Important Birthdays Over 50

Photo by Jorge Ibanez on Unsplash

My family has a lot of summer birthdays. My wife and I, both our kids, my dad, two of our siblings, a few aunts and uncles and several cousins all have birthdays within a few weeks of each other.

When my kids were little, they thought everyone had a summer birthday.

This summer my oldest will reach the first of many milestone birthdays: 16! And you know what that means: Vroom, Vroom and Cha Ching!

When you are older, milestone birthdays continue to roll on and eventually even “and-a-half” birthdays start to make a comeback.

In fact, starting at age 50, several birthdays and “half-birthdays” are critical to understand because they have implications regarding your retirement income.

Does Your Credit Score Affect Your Car Insurance Premium?

Not long ago my car insurance agent called to let me know that I may be eligible for a discount on my insurance rates due to my “excellent credit”. This was a little surprising to me since it had never occurred to me that my auto and homeowners insurance premiums were based, at least in part, on my credit rating.

Apparently, however, this is a thing.

One landmark study found that credit-based insurance scores are used by about 95 percent of all auto and home insurers in calculating the cost of insurance to individuals.¹

While the vast majority of insurance companies use credit-based insurance scores to help determine the price of insurance, it is banned in the states of Massachusetts, Hawaii, and California. Some states only allow it as a factor for property insurance like auto and homeowners insurance. Other states allow it to be used with any type of insurance.

Several Factors

Generally, an insurance company will use a credit-based insurance score as just one factor in its underwriting process. Other factors may be considered, depending upon the type of insurance. For example, with auto insurance, other factors could include your zip code, the age of the drivers, the make, model and age of the car, and the number of miles you drive annually.

The use of credit scores to determine insurance rates is rooted in research that has shown individuals with lower credit scores had higher car insurance losses and higher claims payouts.

You can ask your insurance company if a credit-based insurance score was used to underwrite and rate your policy, and in which risk category you were placed.

If you want to improve your credit-based insurance score, you should consider taking the same steps you would to improve your credit rating: make timely debt payments, clear up past disputes and keep credit card balances low.

  1. Predictive Analytics: Achieving Greater Decision Accuracy, Better Risk Segmentation, and Greater Profitability, Fair Isaac Corporation, 2012 (most recent statistics available).

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2019 FMG Suite.

The Right Legal Documents Play a Key Role in Your Financial Road Map

Banff, Canada

In this very personal letter to his clients, estate planning attorney Cory Wessman, shares why a well thought out healthcare directive is such an important part of your financial road map.


Posted with permission from the offices of Erickson & Wessman, Attorneys At Law:

In the early morning hours of Friday, November 30th, I received the most unwelcome call from my father.  “It’s your brother, Scott….he was found unresponsive and is in a medically-induced coma.  We don’t know if he will make it.”

I Am Sorry For Your Loss

Photo by Nik Shuliahin on Unsplash

The death of a spouse is one of the most difficult experiences we will face in our lifetimes. The financial steps you take in the days and weeks that follow can have a major impact on your financial security as well as that of your family.

The best advice may be to simply do nothing right away.

Watch this 1-minute video for tips on what to do after your spouse passes away.


How to Know If You Need a Will or Trust

Estate planning can provide for the proper distribution of your assets to your beneficiaries after you die. In some cases, a living will or trust may help, especially if you have children who are minors or assets like mutual funds, brokerage accounts or other non-retirement assets that don’t pass via beneficiary designations.

To learn more the role a will or trust plays in your estate plan, watch this short video.