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SPECIAL REPORT: YOUR FAMILY'S WEALTH; HELP IT GROW, MAKE IT LAST

 

YOUR FAMILY'S MONEY , by Walter Updegrave, page 72

How can you ensure that your family's wealth lasts through the generations? Smart planning? Savvy investing? Absolutely. But first you've all got to talk.

Even the closest families can feel uncomfortable talking about money. It's just so, well, uncomfortable. Today's longer life spans make this sort of intergenerational conversation especially crucial. And that's where MONEY's special report, designed to help parents and adult children work together as a team, can help. Here are practical steps to help you meet the three biggest challenges that families face: managing the expenses of older age; investing wisely so retirement money safely grows to help meet those bills; and providing a meaningful legacy for heirs.

 

KEEPING THE BAD GUYS AWAY FROM MOM & DAD , by Donna Rosato, page 81

Sooner or later, con artists are going to make a run at your family's senior generation. But you're not going to let them succeed, are you?

Whether your parents live next door or 3,000 miles away, a host of people are gunning for their wealth. They range from swindling accountants to shady financial advisers to fast-talking telemarketers to professional caregivers and relatives who steal from the very people they're suppose to be looking after. The good news is that you don't have to be an investment expert or a detective to protect your parents from financial scams. But you do have to have a plan and be involved in their lives regularly. Here's what you can do to keep your mom, your dad and their money safe.

 

WHEN YOUR PARENTS NEED A HAND, by Penelope Wang, page 86

Sometimes, despite the best-laid plans, your parents need your help. Here's how to lend a hand without sacrificing your savings or your sanity. Or their dignity.

When there are clear indications that your parents are struggling, you owe it to your family to intervene. At this stage in your parents' life, problems don't solve themselves. Left alone, they could jeopardize your parents' retirement security and spoil their legacy for future generations. Inaction could end up costing you dearly as well. With proper planning, you can help your parents make the most of their resources, and provide assistance they need without risking your financial security.

PLUS: Is Medicaid Still an Option? New rules make it harder to qualify.

 

AGE 50 AND FAR TOO LITTLE SAVED , by Clint Willis, page 35

When you hit that milestone without a retirement kitty, you need to act fast

The Employee Benefits Research Institute reports that more than half of workers 45 to 54 have saved less than $50,000 for retirement. A recent Fidelity study found that the average boomer is on track to replace just 60% of his or her current income in retirement, even with help from Social Security and pensions. Why so unprepared? The easy explanation is that baby boomers are a generation of grasshoppers who fiddled away their youth when they should have been saving. Late starters can narrow and then span the gap between what they've saved and what they'll need, but there's no time to lose. Here's MONEY's plan of action for what they should do now:

•  Do Right by Your Retirement Plans

•  Become (at Last) a more Mindful Spender

•  Invest Aggressively but Not Recklessly

•  Tap Home Equity-Now

•  Narrow the Gap by Staying on the Job

PLUS: 3 Fast Fixes : 1. Save a Third of Your Pay; 2. Plan for Emergencies Too; 3. Keep Investing Costs Low

 

DEAL OR NO DEAL?, by David Futrelle, Amanda Gengler, and Janet Paskin, page 93

10% off! Cash back! No interest! Sure, these common offers sound sweet, but will they really save you money?

When a deal sounds alluring, you're right to suspect there's a catch. There always is. In an ideal world, you'd take a few minutes to read the fine print and run the numbers, then make your decision. But when the salesclerk is waiting and the promotion is expiring, you might not have a chance to do due diligence. So check the offers now, and when they're presented, you'll know whether to say deal or no deal. MONEY looks at 11 possible offers.

 

SIMPLER LIVING THROUGH SOFTWARE , by Clint Willis, page 42

Keeping financial records up to date, compiling a list of charitable contributions at tax time, tracking investments, creating a budget-one tedious job after another. You can make these tasks practically painless by moving them to your computer. You have to invest a bit of effort to set up personal-finance software such as Microsoft Money or Quicken , but the payoff makes it all worthwhile. MONEY shows you how in four simple steps.

•  Get What it Takes

•  Pick a Program

•  Set Yourself Up

•  Stay Safe

 

WHY MEN DON'T KNOW JACK ABOUT RETIREMENT , by Walter Updegrave, page 46

Withdraw 10% a year? Yikes! Guys, you've got to learn more than you think abut long-range planning

Are men better retirement planners than women? They sure seem to think so. When New York Life asked 1,002 retirees and pre-retirees to assess their grasp of retirement issues as part of a recent national survey, men thought they know more than women did. In fact, men and women are equally clueless. The good news, however, is that by focusing on the areas where men come up short, we can all improve our retirement planning.

 

GET SET FOR THE NEW KIDDIE TAX, by Amanda Gengler, page 21

The tax law passed in May took a perk away from parents but threw in a few changes that could save you money-next year or down the road.

•  Kiddies Got Older

•  AMT Relief

•  Anyone Can Convert

•  Investor-Friendly

 

NOT THE POSITION YOU BARGAINED FOR , by Amanda Gengler, page 41

Don't get stuck in a job you didn't agree to take

You thought you landed your dream job. But a few weeks in, you realize you were, well, dreaming. The way out of this career crisis is to not fall into it in the first place. Here's how:

•  Interview the interviewer

•  Request references

•  If you're already stuck, speak up

•  Plot your exit

 

SPEND SMART:

SMALL WONDERS, by Sam Grobart, page 109

New sub-subcompacts from Japan 's Big Three offer high quality and big utility in a tiny package. MONEY sizes up the Toyota Yaris, Nissan Versa, and Honda Fit.

THE ESSENTIAL BEACH GEAR, by Charles Passy, page 114

Some people bring a ton of gear to the beach. This trick is not to bring a ton of stuff, but the right things that will make your time in the sun worth the sand in your suit.

AVOID AIRPORT DELAYS , by Donna Rosato, page 114

More than 200 million people will take flights this summer, the busiest travel season in more than five years, according to the Air Transport Association. MONEY has a few ways you can minimize airport hell.

FIELD TEST: SOUND CHECK , by Wilson Rothman, page 116

New iPod docking stations let you share the music with everyone in the room. MONEY tests five i-Pod ready speaks systems to see which ones make the grade.

 

PLUS:

START : Global Warming: What's in it For You: How to save money while you save the planet. Your Money and Your Life: Experts screaming about your money may make for good TV, but it doesn't always work one-on-one. Here' how to pick an advisor who connects with you. PLAN : Talk Your Way Out of a Ticket: The next time you see red and blue lights flashing in your rearview, be polite, make your case quickly and, if a ticket seems unavoidable, try bargaining for a lesser charge. Health and Wealth: Cure the little errors in your medical records and save big on insurance. HOME : The Nightmare Next Door: What to do before your neighbor's overgrown yard, Day-Glo paint job or never-ending renovation drives down your home's value-and drives you up the wall. Home Economics: Playing the angles on your housing debt can lower your monthly payments and free up cash for better things. INVEST : There Goes the Dollar: The falling buck is worrying some pretty smart folks. But you can protect yourself. Sivy on Stocks: Shares of some big exporters have benefited from the greenback's woes-and their prospects still look rosy.

 

 

For further information please contact:

Keith Carroll
212-522-2599
keith_carroll@timeinc.com

Phil DiIanni
212-522-6282
phil_diianni@timeinc.com

 

 

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