MONEY
Ready for retirement?
According to Allstate’s inaugural “Life Tracks Poll,” 82 percent of Denver-area residents polled said they have done “some” planning for their long-term finances. But 24 percent don’t have a savings account, 45 percent don’t have retirement savings, and 40 percent don’t have life insurance.
Although 89 percent of respondents said they are confident they have the right information to make well-informed financial decisions, many also struggle to understand various financial products such as annuities, stocks and mutual funds, college savings funds and the like.
To complete the poll, Allstate phoned 1,000 adults nationwide, and smaller numbers in individual markets such as Denver. Based on the results, the company compiled the following “immediate actions” that can help individuals improve their financial health:
Do your homework. You can find a wealth of valuable yet free information about managing your finances in personal finance websites, books, newspapers and seminars. Financial professionals can guide you through this information and help you set financial goals. For information about specific products, such as life insurance, you also can ask for a referral from professionals you currently deal with and trust, such as your auto/home insurance agent.
Set goals and a timetable to achieve them. Rather than trying to make progress on all your goals at once, prioritize those goals every year and focus on the two or three that are most important to you.
Make a date once a year for an annual life insurance checkup to double-check that the amount and type of coverage is right for your current situation.
ENERGY
Early heating heads-up
Cooler nights are a reminder that improperly maintained home heating equipment can produce a fire hazard, according to the National Fire Protection Association and First Alert, the makers of home safety equipment. Heed these tips to ensure your home and family are warm and safe this fall and winter:
Use space heaters only when you are awake. Be sure to allow for plenty of clearance space (most fire professionals suggest a three-foot zone) around the heater, and keep items that can easily burn – such as curtains or newspaper — far away.
When using a fireplace, make sure to use a sturdy metal screen to avoid sparks and burning logs from escaping.
Have your chimney professionally cleaned each year.
Have furnaces, central heating units and water heaters inspected and serviced each year to boost performance.
Check smoke and carbon monoxide detectors. Test them and replace batteries as needed. If you can’t remember the last time you replaced an alarm, change it. Smoke alarms should be replaced at least every 10 years, and CO detectors every five years.
Keep fire extinguishers close at hand. If you are intimidated by conventional home fire extinguishers, consider First Alert’s Tundra Fire Extinguishing Spray, which offers an easy-to-use (just point and spray) and easy-to-store alternative.
Elana Ashanti Jefferson, The DenverPost
