Checking your credit score regularly and reviewing your credit report annually are two key things that can help you maintain a strong score or make improvements. If you find that your credit score plunged, it’s important to take a close look at your credit report and determine what caused it. You may find that a delinquent account is dragging you down, you might find an error on your report, or you might discover some fraudulent activity. Even if your score remains steady, it’s a good idea to review your full credit report once a year and make sure everything looks accurate.
Benefits of Working During Retirement-By Nancy Winters, CPA
Retirement looks different for everyone. Some people dream of playing golf and visiting their grandchildren, while others see it as an opportunity to learn new skills and travel more. No matter your vision for retirement, working as a senior could offer you some significant benefits—even if it’s part-time or consulting work. Whatever your reasons for working in retirement, it can reap personal and financial rewards both now and in the future.
For many, retirement isn’t completely work-free. Some retirees are employed full-time at a laid back job they love. Some stay part-time at their old company, and some freelance on the side. Whatever the arrangement, working in retirement offers plenty of personal, financial and professional benefits.
Depending on your desired lifestyle, working in retirement can help pay for your living expenses and fun adventures. Even if you only work part-time or seasonally, you can save a significant amount of cash. The extra income can help with budgeting—whether that’s for health care costs, vacations or hobbies. You may also want to grow your emergency fund for unexpected expenses.
Some people find the empty days of full-on retirement to be too unstructured. A full-time or part-time job offers you some routine and continuity. You may have to wake up at a certain time or finish a project by a given deadline. Even a couple of shifts per week can give each day more purpose and structure.
Retirement is a great opportunity to pursue your ambitions—whatever they are. Some retirees want to contribute to the community or a certain cause. They may work for a charitable organization or teach at a local college. Others want to pursue goals they didn’t have time for when they had a career, like being a consultant or freelance writer. Your goals might also be personal, such as visiting every U.S. state or donating to an animal shelter. With the extra income, it’s easier to make these goals happen.
Like many, you may envision the start of retirement as working full-time one day, and not at all the next. But many people transition gradually out of their careers. They might reduce their hours, work from home or transfer to a less stressful department.
Employers benefit from this transition, as you continue contributing to the company with years of experience under your belt. You can train and mentor younger employees—and the company will have more time to find your replacement.
A phased retirement doesn’t only help the company, though. You can add to your savings and bring value to your work community. You might also be able to put off collecting Social Security—allowing your future SS checks to be larger.
Each company and department differ on what type of transition they can offer. If you’re interested in phased retirement, consider talking with your boss about what options are available.
Illinois’ New Minimum Wage Law by Nancy J. Winter, CPA
Early in 2019, Illinois congressional leaders passed, and the Governor signed, a bill to increase the minimum wage for Illinois workers. This is for all of Illinois, but some places, like Chicago, have chosen to have a higher minimum wage scale.
Basically, the minimum wage per hour to be paid Illinois workers is set at the following schedule.
Current $ 8.25
January 1, 2020 $ 9.25
July 1, 2020 $10.00
January 1, 2021 $11.00
January 1, 2022 $12.00
January 1, 2023 $13.00
January 1, 2024 $14.00
January 1, 2025 $15.00
Are there exceptions to these rates? Yes!
