Wednesday September 3, 2008 - New Year Resolution: Checking Your Credit History

[1:15]..." repeat credit score. Mess with your ability to get alone dictate the interest rate you're charged and most importantly. It's going to let you know if someone has stealing your identity very important stuff I would really is because of -- using your Social Security number. And name it probably show up on your credit report first in -- About half the people who have identity stolen has discovered it when reviewing their credit history okay sort reveals all it does it does because -- using your Social Security number this information is going to show up your credit history. That's your concern about identity theft spread archer free credit report very cresting one every four months. Use trans union this month in four months experience in eight months actual facts. Now your "...

[0:39]..." dot com this is east central site which -- issued a request free credit report. From the. "...

[0:45]..." Three major reporting agents received that annual credit report dot com it's not free credit report dot com or are -- a lot of other yes web sites that looked like it's a free woman they're not. "...

[0:32]..." paid into the system should you die with minor children and your spouse. Has children they will be eligible for benefits based in your record. But we often think of Social Security as retirement. Full Social Security -- being raised to 67. Can be phased in over the next nineteen years. If you're one of the first boomers born in 1946 agony two weeks you're 66 to collect full benefits anyone born after 1960 going to have to -- age "...

[0:08]..." one of the biggest questions for women nearing retirement and that Social Security will be there and will it be enough. "...

[1:23]..." A Social Security says that by the time you die the year formula show that no matter wind you cold start collecting he publicly -- "...

[0:00]..." Retirement myths that's the topic here on WBZ news radio 1030 with certified financial planner Dee Lee and today's myth is -- I don't need to plan for retirement Social Security will be enough I guess some people do hang on to that gold and well that's when he year old don't. But the fifty year olds and sixty year olds think that they might. The reality is social security's going to replace about 40% of your current paycheck and even less for the younger boomers that's going to be about 30%. Was never meant to be your only source of income in retirement think about this the average monthly benefits for current retiree. Is 1054 dollars hidden sign a living wage -- even in Arkansas sure last week -- we reported at a cost point 4000 the year. To live an assisted living the -- Arkansas and -- Social Security is about half that amount exactly and now the maximum benefit for someone who is reach their full benefit age for this year which is 66 would be a little over 2000 dollars. Now to get the maximum benefit he would've had to earn the maximum Social Security wage for at least 35 years of -- where he years. That amount for the issue a little over a 100000 so basically needed to be high wage earner and consistent about it. But distilling and an end up -- 26000 dollars a year them. That will be indexed for inflation last year was indexed to point 3% but you know what program haven't aghast and -- so far this year they've -- the gas has gone up 99% in the past year so -- Kenya live on Social Security. There are some people who were doing it which you know if you got a home in need to teacher home. You know you need to pay taxes you need to pay utility bills he could see the bills that are coming in general your. In the reality is is that it's not going to work its own and don't count on -- and if you do the Social Security benefit check. They're going to deduct Medicare payments from. Also an -- forgot to mention. You provident -- taxes on Social Security check a lot of people don't realize that one either now know and eventually it may be fully taxable right -- as an 85%. Now it will be around for the boomers. I don't know about their grandkids selling Anthony we've -- her run around with this deficit for some time and -- creating a monster out there. So Social Security has dollars -- the last into the year 2041 in after that they're going to have 75% of what they're going to need to pay benefits. But Social Security will never be enough. On that cannot be your only only retirement funds and other myth exploded thank you very much -- "...