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JAMES DESIGNS

PINE JEWELRY

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54

OLD ORCHARD MALL
S E CORNER OF ORCHARD LAKE ROAD & MAPLE ROAD

(810) 626-4484

a young woman who's an attorney
say she wasn't worried about fi-
nances because her husband is a
CPA. She said, 'I trust my hus-
band,' but it's not an issue of trust;
it's an issue of knowledge and
sharing responsibility. I don't
think young people make mis-
takes other than not wanting to
know."
Like Ms. London, Ms. Opper-
er advises all her younger clients
to start investing in IRAs.
"I know too many people in
their 50s who have minimal re-
tirement accounts, if any. We are
now in the position of the gov-
ernment telling us they [may] not
be around for us. Social Security
may not be around," Ms. Opper-
er said.
She would tell a working 25-
year-old with $2,500 to put
$2,000 into an IRA and $500 in
a mutual fund or individual
stocks.
"If you're 25, you want to be in
growth. You don't need income
to supplement income now," she
said.
Howard Rosen, first vice pres-
ident-investments at Dean Wit-
ter in Birmingham, tells his
younger clients — many of whom
are anxious about the future of
Social Security — to keep a tra-
ditional savings account or an-
other liquid fund with three to six
months' worth of expenses to cov-
er car and mortgage payments
and emergencies. Then he ad-
vises them to invest.
"The biggest piece of advice I
give to anybody, no matter what

age, is to get started, no matter
how little they can afford to in-
vest today. You can get into most
mutual funds with $250," he said.
Many of his younger clients are
enrolled in 401K plans through
their jobs and seek advice on how
to allocate their invested dollars.
401K plans are the biggest
growth area in the retirement
market, Mr. Rosen said, even
though many employers nowa-
days have opted to not match em-
ployee contributions. 401Ks differ
from IRAs in that the maximum
annual investment an employee
can make is $9,500.

But, "If you have fore,
plan at work, you shoult14
solutely open an IRA. Ate
$35,000 [salary], you coop
$2,000 in, and that's complettlr
tax deductible. "
Buying into mutual fundsor
stocks is a good idea, too, buttlie
dividends are subject to from!
tax.
"No matter how much money
people are making, humanna.
ture is to spend very close to that
amount. If you're not puttingit
away to retire, you're going toclil
up with no money or very Ids
money," he said.

'114

Plans for Saving

401K: Tax-deferred retirement accounts typically offered by eia
ployers that are not accessible without financial penalty untilags
59 1/2. Maximum investment allowable is $9,500 annually this
year. Employer can set up a matching contribution plan.

Individual Retirement Account (IRA): Tax - deferred retire-
ment account in which person can invest an annual mardinurnof
$2,000.

Simple IRA: Tax-deferred account in which self - employed peo
ple can invest an annual maximum of $6,000.

Simplified Employee Pension Account: Similar to the IRA,
except the self-employed person can invest a percentage ofhisin.
come not exceeding $24,000. The fund is not accessible without
financial penalty until the age of 59 112.

Mutual funds/stocks: Capital gains and dividends are rein•

vested and are taxable.

Money Market Accounts: Like savings accounts but pay an av
erage interest of 5 percent. ❑

Duplicate Dating

Kinko's as the meeting place of the '90s? Maybe ...

LYNNE MEREDITH COHN STAFF WRITER

C

...james designs

U-1

NEST EGG page 55

offee shop. Bookstore. Li-
brary. Bar. Across a crowd-
ed room. Kinko's.
What do these places
have in common? Theoretically,
they're all great places to meet the
person of your dreams — or at
least a cute date.
OK, so you'll probably agree
that coffee shops are the health
clubs of the '90s in terms of the
dating scene, and bookstores, es-
pecially with coffee shops inside,
are also hot spots to scout the in-
tellectual scene. But Kinko's con-
sultants as matchmakers? Maybe.
Depending on your age, inter-
est, perhaps even profession, there
are different times of the day
when you can meet your beshert
at this popular copy shop.
Try late at night and you'll mix
with the late college/grad school
crowd. Look for singles in baggy
sweats, baseball caps and pony-
tails (girls as well as guys?) toting
weathered backpacks up to the
counter. Toward the end of each
semester, they pack 'em in to the

24-hour national copy chain —
with 17 locations in the metro De-
troit area — finishing major pa-
pers at the very last minute.
"I see a lot of [younger] people
here doing presentations for
school," said Inna Zager, a 22-
year-old Russian Jew who offered
to comment on the singles scene

Looking for a
professional
romance? Try
Kinko's. You might
find your beshert.

while working on her own college
presentation at the Farmington
Hills Kinko's.
During lunch hours, business
people come out to work on what-
ever they can get done in an hour,
said Ms. Zager.
Stop by on a weekday afternoon

and chances are you'll find suits
(male and female) mingling
among the sweet smells of copi.
er inks. It's a crapshoot as to
whether they'll have time to talk,
but you never know.
But seriously. A copy consul•
tant at the Farmington Hills
Kinko's, who spoke on condition
of anonymity, said the popular
copy center could well be likegro-
cery stores of old I where you nev-
er knew whom you'd stumble
upon).
The copy consultant said
around finals, the best hangout
hours are between 1 a.m. and4
a.m. But this time of year, tiybe
tween 11 p.m. and 2 a.m.
"Professionals come in all the
time, getting resumes done,
mostly in the afternoon and ear
ly evening hours, said Liz Plante,
a supervisor at the Birrningh0
Kinko's.
Ms. Plante advises scopin4th,
computer section, where indiud-
rrals have the best chance to cha,t.
Dating in the electronic age.0