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$1.1 billion has been garnished from retirement benefits to pay back old student loans.

A good financial strategy is not just about “making money;” it is also about protection.

We have all wondered whether Social Security will be there when we retire. Well, the government has done their latest assessment regarding the state of Social Security (see The 2017 Annual Report of the Federal Old-Age and Survivors Insurance and Federal Disability Trusts Funds. You can Google it.). Some of the relevant facts are that:

Careers and businesses end, but the need to borrow remains.

We spend much of our adult lives working, borrowing, and buying. A good credit score is our ally along the way. It retains its importance when we retire. 

Retirees should do everything they can to maintain their credit rating. A FICO score of 700 or higher is useful whether an individual works or not. 

30 is a divisive number. To the young, it’s the time when you’re thrust into full blown adulthood, whether you’re ready or not. To the young at heart, 30 may be considered the early years before your true confidence shines, in your career, in your relationships, or even in yourself.

Consumers may be at risk for many years.

How long should you worry about identity theft in the wake of the Equifax hack? The correct answer might turn out to be “as long as you live.” If your personal data was copied in this cybercrime, you should at least scrutinize your credit, bank, and investment account statements in the near term. You may have to keep up that vigilance for years to come. 

Cybercrooks are sophisticated in their assessment of consumer habits and consumer memories. They know that eventually, many Americans will forget about the severity and depth of this crime – and that could be the right time to strike. All those stolen Social Security and credit card numbers may be exploited in the 2020s rather than today. Or, perhaps these criminals will just wait until Equifax’s offer of free credit monitoring for consumers expires. 

As if business owners didn’t have enough to contend in managing their business and personal finances, there is one particular aspect of their financial lives that is often neglected until it’s too late, and that is the management of their estate.