Equifax

Finance Blog

Stay financially savvy with the Equifax Advisor.

Sign up for our FREE Monthly Email Newsletter

 

Thank you for signing up for the FREE Equifax monthly newsletter

In addition to keeping in the financial know, you may be interested in checking your credit score and report.

Understand your credit. Help protect your identity.

Equifax Complete™ Premier Plan

  • Know What May Influence Your Credit Score and Be Alerted of Changes
    Credit score monitoring with custom alerts
    Important Disclosure: The Equifax credit score and 3-Bureau credit scores are based on an Equifax credit score model and are not the same scores used by 3rd parties to assess your creditworthiness.¹
  • Help Protect Your Identity
    Automatic fraud alerts encourages lenders to take extra steps to verify your identity²
  • Lock Your Credit
    The ability to lock and unlock your Equifax Credit Report³
Save 75% your first 30 days with the purchase of Equifax Complete™ Premier

$4.95 for the first 30 days, then $19.95 per month thereafter. You may cancel at any time; however, we do not provide partial month refunds.4

¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.

²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.

³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.

4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.

Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.

Before You Retire: 60 Days Away

Written by Equifax Reporter on April 11, 2016 in Retirement  |   No comments

With only 60 days to go before you retire, you might already be dreaming about that first morning waking up without a schedule. But while two months may seem like nothing, there are still some things to take care of before you can spend your…

60DaysAwayWith only 60 days to go before you retire, you might already be dreaming about that first morning waking up without a schedule. But while two months may seem like nothing, there are still some things to take care of before you can spend your days roaming around in an RV or golf cart.

Here are four items you may want to consider adding to your retirement checklist 60 days out.

1. Time your cash flow.

Once your steady paycheck goes away in retirement, you’ll likely want to tap your savings accounts and financial portfolios. The crucial decision is when to do this.

“One of the most important things to concentrate on is the timing of your cash flows,” says Tom Duffy, CFP®, a fee-only financial advisor at Jersey Shore Financial Advisors.

At the 60-day point, you probably will have determined with your employer whether you’ll receive a pension or other benefits after retiring. You will want to make sure these accounts are set up so you can make withdrawals, rather than just deposits.

“If you have to set up direct debit or direct deposit from a retirement account, what day does that start and when does it appear?” Duffy says. “Try to match that to what your cash flow has been.”

By making your accounts accessible for withdrawals the same day you retire, you may avoid spending a week or more without any new funds. As with any important financial decision, be sure to speak with a representative from your financial institution or other financial professional you trust to be sure all of your accounts are ready for this change.

2. Consider the tax implications.

Retirement may also mean tax changes for you that can affect how you are able to maximize your savings. Some tax planning in your last 60 days could be a necessity.

“Do a tax projection of what your situation looks like now vs. what it will look like once you retire, and see how your tax situation will change,” says Laurie Burkhardt, CFP®, wealth manager at Modera Wealth Management.

And as always: Be sure to consult with a tax professional before making any major decisions about the tax implications on your personal finances.

3. Prepare for the emotional switch.

Even if your money is ready for retirement, you might be neglecting how big of a shift you’ll experience emotionally.

“For a lot of people, their career is their identity,” says Kevin Reardon, CFP®, a fee-only financial advisor at Shakespeare Wealth Management. Living without a job might feel foreign, but it can also be an opportunity. “You have 168 hours in a week. How do you fill those hours?” he asks.

You might want to speak with friends who have recently retired and consider looking into clubs, volunteer opportunities, or even part-time work to make the transition seem less drastic.

“Before you retire, really figure out what is important in your life,” Reardon says. “Typically, this is the juncture of life where you can act on that.” Identifying a purpose or passion to follow in retirement may help you adjust without feeling lost.

4. Live your new life on a test run.

To fully test the emotional and financial impact of your retirement plans, you might want to use some accrued vacation time and practice your new life for a few days.

“Have you done a dry run and practiced your new routine?” asks Allison Alexander, CPA and financial advisor at Savant Capital Management. “By doing that, you’ll get a much better feel for your expenses.”

According to Alexander, by spending a few days as if you were already retired, you can get a feel for how happy you are with the activities you have planned. You might be surprised and realize you don’t enjoy some of the plans you’ve made. Finding this out two months before you retire might help you reconsider certain aspects of your retirement plans and also help in finalizing your budget.

“The way you spend your time will also dictate how you spend your money,” Alexander says. By simplifying your activities to only those you know you’ll enjoy, you can streamline your finances and leave room for unexpected expenses, as well as extra savings.

With 60 days before you retire, each move you make can impact your new life.

Related Articles
Before You Retire: 90 Days Away
How to Adjust to Spending in Retirement
Leaks That Can Sink Your Retirement Savings Ship

The information contained in this blog post is designed to generally educate and inform visitors to the Equifax Finance Blog. The blog posts do not give, and should not be assumed to provide, personalized tax, investment, real estate, legal, retirement, credit, personal financial, or other professional advice. Before making any financial decision, you should always consult with the appropriate professionals who can explain your options, rights, and legal responsibilities, and advise you on any tax, legal, credit, or business implications that may result from those decisions. The views and opinions expressed by the authors of blog posts are their own views and may not be the views or opinions of Equifax, Inc. and/or its affiliates.


No comments yet


Leave a Comment


Name :


Commenting guidelines

We welcome your interest and participation on this forum, but be aware that comments will be published at Equifax's sole discretion. Please don't use this blog to submit questions or concerns about your Equifax credit report or raise customer service issues. Instead, you should contact Equifax directly for all such matters and any attempts to do so in this forum will be promptly re-directed.

Some other factors to consider when commenting:
  1. Registration and privacy. While no registration is required to visit our forum, participants wishing to post a message must register by creating an account. All personal information provided by forum members incident to registration is governed by our Terms of Use and Privacy Policy.
  2. All comments are anonymous. We'll delete your name, e-mail address, and any other identifying information, including details about your investments.
  3. We can't post or respond to every comment - As much as we'd like to, we can't post every comment, nor can we guarantee that we will respond to each individual message. All questions or comments about your Equifax credit report or similar customer service issues should be handled by contacting Equifax directly.
  4. Don't offer specific legal, tax or financial advice. All of the materials on this Site are for information, education, and noncommercial purposes only and this forum is not intended as a means of expressing views or ideas regarding any specific legal, tax, or investment advice. While offering general rules of thumb is both permitted and encouraged, recommending specific ideas or strategies regarding investments, taxes, and related matters is prohibited.
  5. Credit Repair. This blog is not intended as a venue for the discussion or exchange of ideas regarding credit repair or other strategies intended to assist visitors and community members improve or otherwise modify their credit histories, ratings or scores.
  6. Stay on topic. Your comment should be concise and pertain to the specific post in question.
  7. Be respectful of the community. The use of profanity, offensive language, spam, and personal attacks will not be tolerated and egregious or repeat offenders will be banned from future participation. We encourage disagreement and healthy debate, but please refrain from personal attacks on our WordPresss and contributors.
  8. Finally: Participation in this forum may be terminated by Equifax immediately and without notice for failure to comply with any guidelines or Terms of Use. As such, you should familiarize yourself with all pertinent requirements prior to submitting any response through the blog or otherwise. All opinions expressed in this forum are solely those of the individual submitting the comment, and don't necessarily represent the views of Equifax or its management.

Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.


Retirement Archive