Checking up on things

While we regularly monitor our client’s investments, there are some things you should be regularly checking up on. Just like your annual physical, we recommend that you review the following on a regular basis.

Social Security….For most people, Social Security benefits are a key component of their retirement planning. If you have not yet started collecting Social Security, you should regularly review your Social Security information and future benefit projections. You should verify that the earnings data on record is accurate. You should review this information with your financial advisor.

Social Security stopped sending everyone annual paper statements a number of years ago. To review your data online, go to: www.ssa.gov/myaccount to establish your own Social Security account. Each individual needs to do this. It cannot be done as a couple. You will need to create a user name and password. SSA’s password requirements are very strong, which is good. Be sure to save it, and they require you to establish a new password every 6 months.

Credit scores…You should regularly monitor your credit score and credit report activity.

There are now many credit cards that provide you with your credit score for free, so this is much easier to obtain than it was years ago. It is a good idea to track your score, to monitor if there are changes, and especially declines. Again, if you are married, you should check the score for each spouse, as scores can be quite different.

Your credit score is not influenced at all by your income or assets. Credit scores are based on formulas which factor your total debt, the age of your various types of debt, how much of your credit you have used, the type of debt you have and your payment history, including late payments.

We recommend that every adult should have some credit cards in their individual name only, in addition to any joint credit.

You should review your full credit report at least annually. This way, you can review all of your current and past credit and to see if anyone has established credit cards or other debt that you did not authorize. Each spouse should review their own report, as they are separate.

The best website to obtain a free credit report is: http://www.annualcreditreport.com/. This site is governed by the Federal Trade Commission (FTC). You may also call 877-322-8228.  This site will provide you with a link to get your credit report and you will need to answer a number of personal questions, for identification purposes.

The Fair Credit Reporting Act guarantees consumers access to their credit report information from each of the three credit reporting companies, once per year, for free. The best and only way to ensure that you are getting this information for free is to use the above website, http://www.annualcreditreport.com/.

One member of our firm uses Credit Karma. Credit Karma can be accessed through their website, https://www.creditkarma.com/, or you can install the app on your smart phone. Credit Karma gives you free access to your credit scores, reports and monitoring. You can get your scores and reports from TransUnion and Equifax with weekly updates. The app is free to use.

We hope these are helpful reminders. 

If you have any questions on the information you gather from getting these reports, please let us know.

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