Planning for Big Purchases During Retirement - 02/28/12 11:08 AM
Retirement is the ultimate reward for a hard work and smart financial planning during your working years. However, it may not be a comfortable and stress-free time if you have not ensured yourself enough money for big-ticket purchases and other unexpected expenses (on top of everyday expenses) during retirement.
Financial planner Jeff Rose offers his tips in today’s Equifax Finance Blog on how to prepare your retirement strategy to include big purchases and other expenses during retirement.
Rose points out three keys for a stress-free retirement:
1. Have a 401(k) or similar retirement savings plan.
2. Invest in mutual funds.
3. … (2 comments)
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Economic Recovery and Your Credit - 02/27/12 09:58 AM
It is hard to decipher what is happening with the U.S. economy. Reports of an improving economic climate are met with reports of a dismal one.
Janet Dedrick, Equifax Analytical Services Strategic Consultant, says there are four important benchmarks that may help determine if the U.S. economy is experiencing recovery.
1. Credit Scores
2. New Credit
3. Consumer Debt Repayment
4. Outstanding Credit Balances
Dedrick says debt repayment is one of the most positive benchmarks that suggest the economy is improving.
“We’ve now moved past the highest levels of missed payments and late payments. Early-stage delinquency (defined as 30 days … (2 comments)
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Buying a Home? Mortgage Advice from Steve Cook - 02/24/12 07:52 PM
Do your clients need an incentive to start moving on buying a home? 2012 may be your year, as 30-year fixed rate mortgages are at an all-time low.
However, mortgages are becoming more difficult to get approval for, which may result in your real estate deals falling through. Today’s Equifax Finance Blog post by real estate expert Steve Cook details his interviews with Margaret Kelly and the CEO of Total Mortgage Service Adam Walsh on the latest real estate and mortgage news.
“The Federal Reserve promising to keep short-term interest rates at zero for the next three years,” says Cook. However, … (8 comments)
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Do You Need an SR-22 Auto Insurance Policy Certificate? - 02/24/12 08:25 AM
You may have seen commercials or other advertisements concerning something called an SR-22. So what is it? It is a certificate of insurance filed with the state that guarantees that you have the legally required insurance coverage for that state. This insurance policy is only necessary for people with blemished driving record.
Insurance expert and Equifax Finance Blog contributor Linda Rey from Rey Insurance answers the who, what, were, when and why about the SR-22 insurance policy and how to attain it.
So what are the requirements for an SR-22? Rey lists six activities that may result in the need … (0 comments)
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Missing A Form For Your Taxes? - 02/22/12 03:38 PM
It's tax season once again and if you're still checking the mail for a W-2, you may have to consider other options. Employers are obligated to mail out W-2s by January 31st which would mean they should arrive in the early February. Have you got yours yet?
Today on the Equifax Finance blog, tax expert Eva Rosenberg has great tips for tracking down your W-2.
First, do some detective work on your own:
Did you move in 2011? Did you give your employers your current address? If not, call the post office before you contact your employer.
Is your employer out of business? … (0 comments)
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What Kind of Retirement Do You Want? - 02/22/12 09:02 AM
What kind of retirement do you want? You probably have a dream answer and a practical answer. With economic instability, many are growing more reasonable with their retirement plans. But what is the difference between the dream retirement and the reasonable one? Your retirement savings.
On today's Equifax Finance blog, fellow blogger and Illinois Certified Financial Planner Jeff Rose explains the many factors of retirement and the real costs. Retirement isn't just saving enough money for what you're spending now, it's ensuring you have the ability to do other things:
Where do you want to retire? In the same home you … (6 comments)
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What Does Your Lender See When He Looks At Your Credit Report? - 02/20/12 02:59 PM
There can be many reasons why you do not have a high credit score. You could be young, and have never been financially independent until now. Or you may have a thin credit file or a short credit history. Whatever the reason, it is important to boost your credit score because it will lead to financial freedom and opportunity.
The Equifax Finance Blog written by credit expert Diane Moogalian offers lots of advice on building a strong credit report.
A smart first step is to understand the components of your credit file. There are 4 things that are universal in … (0 comments)
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Are You Paying Too Much for Insurance? - 02/15/12 05:24 PM
When was the last time you reviewed your insurance policy? It may have been a while, since it’s probably one of the last things you want to do once your work week is over. But it can offer you great peace of mind to know you, your family and your business are properly covered. If it has been a while, you may be missing out on saving money by changing to a new or updated policy.
Today’s Equifax Finance Blog post by insurance agent Linda Rey offers good advice for reviewing your policy.
Take inventory of your life. Do you have … (0 comments)
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Out-of-State Taxes You May Not Know You Had to File - 02/15/12 11:35 AM
State tax laws are changing and not knowing could cost you. From tax expert Eva Rosenberg, today's Equifax Finance blog illustrates new state taxes for out-of-state taxes. No matter which state you live in and if they have changed their tax laws, you may still be affected. How?
Doing business. If you have worked or even done business in another state, you may need to file. Online shopping. This is the big shocker, some of your online shopping may need to be added to your state taxes if the site you're shopping with didn't originally add sales tax. How can you … (1 comments)
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10 Ways to Improve Your Credit Score - 02/13/12 04:42 PM
Improving your credit score is an essential way to gain greater financial options and more favorable credit offers from lenders. However, achieving a high credit score is not an instant fix, but that does not mean that you cannot take steps to gradually improve it.
Today’s Equifax Finance Blog written by Equifax Experts gives a “Top Ten” list of strategies to improve your credit score.
Tip 5: Know your FICO credit score. You are allowed one free credit report per year from one of the three major credit bureaus, so inform yourself about what these numbers mean.
Tip 4: Check … (0 comments)
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Is Your Family's Spending Plan Right for Your Lifestyle? - 02/10/12 04:01 PM
Creating your family's spending plan is an important and fulfilling task to accomplish. It reflects your family's goals, values, and priorities. The Equifax Finance Blog welcomed new Family Money blogger Miranda Marquit this week. Her post about steps and considerations to make when creating your family's spending plan offers lots of good advice.
Marquit does not believe in "Keeping Up With the Joneses". Instead, she recommends thinking about what defines you as a family. Does your family spend time together? Take vacations? Partake in lots of extracurricular activities? From there, you can set goals and prioritize how to allocate your money … (1 comments)
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2 New Forms from IRS To Consider - 02/08/12 05:20 PM
From fellow Equifax blogger and tax expert Eva Rosenberg, today's Equifax post offers a head's up for some changes for your taxes this year. It's unusual that the IRS adds new forms but this year is different. Rosenberg believes this is an effort to bridge the $450 billion tax gap. Regardless of the reasoning, The IRS has 2 new forms that could affect your tax strategy for 2012.
Which forms?
Schedule C: Profit or Loss from Business. There have been a few additional boxes and lines to fill out on this form.
Form 8918: Uncollected Social Security and Medicare Tax on Wages. … (8 comments)
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Credit Reports and Identity Theft: When to Lock - 02/07/12 12:35 PM
As technology becomes more accessible, so does our personal information. How can you avoid identity theft? On today's Equifax finance blog, a post gives you another option for limiting access to your personal records. Unlike security freezes and fraud alerts, you can limit who views your credit report by putting a lock on it.
A security lock can be valuable because you can keep it in place or lift it at will. Naturally if you need someone to view it for applying for a loan, refinancing your mortgage, setting up new utility accounts and opening a new credit card, you … (2 comments)
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President Obama's Housing Plan Gets Mixed Reviews - 02/03/12 11:36 AM
In his State of the Union speech last week, President Obama called for an end to the red tape that plagues underwater homeowners looking to refinance.
According to the new mortgage refinance plan the White House plans to send to Congress, big banks would be forced to foot the bill, which could total anywhere from $5 billion to $10 billion. The plan would allow private-label mortgages - not those guaranteed by Freddie and Fannie - to refinance through the Federal Housing Administration (HUD).
In a speech at Falls Church, Va., on Wednesday, President Obama said:
"I want to be clear. This … (0 comments)
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Mortgage Rates Fall Again - 02/02/12 04:53 PM
According to Freddie Mac's latest Primary Mortgage Market Survey (PMMS), mortgage rates have fallen to historic lows yet again.
Frank Nothaft, vice president and chief economist at Freddie Mac, attributes the falling rates to an economy that's growing slower than experts had hoped for:
"Most mortgage rates eased to all-time record lows this week as fourth quarter growth in the economy fell short of market predictions," Nothaft writes. "The Gross Domestic Product (GDP) rose 2.8 percent in the final three months of 2011, below the market consensus forecase of 3.0 percent, while consumer spending in December was flat."
"One bright spot, … (2 comments)
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