NEW YORK — Individual Investor magazine is being shut down and its mailing list acquired by rival Kiplinger's Personal Finance.

        Kiplinger's, the first magazine to cover personal finance issues, said this week it was paying $3.5 million for Individual Investor's subscriber list as well as the assumption of $2.6 million in debt.

        Kiplinger's will add Individual Investor's 430,000 subscriber base to its list, which is about 1 million. Kiplinger's was founded in 1947.

        Like other financial magazines, the 13-year-old Individual Investor has been experiencing a slump in ad sales. Individual Investor's ad pages were down 30 percent in the year to date through May, while Kiplinger's were off 10 percent.

        While its magazine is shutting down, the company that controlled Individual Investor will continue to put out newsletters and two Web sites.

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