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You might think your credit score won't matter in retirement, if you've paid off your mortgage and don't plan to apply for any new credit cards. Yet it's not something to neglect; your borrowing history could come into play in ways you might not expect. For example, auto insurers might draw on your credit report to help determine the rates they charge, and many continuing care retirement communities (CCRCs) will evaluate a prospective resident's credit profile. Some pragmatic romantics even share their credit scores in their dating site bios! Learn more about the importance of credit in today's edition.
Best wishes,
Elizabeth
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The catch? You have to make transactions from your account.
RETIRE WITH MONEY COMMUNITY INSIGHTS
This week in our Retire with Money Facebook group, a member asked the group's opinion on this scenario: "I'm considering buying a house with my partner and asking the group to educate me on pitfalls. I'm widowed, he's divorced, no plans to marry. We are both in our mid 60s, retired with adult children. We both want our children to inherit their share of the house when we die." She went on to outline a plan whereby, when the first partner dies, the other would either have to buy the children out or sell the house. Many said that sounds complicated. What if the surviving partner doesn't have enough money to buy the children out, or is in poor health and doesn't want to move? The Facebook group is great for a gut check, but she should definitely consult a lawyer on this one.
HOW TO INVEST TAX-EFFICIENTLY
Evaluating your investments through a tax lens can improve your after-tax returns. Tax-smart investing techniques, such as tax-loss harvesting, monitoring holding periods, and investing in municipal securities, may help you defer near-term taxes or reduce your tax bill so that your money can stay invested and has the potential to grow. Morningstar estimates that a hypothetical investor who did not employ a tax-smart strategy gave up an average of 1% to 2% of return per year to federal income taxes for the 93 years from 1926 to 2018. Click below to learn about 3 tax-smart saving techniques.
On the 57th anniversary of the March on Washington, marchers who were there in 1963 reflect on their experience and the 2020 movement. NPR
COVID-19 + Influenza: This Is a Good Year to Get a Flu Shot
While a flu shot can't prevent the coronavirus, getting one can help doctors differentiate between the disease if you develop symptoms. KAISER HEALTH NEWS
The Things We Get Wrong Planning For Retirement
A recent study looks at retirees' regrets, and Social Security plays a big factor. NEXT AVENUE
I'm 57 With No Retirement Savings and I Want to Retire in Seven Years
A retirement columnist helps this nurse answer the question, what can I do? MARKETWATCH
Elizabeth O'Brien is deputy editor at Money. She has covered retirement and health care for nearly a decade. A Brooklyn resident and mom of two boys, she navigates the alphabet soup of Medicare and the New York City subway system with equal ease. You can email her at elizabeth.obrien@money.com and follow her on Twitter at @elizobrien.
This newsletter is free because Money earns a commission when you click or make purchases from the links in this email and on our site. We also receive compensation for some of the products and services featured in this message. Offers may be subject to change without notice. Learn more about how we make money.
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