Raising Your Credit Scores

Credit scores:  It is so incredibly important for a person’s financial well-being. So why is there is a surprising amount of mystery surrounding the FICO method of evaluating credit scores? According to FICO itself, after examining its own data, they revealed some solid information.  This can help explain how much a person could expect their credit score to rise after a delinquency falls off of their report.
What did they find? After one delinquency was removed from an account holder there was a rise. Over a three month period, it seems that it typically resulted in a 14-point rise in their credit score. A removal of all outstanding delinquencies over the same period showed a 33-point increase. Although this might not seem like a dramatic increase, they also point out that the penalty for major negatives on an account decreases over time, so the recovery after it actually falls off can be modest.

Equifax data breach

As a sign of the times, there is another data breach, this time it is Equifax, affecting millions of people. There are numerous sources for what do do as a consumer in response to this latest breach, but what about retirees? Is there anything additional that you need to know to protect yourself?

Check out this article from MaketWatch.com for a couple of good suggestions. There are a couple of suggestions you should consider regarding your Social Security and Medicare numbers.

Last but not least – age 70 1/2

We’ve reached the end of our series sharing important information you need to know for your retirement milestones. Here we are at age 70 1/2 – what’s left to know?

Required distributions? Yep! After age 70 1/2, your traditional IRA, ROTH 401(k) and traditional 401(k) require distributions each year with large tax penalties for missing those deadlines. What are those deadlines? How can you avoid taxes on IRA withdrawals? Can you delay withdrawals from your 401(k)? When are you no longer eligible for tax deductions on new IRA contributions? All important questions!

Check out this minute and a half video from US News and World Reports for more details.

If you missed any of the milestones in this series, you can link to those below

Age 50

Age 59 1/2

Age 65

Age 66

What? Age 65 and I can still make a difference in my retirement savings?

With yet another installment in our series: if you have 90 seconds to spare, I found some awesome more important information that can enhance your retirement savings if you are turning age 65!

We’ve covered age 50 and 59 1/2 in previous posts. Now, what if you’ve reached the golden age of 65?  Yes, there are still important things you need to know regarding your retirement savings with this new birthday. Who said aging stinks? The benefits keep piling up!

Let’s talk Medicare: there is a window where you first become eligible for signup beginning 3 months before your 65th birthday and until 4 months after your 65th birthday. Signing up after that can mean permanent cost penalties can be added to your plan. There are a host of other deadlines you need to keep on your radar for the next few years.

Check out all the details in this short video from US News and World Reports.