20 drug might receive concerning Medicare prescription d. 20 d. percent 20 percent d. 25 d. 25 coverage, and copies of CMS mailings.

Idaho Volunteer Center at 1424 Main St. in Lewiston, or call (208) 746-7787.

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Your credit Your credit score score is: is: a. a snapshot a. a snapshot of your of your creditcredit risk risk objective an objective mea- meaexPecteD exPecteD to Run to out Run oF out moneY oF moneY b. an b.

FREE Delivery surement surement used by used by BasIc BasIc RetIRement RetIRement to coveR to coveR plus Medicare/Medicaid lenders lenders lIvIng lIvIng exPenses? exPenses? c. available c. available to youtoon you on and Private Billing request request d. all of d. the all of above the above See us today for your home medical needs.

a. 17 a.

PeRcent 17 PeRcent c. 42 c.

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“Caring r Monday - Friday 8:30am-5:30pm questIonaquestIon ut you question question 7: 7:9:00am-5:00pm bcoomfort” Open Saturdays (208)true 743-7766 Fax (208) 746-9937 true or False: or False: 312 St. John’s Way, Lewiston, ID

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You can Youimprove can improve your your creditcredit ratingrating by by www.theowlpharmacies.com a. correcting a. correcting inaccuinaccuIf you If you die die rate information rate information as as Insurance is a way is aof: way of: soon as soon possible as possible without without a will, a will,Insurance a. saving a. saving for for b. disputing b. disputing negative negative youryour sur viving sur viving a rainya day rainy day information information spouse spouse will will be beb. preventing b. preventing c. correcting c. correcting only the only the unplanned unplanned events events worst worst report report granted granted all or all or c. handling c. handling risk risk d. asking d. asking that negative that negative mostmost of your of your d. all of d. the all of above the above information information not benot be included included in your in your assets. assets. creditcredit reportreport

Where ly our famir cares fo rs! administration you 1. the 1. u.s. thesocial u.s. security social security administration estimates estimates that a that a © CTW ©Features CTW Features

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man reaching man reaching age 65age today 65 can today expect can expect to live, to onlive, average, on average, until age until 83. age a woman 83. a woman turning turning age 65 age today 65 can today expect can expect to to Locally owned and operated since 1989. live until liveage until 85.age to 85. calculate to calculate your expected your expected lifespan, lifespan, go to: go to: http://www.ssa.gov/planners/lifeexpectancy.htm http://www.ssa.gov/planners/lifeexpectancy.htm 2. c: 662. c: 66 How Do How You DoRate?

You Rate? years old years 3. D: old20 3. percent D: 20 percent 10 coRRect: 10 coRRect: 4. False.

4. Pre-tax False. Pre-tax moneymoney a worker a worker contributed contributed to a retireto a retirewarrenwarren Buffet is Buffet youris your ment plan ment is plan subject is subject to income to income taxes when taxes it’s when withdrawn it’s withdrawn new best newfriend! best friend! during during retirement retirement years. 5. years. c: 205.years c: 20 years 9 coRRect: 9 coRRect: 6. D: 47 6. percent D: 47 percent 7. False.

7. every False. u.s. everystate u.s.has state unique has unique laws laws close…close… but we but are we notare not governing governing who will who own will the own property. the property. to calculate to calculate the out-the outplayingplaying horseshoes! horseshoes! come in come your in state, your go state, to www.mystatewill.com go to www.mystatewill.com 8 oR less 8 oRcoRRect: less coRRect: 8. c: Handling 8. c: Handling risk 9. risk D: all 9. of D:the all above of the 10. above a: correcting 10. a: correcting It’s time It’stotime do some to do some inaccurate inaccurate information information as soon as as soon possible as possible homework! homework!

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At what At age what is age a worker is a worker There is a 1943 Medicare Web site. You can call born between bornalso between 1943 and 1954 and eligible 1954 eligible for (800-633-4227) for (800) MEDICARE to speak to a Medicare question question full social full social security security benbenCustomer Service Representative.4:TTY4:users should call efits? efits?

Income Income taxes taxes go away go away afterafter a a (877) 486-2048. a. 62 a. 62 c. 66 c. 66 worker retires. retires. true true or false? or false? b.Locally, 64 b. 64 d. 68 d. 68 may worker people contact SHIBA at the Washington-

questIon questIon

22 LIFE PLANNING GUIDE

JANUARY 2011

Becoming a payee Pop Quiz: Test Your may be the best way Financial to help a Savvy loved one

Procrastination is one of the main ways the average Joe and Jane get in trouble with their finances. Break the bad habit – starting now! Answer these basic questions and see how you rate

By Jeanne Tyler

the same as having power of attorney. Even if you do have IfAccording a lovedtoone, friend or power of attorney, you will actuarial What percent of a How many years, on neighbor Se-income need to be charts, how receives many yearsSocial retiree’s willto beapply average, willaarepreU.S. can youor expect to live? spent on healthcare, on payee citizenin spend in to curity Supplemental Secusentative order average? retirement? rity Income benefits but no have the benefit a. 5is percent a. 10 payments b. 10 percentmade to you b. on 15 the benefilonger physically or mentally c. 15 percent c. 20 able to take care of hisd.or ciary’s behalf.

20 percent d. 25 her financial affairs, you may When we learn a person is At what age is a worker born between 1943 becoming a no longer able to handle his want to consider and 1954 eligible for representative payee. Then, questionor4:her own Social Security full social security benefits? be able to help them you’ll or SSI go benefits, conduct Income taxes away we after a a. 62 c. 66 with managing their money. a careful investigation and worker retires. true or false? b. 64 d. 68 Keep in mind that being a appoint a relative, friend representative payee is not or other interested party to questIon

questIon

questIon

questIon

5

3

1 2

questIon

10

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serve as the representative changes that may affect payee. This means that if you the beneficiary’s eligibility. agree to be a representaThis includes things such as tive payee and we appoint changes in Your living arrangecredit score is: a. aincome snapshotand of your oF eaRlY BaBY you, wewHat pay PeRcent you the person’s ments, other credit risk BoomeRs, age 56 to 62, aRe benefits to use on his or her resources. b. an objective meaexPecteD to Run out oF moneY used behalf. to coveR BasIc RetIRement If you decidesurement you want toby lenders lIvIng exPenses?

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Learn more by reading our Each year, Social Security booklet, Aestimates Guidethat a 1. the u.s. socialonline security administration manto reaching 65 today can expect to live, on average, will mail you a form ac- ageFor Representative Payees, until age 83. a woman turning age 65 today can expect to count for the benefits you available on our website at live until age 85. to calculate your expected lifespan, go to: have received. Thehttp://www.ssa.gov/planners/lifeexpectancy.htm quickest www.socialsecurity.gov/ 2. c: 66 How Do You Rate? years old 3.

D: 20 percent and10easiest way to compubs/10076.html. coRRect: 4. False. Pre-tax money a worker contributed to a retirewarrenthe Buffet is youris online, at plete form ment plan is subject to income taxes when it’s withdrawn new best friend! during retirementTyler years. 5.is c: 20 www.socialsecurity.gov/ a years public affairs 9 coRRect: 6.

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As a representative payee, be ©contacted at CTW Features you will also need to tell Jeanne.M.Tyler@ssa.gov.

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JANUARY 2011

LIFE PLANNING GUIDE

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Procrastination Procrastination is one is one of the ofmain the main waysways the average the average BROOKSIDE LANDING Pop Pop Quiz: Quiz: Test Test Your Your Joe Joe and and JaneJane get in gettrouble in trouble withwith theirtheir finances. finances.

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creditcredit risk risk b. an b. objective an objective mea- measurement surement used by used by lenders lenders c. available c. available to youtoon you on request request d. all of d. the all of above the above

a. 5 percent a. 5 percent a. 10 a. 10 b. 10 b. percent 10 percent b. 15 b. 15 isToCkphoTo.Com c. 15 percent isToCkphoTo.Com c. 15 percent c. 20 c. 20 isToCkphoTo.Com d. 20 d. percent 20 percent d. 25 d. 25 RETIREMENT RESIDENCE one of the one of At what Atthe age what is age a worker is a worker in the Lewiston Orchards! one of the toughest decisions toughest decisions born between born between 1943 1943 toughest decisions a.

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For more information or a tour independently. b. 64 b. 64 d. 68 Just d. 68ask questIon questIon independently.

Just independently. askask question 7: 7: please call ofquestion the residence, theresa Duff ofJust Joliet, You can Youimprove can improve your your theresa Duffofof Joliet, theresa Duff Joliet, Ill. her mother, Rita, creditcredit ratingrating by by (208) 746-7759 611 Bryden Ave., Lewiston true true or False: or False: Ill. Rita, Ill.her hermother, mother, Rita, already losing her eyea. correcting a. correcting inaccuinaccualready losing her eyeIf you If you die die already losing her eyesight from macular rate information rate information as as sight sightfrom frommacular macular degeneration, was furInsurance Insurance is a way is aof: way of: soon as soon possible as possible without without a will, a will, degeneration, was further hobbled by a brodegeneration, was fura. saving a. saving for for b. disputing b. disputing negative negative youryour sur viving sur viving a rainya day ther hobbled by a broken shoulder and two rainy day information information ther hobbled by a broken shoulder anddue twoto shattered wrists the U.S. Department of choices carefully to spouse spouse will will be beb. preventing b. preventing c. correcting c. correcting only the only the ken shoulder and two shattered wrists due to the U.S.and Department of choices carefully to ashattered fall.“It waswrists painfuldue to health human Seraddress her needs, unplanned unplanned events events worst worst report report to the U.S. Department of choices carefully to granted granted all or all or asee fall.

“It was painful health and human Seraddress her dignity.” needs, mom, who had to vices.While the departwishes and c. handling c. handling risk risk d. asking d. asking that negative that negative a fall.

“It was painful to vices. health and human Ser-wishesaddress her needs, most see mom, who had While the departand dignity.” most of your of your d. all of raised a house full of ment says family If a family member d. the all of above the above information information not benot be see mom, who had vices. the depart-feels and dignity.” raised a house full of ment saysWhile family If aawishes family kids, nursed her husmembers and friends parentmember who’s liv- assets. included included in your in your assets. raised a house full of ment says family If a family member kids, nursed her husmembers and friends feels a parent who’s band after his stroke are the sole caregivers ing on his or her ownlivis creditcredit reportreport band after his her stroke are thepercent sole caregivers onfeels his ora her ownwho’s is kids,remained nursed husand friends ing parent livand active for members 70 of the on the decline and © CTW ©Features CTW Features and remained active for 70 percent of the on the decline and bandher after stroke are the on hisassisor her own is into 80s,his suddenly elderly, thissole may caregivers not needsing custodial into 80s, suddenly elderly, thispercent may notor custodial assis- and become so frail, ”active Duff always be possible tance,on he or she should and her remained for 70 of the needs the decline become so frail, ” Duff always be possible or tance, he or she should says.

“Mom wasn’t with custodial a medical assis1. the 1. u.s. thesocial u.s. security social security administration administration estimates estimates that a that a into her 80s, suddenly practical. elderly, this may not consult needs says. practical.

“Mom wasn’t consult with either a medical As the population ready for a nursing professional. man reaching man reaching age 65age today 65 can today expect can expect to live, to onlive, average, on average, become so frail,” Duff always be possible or tance, he or she should Asthe thenumber population ready for ayet, nursing professional. either ages, of home just but none way it’s essential to until age until 83. age a woman 83. a woman turning turning age 65 age today 65 can today expect can expect to to says. number of practical.

“Mom wasn’tway it’s consult with ages, home just yet, but none essential to a medical adultsthe who need longof the family members determine what level live until liveage until 85.age to 85. calculate to calculate your expected your expected lifespan, lifespan, go to: go to: As who the population ready formembers a nursing determine professional. either adults need longof family what level term care rises.

About stillthe living in the area of care is needed. this http://www.ssa.gov/planners/lifeexpectancy.htm http://www.ssa.gov/planners/lifeexpectancy.htm 2. c: 662. c: 66 How You DoRate?

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4. Pre-tax False. Pre-tax moneymoney a worker a worker contributed contributed to a retireto a retirewarren warren Buffet is Buffet youris your zens will need some accommodate her limithelp with housekeeptermof care rises.About still livingDuff in the ofshopping care is needed. this form long-term care ed mobility,” says.area ing and to ment plan ment is plan subject is subject to income to income taxes when taxes it’s when withdrawn it’s withdrawn new best newfriend! best friend! form of long-term care mobility,” Duff says. and shopping to nineyear, million senior had that can run from • Physical, Occupational &retirement Speech this according tociti- ed “We hadhomes to weigh ourcould ing more acute levels of simple during during retirement years. Therapy 5. years. c: 205.years c: 20 years Why 9 coRRect: 9 coRRect: this to “We had to weigh our more acute levels of zensyear, willaccording need some accommodate her limithelpaswith housekeepcare such health 6. D: 47 6. percent D: 47 percent 7. False.

7. every False. u.s. everystate u.s.has state unique has unique laws laws •but Awards forareSurvey Excellence close… close… we but are we not not care such as health would Take Care monitoring and physigoverning governing who will who own will the own property. the property. to calculate to calculate the out-the outform of long-term care ed mobility,” Duff says. ing and shopping to playingplaying horseshoes!

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Resident Centered Activity Programs Take Care monitoring and physiPeople age 60 and up are twice as likely to be cal, speech or occupacome in come your in state, your go state, to www.mystatewill.com go to www.mystatewill.com this year, according to “We had to weigh our more acute levels of 8 oR less you 8 oRcoRRect: less coRRect: People age 60 and upand arefinancial twice asscams. likely toTobe cal, speech or occupa• Selective Menu Dining the victims of fraud tional therapy.

8. c: Handling 8. c: Program Handling risk 9. risk D: all 9. of D:the all above of the 10. above a: correcting 10. a: correcting It’s time It’stotime do some to do some care such as health the victims of fraud and financial scams.

To tional therapy.this consider register a telephone number on the federal Ultimately, inaccurate inaccurate information information as soonasassoon possible as possible homework!

• 24homework!

Hour Nursing Care Take Care monitoring register a telephone number on the federal Ultimately, this and physigovernment’s national Do Not Call Registr y call becomes a decision © CTW ©Features CTW Features any People age 60 and upDoare twice as likely to be becomes cal,aspeech or occupagovernment’s Not Call Registr y call decision (888) 382-1222national or go online at www.donotcall.gov. based as much on a 3315 8th St., Lewiston the victims oforfraud andatfinancial scams. To therapy.

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24 LIFE PLANNING GUIDE

JANUARY 2011

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JANUARY 2011

LIFE PLANNING GUIDE

Credit Check Pop PopQuiz: Quiz: Test Test Your Your

25

lack the maturity and Procrastination negative information your accounts. rate for which Procrastination is one is one of the ofmain the main waysways theinterest average the average sense of responsibility it that could be lowering the length of your you are qualified. multiJoeyour Joe and and JaneJane get in gettrouble incredit trouble withwith theirtheir finances. finances.

Break Break takes to be a trusted score. Correct any history also ple credit checks from theerrors bad the or bad habit habit – starting – starting now!now!

Answer Answer these basic basic employee. inaccuracies, affects your score, sothese dealerships will be Don’t let a low numsuch as accounts that don’t close your oldest reported as a single questions questions and and see how seeaccounts. how you you rate rate ber hold you back in aren’t yours or old Use those inquiry provided the life. It can take months information that cards occasionally to inquiries all occur questIon questIon questIon questIon questIon questIon questIon or even years to boost a should no longer have keep the accounts within questIon a 14-day period. low score, but there are any bearing on your active and avoid can“It’s critical that you steps you can take to score. Under the Fair cellation. Borrowers have your ducks in a gain a few points and Credit reporting act, should pay off any overrow so you can do your According According to actuarial to actuarialWhat What percent percent of a of a How many How many years,years, on on perhaps qualify for a credit bureaus must due bills or old debts shopping within charts,charts, how many how many years years retiree’s retiree’s income income will bewill be average, average, will a will U.S. a U.S. Your credit Your credit score score is: thatis: lower interest rate. investigate any disputthey forgot about, and time frame,” Cunningcan you canexpect you expect to live?to live? spent spent on healthcare, on healthcare, on on citizencitizen spendspend in in a. a snapshot a. a snapshot of your of your wHatwHat PeRcent PeRcent oF eaRlY oF eaRlY BaBYBaBY Getretirement? your credit hised itemsBoomeRs, and remove pay down high credit ham Dawn Klingensmith average? average? retirement? creditsays. credit riskIf you risk end up BoomeRs, age 56 age to 56 62, to aRe 62, aRe questIon questIon CTW feaTures reports or all tory them exPecteD from exPecteD your credit cardoF balances to over a longer a. 5 percent a.for5 some percent a. 10for a. free 10 from annub. shopping an b. objective an objective meameato Run to out Run out moneY oF moneY ofb.their prospective alcreditreport.com report if they cannot improve their credit period, bring a printout 10 b. percent 10 percent b. 15 b. 15 surement surement used by used by BasIcBasIc RetIRement RetIRement to coveR to coveR hires, to the –c.the be verified.though utilization ratio (how of your credit report c. 15according percent c. 15 percent 20 only c. 20authorized lenders lenders lIvIng lIvIng exPenses? exPenses? now more than survey by the Society of source for the free there is no quick fix for much of their available and see what dealerd. 20 d. percent 20 percent d. 25 d. 25 c. available c. available to you toon you on ever, it pays to have an human resource mancredit report that’s poor credit, paying At what At age what is age a worker is a worker request request excellent credit score.1943 agement.the rationale: yours by law.the down credit card balminD Your Finances born between born between 1943 d. all of d. the all of above the above a.

17 a.

PeRcent 17 PeRcent c.

42 c.

PeRcent 42 award-winning PeRcent andbest 1954 and eligible 1954 eligible for for people with a pattern Take this online e-learning series the interest rates report does not include ances can boost your B. 23says B. PeRcent 23 PeRcent D.at47your D. PeRcent 47 PeRcent questIon questIon question 4:their4: your credit score, social full social security security ben- benown pace, and put yourself on the road to onfull auto loans go to folks ofquestion mismanaging score, Gail Cunefits? efits?of 730 and financial wisdom: understanding credit reports, with scores own finances exhibit which costs a few dolningham, vice presiIncome Income taxes taxes go away go away afterafter a a a. 62and a. 62 c.6066percent c. 66 above. poor judgment, an indilars to obtain. what dent of public relations, credit terms and definitions, appropriate levels worker worker retires. retires. true true or looking false? or false?

64 b. 64 d. 68 d.credit 68 of debt, creating ofb. employers pull cation that they may you’re for is national Foundation questIon questIon spending plans, goal setting question question 7: 7: can You improve can improve your your and other core financial You skills.

The interactive for Credit Counseling. credit ratingfoundation, rating by by can take care of your computing sessions from InCharge credit education a a history of paytrue true or False: orlate False: while only putting a small, tempocorrecting a. correcting inaccunon-profit organization a. dedicated to inaccusupporting ments will hurt you, but If you If you die die rary dent in your emergency fund! money Q&A rate information rate information as as the personal financial literacy, include quizzes, you can start to mend — Dave Insurance Insurance is a games way is aof: way of:a certificate soon as soon possible as possible without without a will, a will, interactive and of completion. your credit by paying Tribune subscribers can read saving a. saving for for b. finances.com/ disputing b. disputing negative negative Ramsey’s weekly column at lmtrieveryyour bill onviving time viving from a.http://elearning.mindyour your sur sur a rainy a day rainy day information information bune.com/businessprofile. His ranow on.“time is your dio program airs daily at 10 a.m. on spouse spouse will be beb.credit preventing b. line preventing c. correcting the only the best friend. treat will your they owe.) c. correcting ships have only to say before KOZE-AM 950. unplanned unplanned events events worst worst report report Not a luxury these days granted granted all or all or Credit card balances in they check your credit, debt obligations c. handling c. handling risk risk asking d. asking that negative that negative Dear Dave, Can loans be forgiven? responsibly and your of 50 percent of d. since each inquiry can mostmost of your of your d.excess We had just started your plan all of d. the all of above the above information information not benot be Dear Dave, score will start to their limits will raise decrease your score by and saved $1,000 for our baby I’m 36, and I’ve been placed on included included in your in your assets. assets. reflect that,” Cunningeyebrows, while 30 five points, says finanemergency fund when our laptop permanent disability due to primacreditcredit reportreport computer died. We do all of our fi- ry progressive multiple sclerosis. Is ham says. percent or lower is cial planner Joel J. © CTW ©Features CTW Features nances online, including budgeting there a possibility I could petition to although closing seen as responsible, ohman, founder of and banking. Should we dip into the have my student loans forgiven? Do unused accounts may says Cunningham.

CreditCardChaser.com, emergency fund to replace the com- you believe this is an issue of conputer? seem like a good idea, Credit bureaus gena credit card compariscience?

1. the 1. u.s. thesocial u.s. security social security administration administration estimates estimates that a that a — Erin — Janelle “that’s shooting your- manerally don’t like to see son site that promotes reaching man reaching age 65 age today 65 can today expect can expect to live, to on live, average, on average, Dear Erin, Dear Janelle, self in the foot,” Cun- untiltoo many inquiries responsible credit Yes, I think you should. Computage until 83. age a woman 83. a woman turning turning age 65 age today 65 can today expect can expect to manto No, I don’t think it’s an issue of ningham says. the your credit agement. ers used to be considered a luxury, conscience. If you’ve been officially live about until liveage until 85.age to 85. calculate tohistocalculate your expected your expected lifespan, lifespan, go to: go to: but today many people find them- and medically diagnosed with this amount of your total http://www.ssa.gov/planners/lifeexpectancy.htm ry http://www.ssa.gov/planners/lifeexpectancy.htm because it suggests only time 2. c:and 662. discic: 66 How Do How You Do You Rate? you are desperate for selves in your exact situation. They disease, and you’ve also been dedebt relative toRate? your pline can mend a damyears old years 3.

D: old 20 3. percent D: 20 percent use computers not as toys or just to clared permanently disabled, then 10 coRRect: 10 coRRect: total available credit money. however, agedcontributed credit 4. False.

4. Pre-tax False.

Pre-tax moneymoney athe worker a worker contributed to a record. retireto a retiresurf the Web, but to help run their federally insured student loans can, warren warren Buffet is Buffet youris your bureaus realize that if has a significant impact “Don’t fallwithdrawn for credit households and organize their lives and should, be forgiven. ment plan ment is plan subject is subject to income to income taxes when taxes it’s when it’s withdrawn new best newfriend! best friend! and finances on a daily basis.

I’ll tell you ahead of time that it’s on your score.ten you’re shopping during during retirement retirement years. 5. years. c: 205.years c:doctoring 20 years or credit 9 coRRect: 9 coRRect: Now, upgrading at this point to going to take a lot of work—regardthousand dollars in forpercent a major pur- u.s. repair services.

Start laws 6. D:around 47 6. percent D: 47 7.

False.

7. every False. every state u.s.has state unique has unique laws the biggest, baddest, coolest thing less of the reason—to get a request close…close… but we but are we notare not credit card debt looks chase, such as car, you treating your debt obligoverning governing who will who own will the own property. the property. to calculate to calculate the outthe outon the planet is a no-no. That kind like this through the system. You’ll playingplaying horseshoes! horseshoes! of thing is what we call a “want.” be swimming in red tape for a while, better if your line of may go to several dealgations responsibly, and come in come your in state, your go state, to www.mystatewill.com go to www.mystatewill.com 8 oR less 8 oRcoRRect: less coRRect: There’s a difference between a but having the loans forgiven is only credit is It’s $100,000 vs.some8. c:erships inrisk search time, your credit Handling 8. c: Handling 9. risk D: of all 9.the of D:the all above ofover the 10. above a: correcting 10. a: correcting It’s time to time do some to do “want” and a “need.” So, you need fair considering your condition and $15,000, she says, best deal. each of those report will improve,” inaccurate inaccurate information information as soon as as soon possible as possible homework! homework! stay calm and go find a good basic situation. © CTW ©Features CTW Features because you’re not as places will check your Cunningham says. computer that will take care of your God bless you, Janelle. online needs. close to maxing out credit to determine the © CTW Features — Dave

For better or worse, Financial Financial Savvy Savvy there’s a number associated with your 33 11 name. Make sure your credit score is all it can be

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26 LIFE PLANNING GUIDE

JANUARY 2011

Pop Quiz: Test Your What a Widow What aa Widow Widow What Financial Savvy

Needs to toto Know Needs Know Needs Know questIon

questIon

Procrastination is one of the main ways the average Joe and Jane get in trouble with their finances.

Break checklist checklist checklist the bad habit – starting now! Answer thesefor basic New for New for New widows questions and see how you rate widows& & widows & widowers widowers widowers

questIon

Thedeath death of a husband husband launches5many 3 launches 1death The of many The a husband launches many The death of aaof husband launches many women into uncharted territory: women into uncharted territory: women into uncharted territory: women into uncharted territory: financial planning financial planning financial planning

questIon

9

s 'ET MULTIPLE CERTIFIED s 'ET MULTIPLE CERTIFIED s 'ET MULTIPLE CERTIFIED COPIES OF THE DEATH COPIES OF THE DEATH COPIES OF THE DEATH CERTIFICATE CERTIFICATE According to actuarial What percent of a How many years, on CERTIFICATE s &IND THE WILL AND ANY s &IND THE WILL AND ANY charts, how many years retiree’s income will be average, will a U.S. YourTRUSTS credit score is: s &IND THE WILL AND ANY TRUSTS of your can you expect to live? spent on healthcare, on citizen spend in a. as &IND ANY LIFE INSURANCE

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INCLUDING COMPANY women often find that “advisers often Dawn Klingensmith a.

5 percent a.

10 b. an objective meaCTW feaTures INSURANCE AND PUT IN A financial advisers who aren’t as responsive as exPecteD to Run out oF moneY INCLUDING COMPANY women often find that “advisers often Dawn Klingensmith CTW feaTures INSURANCE AND PUT IN A financial advisers who aren’t as responsive as b.

10 percent b.

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CLAIM IMMEDIATELY did business with their they should be, they c.

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25 c. available to you on CTW feaTures DEPOSIT BOX although women their concerns. fact, or they taketo ‘Don’t financial advisers who aren’t as responsive as s )NVENTORY THE SAFETY husbands fail to toIn address talk down tothe widows, DEPOSIT BOX although women their concerns.

In fact, or they take the ‘Don’t At what age is a worker request s )F YOU RE COVERED generally outlive their 70 percent of widows bother your pretty little DEPOSIT BOX althoughwomen their concerns.

In fact, with or they take thethey ‘Don’tshould be, they did business their istocKphoto.com s )F YOU RE COVERED generally outlive their 70 percent widows bother your born between d. allUNDER YOUR SPOUSE S of the above spouses, it’s still1943 comconsidered firing their head’ approach and little fail s )F YOU RE COVERED generally outlive their 70 percent of of widows bother your pretty pretty little a.

17 PeRcent c.

42 PeRcent fail toto address talk down to widows, and eligible forage UNDER YOUR SPOUSE S spouses, it’s considered firing their head’ approach and fail COMPANY HEALTH mon1954 in this daycomand advisershusbands within three explain things,” says UNDER YOUR SPOUSE S spouses, it’s still still comconsidered firing their head’ approach and fail B. 23 PeRcent D. 47 PeRcent questIon question 4: full social security benCOMPANY HEALTH mon in this day and age advisers within three to explain things,” says although women their concerns.

In fact, or they take the ‘Don’t INSURANCE FIND OUT for husbands to handle years of their husbands’ washington, D.C.-based COMPANY HEALTH mon in this day and age advisers within three to explain things,” says efits?

INSURANCE FIND OUT for husbands to of their husbands’ washington, D.C.-based IMMEDIATELY ABOUT long-term financial plandeaths, to go financial planner alex- your pretty little Income taxes after a bother INSURANCE FIND OUT for husbands to handle handle years ofaccording theirpercent husbands’ washington, D.C.-based generally outlive their years 70 of away widows a.

62 with c.financial 66 or no IMMEDIATELY ABOUT long-term plandeaths, according to financial planner alexKEEPING THE POLICY ning little research by minneapoandra armstrong, cosage to emotional and more about investing IMMEDIATELY ABOUT long-term financial plandeaths, according to financial planner alexworker retires. true or armstrong, false? spouses, it’s still com- research considered firing their head’ approach and fail and than b.

64withd.

68from KEEPING THE POLICY ning little or no by minneapoandra cosage to emotional more about investing s &IND THE REST OF THE involvement their lis-based allianz life author of “on Your Financial well-Being” they think they do. questIon KEEPING THE POLICY ning with little or no research by minneapoandra armstrong, cosage to emotional and more about investing question 7: You ASSETS INCLUDING can improve your mon in this day and age advisers within three to explain things,” says s &IND THE REST OF THE involvement from their lis-based allianz life author of “on Your Financial well-Being” than they think they do. wives. once widowed, Insurance Co. own: awidow’s Pas(armstrong Fleming & the basics of finaninvolvement from their lis-based allianz life author of “on Your Financial well-Being” than they think they do.credits &IND THE REST OF THE rating by ASSETS INCLUDING wives. once widowed, Insurance Co. own: awidow’s Pas(armstrong Fleming & the basics of finanDEEDS SECURITIES

moore Inc., 2006). cial planning can be true or False: for husbands to handleInsurance years D.C.-based ASSETS INCLUDING wives. once widowed, Co. of their husbands’ own:awidow’swashington, Pas(armstrong Fleming & the basics of finan- a. correcting inaccuBANK ACCOUNTS RETIRESomeInc., women cede learned. meanwhile, DEEDS SECURITIES

moore 2006). cial planning can be DEEDS SECURITIES

moore Inc., 2006). cial planning can be younot die long-term financial plandeaths, according to financialIfcontrol planner alexrate information as MENT ACCOUNTS STOCK only cede newly widowed BANK ACCOUNTS RETIRESome women learned. meanwhile, BANK ACCOUNTS RETIRESome women cede Insurance learned.ismeanwhile, a way of: it as possible without acowill, ning with little or no research by minneapoandra armstrong, sage to emotional and soon more about investing OPTIONS AND LIABILITIES because they’re overwomen should make MENT ACCOUNTS STOCK control newly widowed MENT ACCOUNTS STOCK control not not only only newly widowed a. saving for b. disputing negative INCLUDING MORTGAGES whelmed by the estateclear they intend to OPTIONS AND LIABILITIES because they’re overwomen well-Being” should involvement from their lis-based allianz life author of “on Your than they think they do your sur viving OPTIONS AND LIABILITIES because they’re over- Financial should make make it it information awomen rainy day AND DEBTS settling andby grieving retain control over to INCLUDING MORTGAGES whelmed the estateclear they intend INCLUDING MORTGAGES whelmed will by the estate- (armstrong clear they intend to & wives. once widowed, Insurance Co. own:awidow’s PasFleming the of finanspouse b.their preventing c. correcting onlybasics the s 0AY ALL BILLS ON TIME IF processes but alsobe investments, that AND DEBTS settling retain control over AND DEBTS settling and and grieving grieving moore retain control over unplanned events report Inc.,adjust2006).that worst cial planning can be THEY RELATE TO YOUR because they doubt they’ll make granted all or s 0AY ALL BILLS ON TIME IF processes but also their investments, s 0AY ALL BILLS ON TIME IF processes but also it their in investments, c.ments handling riskown that d. asking that negative PERSONAL LIFE their abilities when their Some women cede information learned. meanwhile, THEY RELATE TO YOUR because doubt they’ll make adjustmost ofthey your THEY RELATE TO YOUR because they doubt they’ll make adjustd.time all of the above not be s #LAIM ANY BENEFITS comes to “high finance,” and that they PERSONAL LIFE their abilities when it ments in their own not only newly widowed PERSONAL LIFE their abilities when it control ments in their own included in your assets.

YOU RE ENTITLED TO says behavioral psywon’t tolerate strongs #LAIM ANY BENEFITS comes to “high finance,” time and that they s #LAIM ANY BENEFITS comes to “high finance,” time and that they report should make it because they’re over- credit women s #ALL YOUR SPOUSE S chologist mattwallaert, arm tactics or dismisYOU RE ENTITLED TO says behavioral psywon’t tolerate says behavioral psywon’t tolerate strongstrong© YOU RE ENTITLED TO CTW Features EMPLOYER TO SEE HOW the lead scientist at sive treatment. whelmed byorthe estate- s #ALL YOUR SPOUSE S clear they intend to chologist mattwallaert, arm Learn how you can put your confident retirement more s #ALL YOUR SPOUSE S chologist mattwallaert, arm tactics tactics or dismisdismisMUCH MONEY IS DUE

thrive, a new York-at however, armstrong EMPLOYER TO SEE HOW the lead scientist sive treatment. settling and grieving retain control over within reach.

EMPLOYER TO SEE HOW the lead scientist at sive treatment.

AND FOLLOW UP WITH A based financial manageadvises against making MUCH MONEY IS DUE

thrive, a new Yorkhowever, armstrong 1. the u.s. social security estimates that a MUCH MONEY IS DUE

thrive, a new however, armstrong processes but alsoadministration their investments, that LETTER ment web site Yorkimmediate changes.

Call me today at 208-746-4242. based advises against making reaching age 65 today can expect to AND FOLLOW UP WITH A live,“Making on average, AND FOLLOW UP WITH A based financial financial managemanage-man advises against making Source: the (Justthrive.com). unless an adviser’s because they doubt they’ll make adjustLETTER ment web site immediate changes. until age 83. aseem woman turning today expect to LETTER ment webroutinely site immediate changes. ofcan Your Money” women dealings shady, in age 65Most their abilities when it ments in their Source: “Making the own (Justthrive.com). unless an adviser’s live until age 85. to calculate your expected lifespan, go to: Molly Steele, CFP®, ChFC®, CRPC® “Making the (Justthrive.com). unless an adviser’s

by Source: Jane Bryant Quinn handle day-to-day the beginning it’s easiMost of Your Money” women routinely dealings seem shady, in http://www.ssa.gov/planners/lifeexpectancy.htm 2. c: 66 Financial Advisor comes to “high finance,” time and that they Most of Your Money” women routinely dealings seem shady, in (Simon & Schuster, household finances est to work with that How Do You Rate?

by Jane Bryant Quinn handle day-to-day the it’s easiCERTIFIED FINANCIAL PLANNERTM practitioner years old beginning 3. because D: 20 percent by Jane Bryant Quinn handle day-to-day the beginning it’s easi2010) such as paying bills and person he or saysestbehavioral psywon’t tolerate strong10 coRRect: (Simonto&a Schuster, household finances work with 307 19th Street Suite B5 4. False.

Pre-tax athat worker contributed retire(Simon Schuster, household finances estisto to workmoney with that managing bank she already familiar © ctw & features warren Buffet is your chologist mattwallaert, arm tactics or dismisLewiston, ID 83501 2010) such as paying bills and person because he or ment plan is subject to income taxes when it’s withdrawn 2010) such as best paying bills and with person because situahe or new friend! accounts, wallaert adds, the couple’s 208-746-4242 managing bank she is already familiar © ctw features during retirement years.

5. c: 20 years lead scientist atto sive treatment. managing bank she is already familiar © ctw features but due to lack of expo- the tion. this also applies 9 coRRect: accounts, wallaert adds, with the couple’s situa6.

D: 47 percent 7.

False. every u.s. state has unique close… but we are not sure they tend to underlawyers accounwhenlaws workaccounts, wallaert adds,thrive, with the couple’s situa- of business aand new Yorkhowever, armstrong but due to lack tion. this also applies to who will own the property. to calculate the outplaying horseshoes! estimate armstrong says. ing with an adviser is tants, but due their to lack of of expoexpo-governing tion. this also applies to based financial manageadvises against making come insix your state, go www.mystatewill.com sure to lawyers and of when work8 oRthey lesstend coRRect: investment-managemonths to to a year, calculating how much it sure they tend to underunder- “In lawyers and accounaccounof business business when work8. c: Handling risk 9.

D: all of the above 10. a: correcting web site these immediate changes. estimate tants, armstrong says. ing with is It’s capabilities. time their to do some ment when ment you can reassess cost heran live.the estimate their armstrong says. will ing with antoadviser adviser is tants, Brokerage, investment and financial advisory services are made inaccurate information as soon as possible homework! investment-manage“In six months to a year, calculating how much it an adviser’s put to the test, though, (Justthrive.com). relationships,” she says. adviserunless should provide

6

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Paychecks stop.

Life goes on.

Retirement can include a steady income.

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available through Ameriprise Financial Services, Inc. Member FINRA and SIPC. Some products and services may not be available in all jurisdictions or to all clients. © 2010 Ameriprise Financial, Inc. All rights reserved.

investment-manage“In six months to a year, calculating how much it © CTW Features ment when you can these cost her live. the women usually know a widow’s first order with a list ment capabilities. capabilities. when women you can reassess reassess these herwill will cost herofto torecords live. the shady, in routinely dealings seem put to the test, though, relationships,” she says. adviser should provide put to the test, though, relationships,” she says. adviser should provide handle day-to-dayorder her with the beginning it’s easiwomen a women usually usually know know a widow’s widow’s first first order her with aa list list of of records records

household finances such as paying bills and managing bank

est to work with that person because he or she is already familiar

JANUARY 2011

LIFE PLANNING GUIDE

Procrastination Procrastination is one is one of the ofmain the main waysways the average the average Joe Joe and and JaneJane get in gettrouble in trouble withwith theirtheir finances. finances.

Break Break the bad the bad habithabit – starting – starting now!now!

Answer Answer these these basic basic Fquestions AIRCHILD questions and and see A how seeCCOUNTING how you you rate rate & TAX SERVICE

she needs to assemble. the adviser is busy with should ask other trusted She might want to take other clients. advisers (accountant, someone with her Initially, the goal is to lawyer,banker) for recwho’ll ask questions make sure the widow ommendations,as well that don’t occur to her. has sufficient income to as her widowed friends.

Before inviting a family pay her current expensAn adviser should offer member, shequestIon should es.

“Very rarely is there a an initial consultation for questIon questIon questIon questIon questIon consider whether that situation where somefree.Wallaert recomperson’s interests might thing immediate needs mends asking whether be self-serving. She to be done with the the adviser is incentivshould take notes and investment portfolio, ” steermany clientsyears, According According to actuarial to actuarialWhat What percent percent of a of a ized Howtomany How years, on on askcharts, that charts, any recommenWallaert says.

So if an toward certain how many how many years years retiree’s retiree’s income income will bewill be average, average, will a investwill U.S. a U.S. dations be put writadviser presses, ments and to regard can you canexpect youinexpect to live?to live? spent spent on healthcare, onahealthcare, on on citizencitizen spend spend in in ing.“It’s a difficult time. widow might want to such a setup as a potenaverage? average? retirement? retirement? questIon Things go inquestIon one ear hire a replacement tial reda. flag. a. 5 percent a. 5 percent a. 10 10Armstrong and out the other,”Armonce the estate is setrecommends b. 10 b. percent 10 percent b. 15 b. 15 asking strong says. tled.

Often, “adult chilwhether the adviser c. 15 percent c. 15 percent c. 20 c. 20 A widow also dren kind of swoop in belongs to d. 20 d. percent 20 percent d. 25 d. 25an Estate should find out whethand take over,” ArmPlanning Council.Many At what At age what is age a worker is a worker er born the adviser has an strong says.

“Don’t succompetent advisers between born between 1943 1943 assistant who can cumb to any undue don’t, she says.

But memand 1954 and eligible 1954 eligible for for answer basic questions. pressure from anyone, bership is a good indicaquestion question 4: 4: full social full social security security ben- benThat way, she’s less likeincluding family.” tion the adviser is efits? efits?

Income Income taxes taxes go away go away afterafter a a ly to feela.like If a widow ultimately interested in working a. 62 62 c. a66burden c. 66 worker worker retires. retires. true true or false? or false? or b. like decides to hire a new with widows.

64she’s b. 64 d.being 68 d. 68 ignored in the event financial planner,she © cTW features

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IT’S TAX TIME AGAIN! David Fairchild, MBA

Income Tax Preparation 99 questIon questIon

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Open Monday thru Saturday from 9:00am-6:00pm Call (208) 983-1944 for appointment Your credit Your score score is: is: 158 East Main St., Suite 2B, Grangeville, IDcredit

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Pop PopQuiz: Quiz: Test Test Your Your Financial FinancialSavvy Savvy

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Locally Owned and Operated

28 LIFE PLANNING GUIDE

JANUARY 2011

Pop Quiz: Test Your Financial Savvy questIon

questIon

According to actuarial charts, how many years can you expect to live?

What percent of a retiree’s income will be spent on healthcare, on average? a. 5 percent b. 10 percent c. 15 percent d. 20 percent

questIon

2

At what age is a worker born between 1943 and 1954 eligible for full social security benefits? a. 62 c. 66 b. 64 d. 68

questIon

5

3

How many years, on average, will a U.S. citizen spend in retirement? a. 10 b. 15 c. 20 d. 25

question 4: Income taxes go away after a worker retires. true or false?

wHat PeRcent oF eaRlY BaBY BoomeRs, age 56 to 62, aRe exPecteD to Run out oF moneY to coveR BasIc RetIRement lIvIng exPenses?

NOW10 8 WHAT?

a. 17 PeRcent B. 23 PeRcent

c. 42 PeRcent D. 47 PeRcent

question 7: true or False: If you die Insurance is a way of: without a will, a. saving for your sur viving a rainy day spouse will be b. preventing unplanned events granted all or c. handling If you’re recently retired or planning to retire, you’re probably concerned about risk most of your d. all of the above making the right nancial decisions. Together, we can nd the answers. assets. questIon

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Your credit score is: a. a snapshot of your credit risk b. an objective measurement used by lenders c. available to you on request d. all of the above questIon

You can improve your credit rating by a. correcting inaccurate information as soon as possible b. disputing negative information c. correcting only the worst report d. asking that negative information not be included in your credit report © CTW Features

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1. the u.s. social security administration estimates that a Matt Sartini Sherrie Beckman, AAMS man reaching age 65 today can expect to live, on average, Financial Advisor Financial Advisor until age 83. a woman turning age 65 today can expect 106 Michigan Avenue 940 Bryden Avenue to Lewiston, ID 83501 ID 83544 live until age 85. toOrofino, calculate your expected lifespan, go to: (208) 746-3875 (208) 476-3271 1-800-646-8316 http://www.ssa.gov/planners/lifeexpectancy.htm 2. c: 66 1-866-904-3271 How Do You Rate? years old 3. D: 20 percent 10 coRRect: 4. False. Pre-tax money a worker contributed to a retirewarren Buffet is your ment plan is subject to income taxes when it’s withdrawn new best friend! during retirement years. 5. c: 20 years 9 coRRect: 6. D: 47 percent 7. False. every u.s. state has unique laws close… but we are not governing who will own the property. to calculate the outplaying horseshoes! come in your state, go to www.mystatewill.com 8 oR less coRRect: 8. c: Handling risk 9. D: all of the above 10. a: correcting It’s time to do some Christian homework!

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Financial Advisor 2501 17th Street Lewiston, ID 83501 (208) 798-4732 1-866-798-4732

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questIon

1

YOU’VE SPENT A LIFETIME9 6 PREPARING FOR RETIREMENT.

Procrastination is one of the main ways the average Joe and Jane get in trouble with their finances. Break the bad habit – starting now! Answer these basic questions and see how you rate