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Show wPm pp VP w m m m ry irrrrT'ri'iKi"1 m m w w r The Park Record D Section D Thursday, September 7, 1995 O Page 03 The financial challenges of singlehood Nearly 30 percent of the American adult population is single. Perhaps you belong in this category. You may have been single all your life, or suddenly you became single because of divorce or the death of a spouse. Whatever the reason, singlehood means special financial challenges. Here are a few issues to keep in mind. Financial education. In FINANCIAL 4 Li LANNING ERSPECTIVES marriage, it's typical (though not necessarily advisable) for one partner to handle the heavy-duty finances like investments and buying insurance. ' As a single person, it's absolutely essential that you learn the basics of money management, even if you're working with a financial professional. Many older widows, for example, have never done anything more than balance a checkbook. With a large insurance settlement check in hand, they are especially vulnerable to scam artists or well-meaning well-meaning friends. Budgeting. Clothing, entertainment, and credit cards can drain the paycheck of young singles and retirement is far away. Yet, you need to start saving for a home and investing for retirement. Many suddenly-single parents need to budget just to make ends meet. It may mean moving to a. smaller house and not indulging the children so that money can be spent on necessities. If the children are old enough, involve them in your budget planning. Disability insurance. Without a partner to share financial responsibilities, a single person unable to work because of a disability can quickly get into financial trouble. So unless you're already retired and don't depend on earned income; disability insurance, . which 1 replaces a portion pf lost wages, is probably a necessity. Your employer or Social Security may provide some benefits, but you may need more or better coverage. Health insurance. Buy it if you're not adequately covered through work or Medicare for, at least, catastrophic events. If you're over 65, get a Medigap policy to help cover what Medicare won't. If you're between jobs, try to continue coverage under your old employer or, purchase short-term health insurance. If you're divorced with children, see if ydur ex-spouse's insurance will cover the children. Life insurance. Not all singles need life insurance. But if you have children, it's essential. Be sure an ex-spouse providing child support is covered, too. Minors can't collect insurance proceeds, so your will should establish a trust as a beneficiary so the money can be managed for their benefit until they reach majority (age 18 or 21, depending on the state). Pick a friend or relative to serve as trustee, preferably sharing responsibilities with a bank or financial advisor just in case your trusted choice turns out to be incompetent or untrustworthy. Retirement With the cost of daily living and the looming costs of college, it's easy for single parents to neglect saving for the years when they will be alone. Maximize use of your employer's retirement plan or, if you're self-employed, self-employed, start your own, such as a simplified employee pension plan (SEP). Health care proxies and durable powers of attorney. Without a spouse, you'll need someone authorized .to make medical and financial decisions on your behalf should you become mentally or physically incapacitated. As in the case of the life insurance trust, pick a trustee and incorporate professional oversight. . Estate planning. For singles with minor children, be sure the will names a guardian (if it's someone other than your spouse, you'll have to make a case for your choice in writing, beforehand). You may want to name a separate person to manage your kids' inheritance. Singles over 50 might want to consider buying long-term-care insurance to cover nursing home or home health care costs. This column is produced by the Institute of Certified Financial Planners, a national association representing the top financial planners in the country, and is provided by Daniel Smith, CFP, a local member and president of the Utah Society of the ICFP. For a list of CFP professionals in your area, call toll free 1-800-282-PLAN (7526). Prudential Coleman welcomes new agent V ft : fr , ism w .: v Jonny Totten Bill Coleman and the agents of The Prudential Coleman Real Estate welcome the affiliation of Jonny Totten to the brokerage. An active Realtor in Park City for more than 15 years, Totten was recognized by her peers with the 1994 Directors Award from the ParkCity Board of Realtors for-ethical for-ethical and professional contributions to the industry. Totten presently serves on the Board of Directors for the Park City Chamber Bureau and acts as liaison between the Park City Area Lodging Association and the Park City Board of Realtors. Fifty percent increase in trave projected by 2000 The leisure travel industry is due for an enormous increase in business, according to a new American Traveler survey. The survey of more than 13,000 American households, projected that business travel will increase moderately through the end of the decade, but a major shift in leisure travel patterns will result in a 50 percent business . increase for that industry by 2000. Stanley Plog, president and chief executive officer of PLOG Research, Inc., conducted the survey. "A major shift has occurred during the last 6-12 months in the motivation of the American traveler," said Plog. "Since the beginning of time, vacations have been thought of as a luxury that many of us want and pursue to the extent that we have extra money and time. Not any more. The 1995 survey respondents feel they need and deserve their vacations, presumably to balance an increasingly hectic lifestyle." The survey also attempted to identify factors appealing to potential vacationers. According to Plog: ' "The most popular destinations are in Western states with rugged terrain. By contrast, the Midwest, with its flat geography, is not considered among appealing destinations. "Beach areas are also deemed appealing, but came in second to mountain regions. We hypothesize that our survey respondents are drawn more toward the peaceful serenity associated with mountains than the flurry of activity at the beaches. mi m V 600 H Cash 7 Back S or S 3.9 f L APR. A NC 84135 Serving Summit County Since 1946 Air, 5-spd., Stereo Cass., Cruise & fcport Appearance Group MSRP ; $14,130 Crandall Discount 1,600 Rebate 6QQ Best Price $11,930 We're Dealing On All Cars, Trucks & Vans (LRanpaLJL 2175 Rassmussen Rd. 647-FORD Aug. 10th through Sept. 9th, 1995 3.9 financing maximum 48 months The local convention properties have reported the following groups will meet in Park City the week of June 12-18, 1994: Groups Equipment Services Association Advantech Novell InwayIndependent Frieghtway Haz-Mat . R.K. Associates College of Eastern Utah Utah Association of Rehabilitation Facilities LTC, Inc. Weber State University Nursing Ray, Quinley & Nebeker Prctor & Gamble Browning Smith & Barney Pro Image Covey Leadership Becton Dickinson FirstHealth Utah State REtirement W.R. Meadows Merrill Lynch BYUOrganization Behaviorial Dept. Key Corp. Christianson Family Reunion Empey Wedding Case Corp Utah State Division of Services State of Utah Dept. of Human Services Kolb & Ayre Wedding Free Enterprise Medical Priority AMA Sears Utah State Dept. of Health Chief of Staff MeetingNat'l Goveneros Assn. Progressive Solutions United States Postal Service U of U Division of Health Education Rollin, Hudig, Hall Pro MedTravel Center Pacific Rails Credit Union Accommodations Unlimited Utah Valley State CollegeStudent Government Utah State University MDT Productions, Inc. Bachman Distributing Paxon Wedding PryorBrennan WEdding WMA Securities Savage Industries Reunions Plus National Assoc. of State Contractors License NovellLegal Retreat Mountain West Distributors American Waterworks Association Capital Building Materials Key Bank Great American Crossing Union Pacific Railroad Wilcox Sales Company Freedom Credit Uinon Utah Power & Light Credit Union Credit Union Data Processing WoodruffLagrave Wedding Attendees 34 13 14 18 40 40 16 30 24 26 10 11 14 5 5 37 80 15 25 28 35 20 14 30 20 150 125 ,10 30 30 16 40 200 30 40 30 12 35 24 14 24 140 150 20 15 20 10 20 20 150 100 40 80 100 150 90 100 25 50 7 22 32 15 2,970 This is a 6 decrease compared to the same week last year. LifeFitness "TREADMILL t Buy a LifeFitness Treadmill and get a LifeCycle FREE! J Walk, Run, & Bike... ...in the privacy of your own home in any kind or weather! If you exercise to lose weight or to keep in shape, avoid the boredom of only one type of activity. FooThill Fitness LifeCycle3500 Exclusive built-in HeartRate monitor. Home version of 1 Health Club bike. Connect to TV for notional Interactive Nintendo Game fetter for you than running on the street! Reduces impact to the hips, knees, & ankles with patented shock exercises. absorption system. LifeFitness is 1 in cardio Automatically keeps you in fat equipment. burning range. ,i 1 in Reliability. HeartRate Monitor. Foarhill FhriMESS Included with every purchase 90 days same as cash Free Delivery & Installation 484-9489 2350 So. Foothill Dr. Hours: Mon-Sat 9-7 Ask our clients. MARC E. CHRISTENSEN SS 40D DEAN WITTER Salt Lake City. UT 84 1 1 1 WM Toll Free (800) 733-9036 C 1992 Dun Wilier Reynolds Inc. Member SIPC. Mountain Muffler and auto repair "Exhtuti Profilonii"" , - Sine 1064 p -- In addition to complete exhaust repairs we offer expert mechanical repair. Take the short drive to Heber and SAVE A LOT! For estimates 6t appts. call 654-2223 On the corner of 149S S Industrial Pky and Hwy 189 (toon from the Heber Airport) IN EFFIGY Dolls & Collectibles ANYTHING IN THE LIKENESS OF THE HUMAN FORM fCA1 OCC OC4I tn 376 TroOcy Square SahUkcCHy Utah 84102 OPEN MONDAY - SATURDAY 10 a..-9 p.a. SUNDAY Noon-S f.m. I Daddy'ilonglqs Sunt Dob Robert Tonne Ana Dob Helm Kan v Mattel Cokcubte Georja own Collection V RudiTrefeiHn Federtci Gob m Good-Kruger Pindar Gakrto & many more Located In the lower level acrou from Tobou It The Limited WE MEET OR ' BEAT ANY : LENDERS : RATES ON , Large" QUALITY. . LOANS! 525 RESET 634 6.816Papr 15 YEAR 70 18 pt FIXED ' 0 7.11 APR 30 YEAR 7 12 ,iPLo FIXED 7.61 APR LOW COST CONSTRUCTION LOANS LONG TERM LOCK - $1 00,000 minimum loan amount. cakq S m FINANCIAL O"70 QO-IQ Home Finance Advisor with Gregory Cutt Norwest Mortgage, Inc. WHO PAYS THE POINTS? A home buyer should be aware of all of the deadlines in their purchase agreement. Each contract is different, but there are usually time limits which cover the structural contingency, financing application financing commitment, and the close of escrow. If you are careless, you could lose your right to ask the seller to pay for needed repairs. The seller may have a time limit on responding to your (the buyers) request to complete repairs that arc not otherwise required by the contract. Failure to apply for your mortgage on time may place your deposit at risk, if the loan is later denied. The agreement can be declared null and void by the seller if financing is not approved within the time frame set forth in the contract, especially if there is a back-up contract. Delayed closings can cost the seller money, and they may ask the buyer to 1 if 1 1 I I 1 CQk.DD reimt)ursc them tor cost incurred as a result or the delay. Ennnn NORWEST nnnnn MORTGAGE The point to remember is this: consult your mortgage broker in the early phase of your home-buying, so that you can time the deadlines precisely with your lender. For professional service and sound advice on all your home financing needs, call Gregory Cutt of Norwest Mortgage, Inc, at 801-645-7814. Our office is located at 750 Kearns Boulevard in Park City. I bmx nil hit iMfcf I SI! I'ifll GOOD RUBOR SK STATI FARM INSURANCE MM) me: u If; , ;n, t TOM LIGARE, CLU 1662 BONANZA DR. PARK CITY, Ut , 649-3332 Stats Farm Insurance Companies Home Offices: Bloomington, Illinois |