Credit Myths? Maintaining High Credit Scores. What Can You Do?
Having good credit is essential at any age. Don't ignore issues with your credit reports. While your credit changes over time, your health changes as well. Preparation for these changes should be part of your retirement plan.
Having good credit is vital at any age. There are a lot of credit myths that are out there. Everyone you talk to has a wild idea about what will move your credit score up or down. Having good credit is essential at any age. Don't ignore issues with your credit reports. While your credit changes over time, your health changes as well. Preparation for these changes should be part of your retirement plan.
A better credit score lowers the cost of future credit. More money in your pocket is a good thing, especially as you get closer to retirement. The credit bureaus consider several things. However, some of the items in their reports could be erroneous. You need to pay attention and do so regularly.
Plus, one of the best ways to see if you may have been a victim of identity theft is through the information in your credit report. If you have been a victim of identity theft, you might not have a clue, but the result is your credit history could be in ruins.
You're authorized to one free copy of your credit report every 12 months from each of the three national credit reporting companies.
Your credit score is part of each report. But is there a magic bullet to increase your credit score?
A good credit history is one of many things to be concerned about as you prepare for your future retirement. Saving money in 401k's and IRA's, getting more equity in your home, and paying attention to your health all will lead to a more successful retirement.
There are several ways to increase your credit score.
Credit Scores Change - So Does Your Health
Your credit score changes over time but so does your health and body. These changes in our health and body often lead to needing long-term health care. The costs are tremendously expensive and adversely impact our income, assets, lifestyle, and legacy.
Planning for a successful retirement requires several things, one of which is a plan for the future costs and burdens of aging. Long-term health care is a cash flow issue, but it is also a family issue. Don't place the responsibility of future caregiving on your family - or wipe out assets with paid care—the affordable solution - Long-Term Care Insurance.
Prepared for Aging?
Affordable LTC insurance will protect those savings and ease that burden placed on loved ones. Default caregivers tend to be women --- daughters and daughters-in-law. A little advance planning will make sure you not only not run out of money but make sure your family remains 'family' and not caregivers.
Experts suggest you always work on keeping your credit score high - and start planning for long-term care before you retire - ideally in your 40s or 50s.
Be sure you seek the help of a trusted and qualified specialist to help navigate the many options available to you and your family.
About the Author
An LTC News author focusing on long-term care and aging.
James Kelly
Contributor since August 21st, 2017
Editor's Note
Don't wait too long and discover you have few choices when dealing with the growing costs of future long-term health care. Long-Term Care Insurance will provide the guaranteed tax-free benefits to pay for quality care options you want, including in-home care. There are federal and state tax benefits, although some states are considering taxing people on earned income if they do not own an LTC policy.
Take action now to safeguard income and assets and ease family stress. There are many options to choose from; one will fit your budget. Don't delay; LTC Insurance is medically underwritten and priced, in part, by age when you obtain coverage.
In the states considering adding an LTC tax you must have qualified coverage in place before the tax is implemented to avoid paying the tax.
Seek Professional Help Planning for Long-Term Care
Experts recommend seeking the help of a qualified and experienced Long-Term Care Insurance specialist to help you find the right coverage. A specialist will match your age, health, and family history with the right coverage at the right price.
Long-term care is a very specialized area, and few insurance agents and financial advisors have the expertise. Find a specialist who represents the top companies as premiums can vary over 100% between insurance companies. Leading specialists will often have over 500 clients with Long-Term Care Insurance.
A specialist will save you money, and you will have peace of mind knowing they are making the appropriate recommendations - Work With a Specialist | LTC News.
Planning Tools and Resources Available on LTC NEWS
Planning for the future is never easy, but long-term health care planning can be very complicated and comes with many emotions. Getting the right tools and resources will make the process much easier.
One of the goals is to reduce the stress and anxiety usually placed on your family at the time of crisis. LTC NEWS can be beneficial in providing you with important information for you to consider.
LTC NEWS has put in place several resources, including:
- The LTC NEWS Cost of Care Calculator will show you the current and future cost of long-term health care services where you live. Plus, each state has vital state-specific information you should know - Cost of Care Calculator - Choose Your State | LTC News
- The Ultimate Long-Term Care Guide is an outstanding read to help you get a good overview of the topic area.
- Compare the major insurance companies that offer Long-Term Care Insurance products here - Top Insurers for Long-Term Care Insurance | LTC News.
- A detailed tax guide that includes available tax incentives can be found by reviewing the Long-Term Care Tax Benefits Guide.
You might have questions and LTC NEWS provides the answers for many of the most asked questions here - Frequently Asked Questions | LTC News. Find all the resources available on LTC NEWS - Resources for Long-Term Care Planning | LTC News.
Does Mom or Dad Need Help Now?
If your family is already in crisis and you need to find help and the right care services for mom or dad, LTC NEWS can help. We have put together several comprehensive guides to help you in your process.
Start by reading our guides -
- Finding Quality In-Home Care | LTC News
- Adult Day Care Centers (ADCCs) | LTC News
- Assisted Living and Memory Care Facilities | LTC News
- Finding a Quality Nursing Home | LTC News
If your loved one is lucky enough to own a Long-Term Care Insurance policy, be sure they use it. Sometimes families wait, thinking they can save the benefits for a rainy day. Waiting on using available Long-Term Care Insurance benefits is not a wise idea.
Get Assistance in Filing a Long-Term Care Insurance Claim
Many insurance companies have issued Long-Term Care Insurance policies over the years. Filing a claim can sometimes be complicated unless you know what to do or get expert help and assistance.
Don't allow the claim process to stop you from using the benefits available in an LTC policy. Quality care obtained early will help provide a better quality of life and reduce the risk of a deep decline and facility care.
If you need help in starting the process of a Long-Term Care Insurance claim, LTC NEWS can help. LTC NEWS provides free assistance with no obligation to help you or a loved one complete the claims process with a Long-Term Care Insurance policy. We have teamed up with Amada Senior Care, who will do all the work - free with no obligation.
Get help finding quality caregivers or long-term care facilities and get recommendations for a proper care plan, whether a person has a policy. - Filing a Long-Term Care Insurance Claim | LTC News.
Advantages of Reverse Mortgages
Today's reverse mortgages for those aged 62 and older could be an ideal resource to fund a Long-Term Care Insurance policy OR even provide money to pay for care if you, or a loved one, already needs help and assistance. You might be eligible at younger ages as well.
Some people have much of their savings invested in their homes. With today's reverse mortgages, you can find ways to fund care solutions, care itself, and even help with cash flow during your retirement.
Learn more by asking questions to an expert. Mike Banner, LTC NEWS columnist and host of the TV Show "62 Who Knew" will answer your questions regarding caregiving, aging, health, retirement planning, long-term care, and reverse mortgages.
- Just "Ask Mike." - Reverse Mortgages | LTC News.
Share Your Knowledge - Be A Guest Contributor for LTC NEWS
LTC NEWS is open to contributors to share their stories with the world.
You can write a story or ongoing column for LTC NEWS. You can write about many topics, including aging, caregiving, health, lifestyle, retirement planning, and long-term care, to name a few.
Be sure to write for our core target audience of adults aged 40 and older. Our audience is worldwide; however, our primary target is the United States, Canada, the United Kingdom, Australia, and other English-speaking nations.
Improve your website or blog's SEO and gain exposure and traffic at the same time by being a contributor to LTC NEWS.
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Email your story idea or article: newsroom@ltcnews.com - LTC News Contributors | LTC News
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Use LTC NEWS to drive traffic to your website and help you attract people interested in your products and services. Plus, you can improve your website's SEO so more consumers can find you when they search for your products and services.
There are various marketing options available with LTC NEWS. Traditional advertising, sponsored content articles, strategic alliances, and more are available.
Learn more about how LTC NEWS can help you market your business, drive traffic, and improve SEO - Advertise With Us | LTC News.
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Let's work together and help consumers who search for us on the web - Site Request | LTC News.
You can also affordably purchase a dofollow link to your website or blog on LTC NEWS. Just contact the advertising department.
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