Credit Reports and Credit Scores – What You Need to Know

We all know the importance of a good credit score.  Many people consider their credit report to be their financial report card.  Whether you’re buying a new car, sending your child to college or applying for a credit card, your lender has a responsibility to evaluate the risk they’re taking by lending to you.  But what exactly does that mean and how can you find your credit report and credit score? 

Your credit report is a detailed description of how you have managed your credit in the past 7-10 years.  The better your credit report, the more likely your credit requests will be approved and you’ll receive lower interest rates.  Organizations known as credit bureaus or credit agencies, gather information from employers, landlords, public records and creditors in order to generate these reports.  The major credit bureaus in the U.S. include Equifax, Experian and TransUnion.  After compiling this information, these credit bureaus then sell your credit information to anyone who has a legitimate need to access the information (prospective creditor, landlord, employer, insurer, etc.).

Legal Considerations for Retirement Part 5: Power of Attorney

In the previous part of this blog series, we discussed the importance of a living will. When you have a living will, you will need to give someone power of attorney. In this part of the blog series, we will discuss power of attorney and what happens if you don’t have it.

What is Power of Attorney?

Giving someone power of attorney¹ is a very important decision. Power of attorney gives another person the ability to make legal decisions on your behalf. If you become ill and incapacitated, then you may consider granting power of attorney to a spouse, adult child, sibling, parent or close friend. The person granted power of attorney has the legal right to make many important decisions including financial decisions, gifts of money, healthcare decisions and recommending a guardian for your children. Since someone granted power of attorney has the legal authority to make your financial and health decisions, you should choose someone that you trust. It is especially important to choose someone you can rely on because power of attorney is not regulated by the court system, which means it could be easy for someone to abuse this power. 

Long Term Care - What You Need to Know to Plan for Retirement

With Baby Boomers beginning to reach age 65, the topic of long term care is drawing increasing attention. Unfortunately, long term care is often misunderstood and, as a result, is poorly planned for, if at all.

Long term care refers to a range of services from home health care, to assisted living, to skilled nursing homes. These nursing homes provide assistance and support to manage and meet personal and health needs. Long term care does not always refer to medical care, it may simply be to provide assistance with “Activities for Daily Living”, or ADLs, including eating, bathing, dressing, toileting, transferring, or continence. Long Term Care may be needed for weeks, months or years.