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50+ Lifestyle

Anti-aging Facial Exercises

Treasuring Grandparents-- Grandparents Day Poems

Finances:"Intellectuals Beware"

How to Instill a Sense of Financial Responsibility in Your Children

Seven Ways to Keep our Parents Young

Are you a Traditionalist, Boomer, Gerneration X or Y

Aging Well Staying Connected Through Service and Community

50+ Lifestyle: Using Annuities for Tax Deferral

Action and Boomers Aging

Activity and Boomers Aging

Adventure for Boomers

The Aspects of Aging and Staying Healthy

Examples in How the Body Senescence in Boomers Healthy Aging



The Body and Mind in Boomers Healthy Aging

Preventing Bone Disease in Boomers Healthy Aging

Boomers Healthy Aging

Fighting High Cholesterol in Boomers Healthy Aging

How Communication Promotes Boomers Healthy Aging

Controlling Disease

Boomers Healthy Aging and Doctor Visits

Eating Right and Boomers Healthy Aging

Fitness and Aging

Helping you with Healthy Aging

The Aging Body in Healthy Living

Herbs Helping with Boomers Healthy Aging

The Heart and Boomers Healthy Aging

Vitamins Promoting Boomers Healthy Aging

Fighting High Cholesterol in Boomers Healthy Aging

Boomers Healthy Aging Starting in your Home

Hormones and All that Good Stuff in Boomers Healthy Aging

Lifestyles in Boomers Healthy Aging

Longevity

Living Healthy and Long while Aging

How Keeping Medical Records Promote Boomers Healthy Aging

Middle Aging in Healthy Living

Fighting Obesity to Live through Boomers Healthy Aging

Seven Ways to Keep our Parents Young

Boomers Healthy Aging Starts with Positive Thinking

Boomers Healthy Aging and your Quality of Life

Replacing Hormones for Healthy Aging

Seeing Eye Dogs

Simplifying Lifestyles

Boomers Healthy Aging and a Good Nights Sleep

Sleep Disorders and Boomers Healthy Aging

The Social and Physical Environment Slowing Boomers Healthy Aging

Socializing to Continue Boomers Healthy Aging

Stop Smoking

Healthy Aging

Success and Healthy Aging

Boomers Healthy Aging Means to Take Care of You

Things to do to Live Healthy while Aging

Vitamin E

Vitamins Promoting Health

50+ Lifestyle: Using Annuities for Tax Deferral

The Work Environment in Boomers Healthy Aging

How Working Promotes Boomers Healthy Aging

Enjoying Yoga to Live Healthy

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Prepare for Retirement by Safeguarding Your Credit Score

In 2007, the oldest Baby Boomers turn 61, meaning that the United States has officially begun the race to Baby-Boomer retirement. With many thousands of Americans retiring each year, and the number expected to grow, Bills.com co-founder and co-CEO Brad Stroh suggests that those entering their "golden years" check their credit scores before giving up their paychecks or moving into their retirement homes.

Credit scores incorporate credit history, amount of credit available and used, number of late and on-time payments and whether any payments due are in default. Creditors also analyze other factors, including debt and payment history relative to income -- one factor sure to change at retirement. Some creditors also consider job history, which ends when an employee leaves full-time employment.

Credit scores fall in a range between 300 and 850, with higher numbers indicating a greater likelihood of repaying debt. A score below 680 usually results in a borrower being charged a higher interest rate or denied credit. To maintain a credit score that will make for an enjoyable post-retirement life.

1. Before retirement, focus on investing. Eliminate credit card debt by funneling money previously used to shop, dine out or travel to paying debt, and then into retirement savings. People age 50 and over can contribute $20,500 to a 401(k) plan in 2007, and $5,000 to an individual retirement account or Roth IRA. For people younger than 50, those limits are $15,500 for a 401(k) and $4,000 for an IRA.

2. Live on planned retirement income now. Give retirement a "dry run" by living on your anticipated post-retirement income. Consult a financial planner to determine how much income you will require. Meanwhile, use the savings to pay off remaining debt (including credit cards, vehicles and home mortgages).

3. Line up insurance. Review insurance needs, including homeowner's, auto, long-term care, umbrella policies and life insurance (which might not even be needed in retirement). If changes are needed, make them while employed. Insurers give their best rates to people with good credit scores, so plan to stay with a policy for a while during the transition to retirement.

4. Settle into home and financing. If you plan to move to a smaller home or a condominium, consider moving before retiring. You are likely to receive better mortgage terms with your current income than you will later. The tax deductions associated with a move also might benefit you more while employed. Similarly, for the best terms, open any planned home equity line of credit on a home before retirement.

5. Keep the cards. If you plan to streamline finances, think twice about closing old accounts. Credit scores are partly determined by comparing debt to credit available. Closing unused accounts while maintaining some debt results in a likely higher debt-to-credit ratio, which looks like a greater credit risk -- and lowers credit scores.

6. Check credit reports now -- and frequently later. Don't retire your vigilance when you retire. Check credit reports at least once a year -- more often if you plan extensive travel, which exposes seniors to greater risk for fraud and identity theft. Free credit reports are available once a year at www.annualcreditreport.com. All three credit reporting agencies (Equifax, Experian and TransUnion) offer credit reports online, as needed.

Source: Bills.com