Arizona mortgage broker salary

Coping with the financial schizophrenia that comes from having two homes.

By this time each year, the Canada geese have flown south for the winter--and so have about nine million "snowbirds," fleeing below-zero windchills and snowy driveways for their place in the sun. Many of these seasonal travelers pack up before Thanksgiving and spend anywhere from one to six months in the Sunbelt before returning to cooler climates in the spring. The most popular destinations: Florida, Texas, Arizona, New Mexico and California.

The "I lead two lives" routine may sound grand. But what about the reality of two homes--and two banks and two sets of doctors and dual utilities and, well, you get the idea?

RIGHT ON THE MONEY. New technology and changes in U.S. banking have made life easier for snowbirds. For example, you can authorize your bank to pay regular bills, such as your mortgage and utilities. If you use one of the multistate banks created by recent waves of consolidation, you may find branches in both your home state and your home-away-from-home state. If you plan to rely on ATMs for cash; find out your bank's fee policy on withdrawals from machines outside your area. You don't have to worry about a second checking account or the hassle of trying to cash out-of-state checks if you get a debit card. It looks like a credit card, but the charges are deducted from your checking account. If you have access to the Internet, you can probably bank by computer.

Medical care is another issue of concern for those who divide their time between different parts of the country. If you have a traditional fee-for-service health-insurance or medigap policy, you can choose any doctor or hospital anywhere. While you may not want to establish a relationship with a doctor in your wintertime habitat, at least scope out the local urgent-care facilities and emergency rooms. Keep the phone numbers of your doctors back home with you in case you need to get in touch.

If you belong to an HMO, see if your plan has a branch in your winter destination. Blue Cross and Blue Shield plans offer their medicare HMO members guest membership in other Medicare Blue USA plans anywhere in the country for up to six months at no extra cost. United HealthCare allows its medicare HMO members to carry "Medicare Complete" benefits with them to about 20 different locations, but they must notify their home plan before using this free "passport" service.

What about income taxes? It's unlikely that you'll have to file tax returns in two places. As a general rule, you pay the piper only in the state where you spend more than half of the year. And, of course, a couple of snowbirds' favorite destinations--Florida and Texas--have no state income tax, anyway.

THE PLACE YOU LEAVE BEHIND. How do snowbirds protect the nest they leave behind? Anne and John Torok of Cincinnati are typical. They had a home-security system installed in their Cincinnati home, and their son shovels the snow to give their house a lived-in look while they are away. He also collects their mail and sends it to them weekly. Security isn't a problem when they are away their Florida condo--the building manager keeps an eye on it for them.

If you plan to follow the sun, the National Sheriffs' Association recommends that you notify your local police and connect at least two lights and a radio to an automatic timer. Leave a key with neighbors you trust and make sure they have your phone number--and you have theirs--in the event of an emergency. Ask them to set out some of their trash in front of your house on collection days and to park in your driveway occasionally. And arrange to have the lawn mowed and snow shoveled in your absence.

Frozen and broken pipes are major causes of home damage and insurance claims. Don't tempt fate. Set your thermostat at 55 degrees, or shut off the main water valve and drain all the pipes in your house.

Check with your insurance agents about whether your long-distance lifestyle will affect your homeowners and automobile policies. You might not be covered for vandalism if your home is vacant for more than 30 days, but you will still be covered for fire, theft and water damage--assuming you have taken the proper precautions. Your car should be registered and insured wherever you spend the most time.

Direct your local post office to forward your mail. First-class mail will be forwarded for up to a year, newspapers and magazines for only two months. Junk mail is not forwarded at all. But don't stop there. Important tax documents and financial statements often carry "do not forward" instructions. That could cause real problems if you are away during tax season, so check with your broker and mutual funds about how to be sure you'll receive your statements.

Protecting Your Retirement Stash

How to switch jobs without jeopardizing your nest egg.

Most young workers will hold more than seven jobs during their lifetime. A new job usually means you'll draw a higher salary, but it can also mean your retirement savings are threatened.

Fewer than half of the people who changed jobs in 1996 transferred their retirement savings to an IRA or to their new employer's plan. Many of them may not have realized the tax consequences of their decision.

"Tapping into a retirement plan is certainly the most expensive money you can use because of the taxes and penalties," says Stephen Mitchell, vice-president of Fidelity Investments. Depending on your tax bracket, federal and state income taxes and early-withdrawal penalties (levied if you are under 55) could wipe out more than half of your distribution.

If you participate in an employer-sponsored retirement plan and you plan to switch jobs, you have the following options:

* Leave your money in your former employer's plan. Your investment will continue to grow tax-deferred, but you may have limited access to your funds and will no longer be able to have retirement contributions deducted from your paycheck.

* Move your money to your new employer's plan if you can. It is convenient to have all your workplace retirement savings in one place, but you may have to wait a while before you are eligible to contribute to the new plan.

* Transfer your retirement savings to an IRA. That way you keep the tax deferral and take control of your investments (and probably increase your choices). Then you can choose to transfer some or all of the money to a Roth IRA--but if you do, you will owe taxes on the amount you convert to a Roth. The good news is that all the money in the Roth IRA will be tax-free when you withdraw it, as long as you leave it in the account for five years and until you are 59 1/2 years old. To qualify, your income must be $100,000 or less regardless of whether you are single or married.

RELATED ARTICLE: RETIREMENT WATCH

* KEEP THOSE RETIREMENT CHECKS COMING

The federal government really wants you to get your social security, veterans benefits and railroad retirement checks by direct deposit. It's safer, cheaper and more efficient. But the feds can't make you accept electronic funds transfer if you don't want it.

Seventy percent of social security recipients already receive their payments through direct deposit. And beginning January 2, 1999, all federal payments--except tax refunds--sere supposed to be made by the government directly to your bank account. But some senior and politicians balked at the absolute mandate, and the government relented. If you are among the millions of beneficiaries who still subscribe to the "check is in the mail" philosophy, you don't have to switch.

* HELPING EMPLOYEES WITH ELDER CARE

Baby-boomers, who once turned to their employers for child-care assistance as they attempted to juggle the conflicting demands of work and child-rearing responsibilities, are increasingly looking to the boss for help in caring for aging parents.

And employers are beginning to respond. A recent survey of more than 1,000 companies by Hewitt Associates shows that one-third now offer elder-care programs. The most common approach is a resource and referral program--usually a toll-free telephone number that can put employees in touch with appropriate elder-care services around the country. Almost one-fourth of the employers also offers group long-term-care insurance policies to their workers and families. That may give employees better rates, but most companies aren't helping to pay the premiums.