RE/MAX 440
John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

Does Credit Matter for Retirees?

March 15, 2016 1:21 am

The answer, says Ken Chaplin, senior vice president of credit reporting agency TransUnion, is a resounding yes.

“Despite the misperception that credit loses importance later in life, the fact remains that your credit score is a vital financial tool at every age,” says Chaplin. “Baby boomers need to prepare their credit score for retirement so they have the tools to fund financial obligations later in life.”

Nearly half of baby boomers incorrectly believe their credit score matters less after age 70, and many have a mixed understanding of the relationship between credit scores and financial obligations, according to a recent survey by the agency.

Seventy percent of boomers cited in the survey agree that a healthy credit score is required for refinancing a mortgage, but less (61 percent) recognized the importance of a healthy credit score when co-signing on loans, and even less (32 percent) said they believed a strong credit score may be necessary to enter a nursing home or long-term care facility.

“As Americans age, good credit can not only help them finance medical expenses and long-term care, but also help them support children, grandchildren and other family members as they take on middle-life expenses, like buying a house or paying for school,” Chaplin explains.

There are several actions pre-retirees can take to establish and maintain good credit throughout retirement, says Chaplin. One of the most important is to stay credit-active by using credit cards regularly and paying them off in full each month.

“Most retirees are past the point of making major purchases such as a new house or car,” Chaplin says, “but that doesn’t mean you should stop using your credit cards.”

Bear in mind unused cards may be closed due to inactivity, Chaplin adds. A credit card closure will impact your available credit ratio and have a negative impact on your score.

Source: TransUnion®

Published with permission from RISMedia.


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Leak Detectives: 3 Tips to Save Water at Home

March 15, 2016 1:21 am

 Did you know more than one trillion gallons of water are wasted each year by easy-to-fix household leaks?

“Not only do leaks waste precious water, they could be adding 10 percent to your utility bill,” says Shawn M. Garvin, regional administrator of the U.S. Environmental Protection Agency (EPA). “By taking just minutes to detect leaks at home, the average family could save more than 10,000 gallons of water every year.”

To locate leaks in your home, simply, check, twist and replace:

Check for silent toilet leaks by putting a few drops of food coloring into the tank at the back of the toilet. Wait 10 minutes. If the color appears in the bowl, you have a leak.

Twist faucet, shower and pipe connections tightly to avoid leaks, or screw on a WaterSense labeled faucet aerator.

Replace broken or leaky fixtures with WaterSense-labeled models, which are independently certified to use at least 20 percent less water and perform as well (or better) than standard models.

To learn more about conserving water in your home, visit www.epa.gov/watersense/fixaleak.

Source: EPA

Published with permission from RISMedia.


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