Credit Scores and Retirement

Once you retire, your credit score will still be important.  Even if your mortgage is paid off and you have no plans to borrow money ever again, you will still want to carefully monitor your credit rating and make sure there are no issues with it.

When the credit-reporting company, TransUnion, polled a group of Baby Boomers, nearly half of them said that their credit rating would no longer be important after they retired.  This misconception, however, could cause them to have unexpected problems later in life.

Your Credit Rating Could Drop During Retirement

Even though your credit rating will continue to be important when you retire, the truth is that the score normally declines for most people as they get older ... even if they have an excellent credit history and solid assets.

Why will your credit rating go down? 

Below are some common reasons:

If you are like most people, you will use less credit as you age.

Using your debit card to immediately pay cash for purchases does not help you maintain your credit score.

As you pay off your house, car, credit cards and other debts, your credit report and activity become "thin" and could virtually disappear.

Why is a Low Credit Rating a Problem in Retirement?

Today, many people are living 20 years or more after they retire.  While you may think you will never again make a large purchase during the remainder of your life, eventually you may want to downsize to a smaller home, purchase a new car or have other credit needs.

Lenders will look at your credit score if you decide to get a mortgage on a new home, take out an auto loan, apply for a new credit card, or co-sign for a student loan for one of your children or grandchildren.  If you decide to rent an apartment in a retirement community or other location, the management company and the utility companies will want to see your credit score.  In addition, your auto and homeowners insurance premiums will be higher if you have a low credit score.

How Can You Improve Your Credit Score Without Adding Debt?

The last thing you want to do in order to maintain a high credit score is take on new debt.  However, experts recommend some actions that will improve your credit score ... and they don't involve adding debt.

* Every couple of years, ask your credit card issuers to raise your limits by $500 to $1000.  Whenever you have a high limit, but a low balance, your credit score gets a boost.

*  Do not close old accounts, even if you rarely use them, for the same reasons mentioned above.  It is better to have lots of available credit, but a low balance.

*  Keep your main credit cards active by occasionally making a modest purchase using one and paying off the balance quickly.

*  Be careful to make all your payments on time.  If you travel, set up auto payments with your bank so that none of your payments are ever late.

*  If you have let your credit completely lapse and you don't have any credit cards, you may need to rebuild your credit history.  To do that, you may have to start with a secured card from your bank.

*  Check your credit report regularly to be sure there are no errors on it that could drag down your credit rating.  You can get a free copy of your report every year from each of the three major credit-reporting companies.  You can contact them individually or you can go to annualcreditreport.com.  You can also sign up on the free site CreditKarma.com to find out your current credit rating, get suggestions on how to raise it, and see your credit reports.

Take the above steps, protect your credit, and monitor your credit reports regularly.  Just because you are retired, you should not forget these simple precautions.

If you are interested in learning more about financial planning for retirement, common medical issues, where to retire, Social Security, Medicare or more, use the tabs or pull-down menu at the top of the page to find links to hundreds of additional articles.

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Dangerous Medications, Vitamins and Herbal Remedies

Virtually everyone in the United States uses either prescription medications, vitamins, or herbal remedies.  In the right doses and combinations, most of them are safe.  However, your prescriptions and supplements can turn against you.  In extreme circumstances, they can cause you to develop new health problems or dangerous drug interactions.

According to an article in the August/September 2016 AARP Magazine, you should periodically have a "Checkup for Your Medicine Cabinet."  You should repeat it annually to make sure the pills you are taking are helping you, not making your health problems worse.

Examine Your Prescription Medications

Check Expiration Dates:  While you do not want to keep any drug after its expiration date, according to the article, you want to be particularly careful about insulin, inhalers, oral nitroglycerin, EpiPens, anti-convulsants, warfarin, digoxin and thyroid medication.  If the drug is in its original packaging, the expiration date should be stamped on the side or bottom.  Otherwise, you may have to ask your pharmacist or follow their recommended "discard by" date.

Avoid Allergy and Sleeping Pills:  There appears to be a link between the long-term use of allergy or sleeping medications and problems with decision-making and dementia, including Alzheimer's disease.  Even common over-the-counter products such as Benadryl and Nytol can cause problems. Find alternative, drug-free ways of dealing with your allergies or insomnia.

Do Not Overdo the Vitamins

Millions of Americans take vitamins.  However, excessive amounts of certain vitamins can cause health issues, rather than eliminate them.  Below are four vitamins that the article particularly recommended people limit:

Vitamin B6 - Over 100 mg. a day can cause temporary nerve damage.

Vitamin A - Over 10,000 IUs a day can cause vomiting, headaches, dizziness and blurry vision.

Vitamin D - Over 10,000 IUs a day can cause poor appetite, frequent urination and kidney problems.

Vitamin C - High doses (which were not specified in the article) can double a man's risk of kidney stones.

Watch for Interactions between Herbal Remedies and Certain Drugs

In an effort to avoid taking too many prescription drugs, Americans often resort to herbal remedies.  However, these preparations can be dangerous, especially when combined with medications that have been prescribed to you.  Make sure your doctor knows what herbal remedies you use.  Below are some that are particularly worrisome:

St. John's wort - It can interfere with your statins and high blood pressure medications.

Ginkgo and ginseng - These herbs can interact with blood-thinning medications, which could dangerously increase your bleeding risk.

Kava - Even when it is not combined with other medications, this herb can cause liver damage.

Bottom Line:  Any time you add a new medication or supplement to your usual routine, discuss it with your doctor to make sure it will not conflict with something else you are already taking.  Regardless of whether or not you have been taking the same drugs and supplements for a long time, check with your doctor if any new symptoms develop.  Sometimes it can take a long time for the toxicity to build up in your body.

If you are interested in learning more about retirement planning, common health problems as you age, where to retire, Social Security, Medicare and more, use the tabs or pull-down menu at the top of the page to find links to hundreds of additional articles.

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Dangerous Silent Heart Attacks

A study that tracked nearly 9,500 men and women from 1987 to 2013 discovered that approximately 45% of heart attacks are silent and the victims have no idea that they have experienced a heart event.  Men are more likely to experience silent heart attacks, but women are more likely to die from them.  In fact, anyone who has experienced a silent heart attack has triple the risk of dying from heart disease and is 34% more likely to die from all other causes.

How Do You Know if You Have Had a Silent Heart Attack?

Since these types of heart attacks do not exhibit the classic symptoms of chest pain and shortness of breath, how can someone find out whether or not they have had one?  A doctor can detect them with an EKG, which measures the heart's electrical activity.  In fact, most of the time people only learn that they have had one accidentally, during a routine physical.

What Symptoms Could Indicate You are Having a Silent Heart Attack?

The symptoms of a silent heart attack can be very subtle, but anyone should see their doctor for a physical if they are experiencing several of the following symptoms:

Unexplained fatigue
Muscle pain in the upper back, jaw or arms
Painful indigestion
Sudden sweatiness
Nausea
Flu-like symptoms

Often, people do not recognize that they have had a heart attack at the time.  They only recognize these symptoms when a test shows damage to their heart and they look back and remember a time when they experienced some of the above symptoms.

Are These as Dangerous as "Typical" Heart Attacks?

Yes!  In fact, silent heart attacks can be even more dangerous than a typical one, because the patient may not get the treatment they need in order to prevent another one.  This lack of treatment is even more common for women than it is for men.

"Just a Little Heart Attack" is a short movie about silent heart attacks you can watch using the link to this CNN article:  "Almost Half of All Heart Attacks are Silent."

How Can You Reduce Your Heart Attack Risk?

If you would like to reduce your risk of having a heart attack, either your first or a second one, there are some steps your doctor can help you take.  You should quit smoking, lose weight, get exercise and, if appropriate, make sure your cholesterol and blood pressure are both under control.

Treatments for Silent Heart Attacks

Hospitals and doctors should treat you in the same way they would if you had experienced more traditional symptoms.  There is no difference in the damage that could have been caused by the different types of heart attacks and, in fact, the damage could be more severe in a silent one because of a delay in seeking treatment, since any heart attack will stop or reduce the flow of blood to the heart for a period of time.

If you have been experiencing unusual fatigue, nausea or shortness of breath, especially during mild exercise, you should talk to your doctor about your symptoms.

Interested in learning more about medical issues, financial planning, where to retire, Social Security, Medicare, or other topics that pertain to Baby Boomers?  Use the tabs or pull down menu at the top of the page to find links to hundreds of additional articles.

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Will You Enjoy Retirement?

If you spent the last decade of your working years looking forward to the day when you could "take this job and shove it," have you given much thought to how you will spend your days once you walk out of your office or workplace for the last time?

According to research by the National Center for Health Statistics, the average person who reaches age 65 can expect to live another 19.3 years ... or until they are age 84.  What do you plan to do with those extra two decades of life?  Have you given that serious thought?

Will Retirement Be Fun?

Many people imagine spending long days on the golf course, in their fishing boat, or taking cruises and vacations to exotic locations.  However, is that really what you want to do every day for the last twenty years of your life?  Will you even be able to afford that daily round of golf, the fishing boat, or the travel?

According to U.S. News & World Report, the typical retiree between the ages of 65 and 74 spends four hours a day watching television ... and that is the age group of the youngest retirees, the ones who are most capable of being active.

Is it inevitable that your retirement will eventually leave you feeling isolated, bored, and lonely?  Not necessarily.

What Retirement Options Will Keep Your Life Interesting?

In addition to financial planning, people who are preparing to retire, or who are newly retired, should spend plenty of time thinking about the lifestyle choices they can make as they approach their mid-60's.  Below are some options they may want to keep on the table:

*  Keep working at their current career - What?  After all these years of planning to retire, why would you want to keep working?  Presumably, you have earned a nice income from your job in the past and now you will be able to supplement that income with your Social Security benefits ... which will give you extra money for travel and having fun.  You might also decide to postpone collecting your Social Security until you are age 70, thus substantially increasing your benefits.  Staying at your current job also enables you to maintain your work friendships and connections with other people.  It can give structure to your life and keep your brain alert ... without resorting to endless crossword puzzles.

*  Find an Encore Career - What if there is no way you want to keep working in your old career?  That doesn't mean you need to give up working altogether and just sit home every day.  There are so many possible career choices.  You could find a job with a local business or non-profit, work as a consultant in your former field, become a tutor, or give lessons.  Retirees are even eligible to sign up for the Peace Corps and share their valuable knowledge and experience around the world.  Yes, many people in the 60's (and sometimes a little older) join the Peace Corps.

*  Volunteer in your community - If you really don't need extra income, you still do not want to spend your days sitting around the house, watching television.  Why not contact your local hospital or charity and see if they need your help?  I know a woman who helps out one day a week in a local hospital. She particularly enjoys caring for premature babies that just need extra time being held.  The work is not physically demanding, but she feels it is very rewarding.

*  Find affordable, social hobbies - Everything you do in retirement does not need to be expensive.  Nor do you need to spend time alone when you are pursuing your hobbies.  Join a book club or other activity that you can enjoy with other people.  If you don't know how to find other people who enjoy your hobbies, try www.meetup.com.  This website helps you link up with people in your community who are looking for people with common interests ... whether that means hiking, traveling, tai chi, golf, playing games, learning bridge, dancing, tennis, photography, dog walking, writing, painting, yoga, attending movies, boating, playing music, cycling or eating out. Many places of worship also have special activities for their older members.  Go to your local senior center to find exercise classes, low-cost meals and a wide variety of activities.  There is no reason to pursue your favorite activities in solitude when it is so easy to connect with other people who enjoy doing the same things you do.

Plan Your Life After Retirement

Financial planning is a very important part of getting ready for retirement.  However, it is equally important to plan what you will do with that free time ... and hopefully that will not mean just sitting around for the last twenty years of your life.

Plan to have a satisfying and fulfilling life during this period of time.  Think about how you could enrich your life while sharing your gifts with others.

I know people who are as busy or even busier in retirement than they were when they had full-time jobs during their "working years."  What is most interesting is that those are the people who seem to be the happiest as they age!

Are you looking for more information about retirement planning, where to retire, common medical issues, Social Security, Medicare and changing family relationships?  Use the tabs or pull down menu at the top of the page to find links to hundreds of additional helpful articles.

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