Sandra Gilpatrick | November 25, 2015
Financial Planning Tips
So much of our lives are intertwined with our finances, I wanted to share three items you may not realize might need your attention:
WHY IS IT IMPORTANT TO SET THE RECORD STRAIGHT?
If you are applying for insurance, underwriters often will review your medical record to give you a rating (like preferred or standard) or decide whether they even want to insure you at all. The better your health, the more likely you are to save money on premium payments. If you have an old condition that has been overcome, but is not been noted on your file, make sure it is properly documented. Online medical records make it easier to review your file and check for errors. I noticed in my own file that I was incorrectly marked more than five inches shorter on my height after my annual primary care visit. That would most certainly throw off my BMI under the scrutiny of an insurance company if not fixed. So, remember to check your medical records!
YOUR CREDIT REPORT TELLS A TALE
Think your credit report just matters when applying for a credit card? Think again. By having an excellent credit score you could you could save lots of money by paying lower interest rates should you need to borrow money. Many employers want to check out your credit report before you become a new hire. Landlords routinely run credit checks ahead of taking you on as a tenant. Paying attention to your credit report is also a way to help catch identity theft. It is good practice to go to www.annualcreditreport.com to see if the credit cards listed were opened by you, not a thief. You can check at annualcreditreport.com once a year for free. Checking your own credit will not hurt your credit score.
OUT OF SIGHT, OUT OF MIND
Now that the Social Security Administration is only mailing your statement once every five years, it is suggested that you register your account online http://www.ssa.gov/myaccount/. It is important to check your social security record to make sure your earning record is accurate. It is easier to repair an inaccuracy in your earnings earlier than later. Social Security will base their payouts on your earnings record, so pay attention to how your paycheck is reported.
Sandra Gilpatrick, CFP®, CDFA™,Wealth Consultant