1. Freeze Your Credit

If you temporarily unfreezed your credit for a loan or new credit card last year, be sure to re-freeze it now. Freezing your credit is an effective way to protect against identity theft and unauthorized access to your financial accounts.

2. Update Your Home Inventory

Take a few moments to review and update your home inventory, whether you keep it in an app, a spreadsheet, or through photos on your phone. Removing items you no longer own and adding new purchases will ensure your inventory is accurate and ready for insurance purposes if needed.

3. Scrutinize Your Credit Report

Visit annualcreditreport.com to get your free credit reports from the three bureaus: Experian, TransUnion, and Equifax. Verify that the information is accurate and that all your credit cards, store accounts, and loans are properly listed. This will help catch any errors or fraudulent activity. If you notice discrepancies, file a dispute with the relevant credit bureau.

4. Verify Your Social Security Earnings

Your Social Security benefits are based on your earnings record, so it’s crucial to ensure your reported income is correct. Log into myssa.gov to view and confirm your earnings history. If you notice any errors, you can easily request a correction online. For 2024, the maximum taxable earnings subject to Social Security tax is $168,600. Double-checking this annually ensures your record stays accurate for future benefit calculations.

5. Review Your Estate Planning Documents

Take some time to review the key documents in your estate plan, such as your will, power of attorney, and property deeds. Whether they’re stored in physical files or securely stored digitally, it’s important to confirm they’re updated and easy to access should you need them.

6. Revise Your Annual Budget

Look over your budget from the previous year and make adjustments for 2024. Tools like Tiller, Monarch, or YNAB can help you track your spending and ensure you stay within your financial goals. While inflation can increase certain costs, staying aware of your spending is the key to preventing your expenses from creeping up.

7. Prepare for Tax Season

Organize your tax documents in one central location—whether it’s a folder, box, or basket—to avoid scrambling when it’s time to file. You’ll receive a mix of mailed forms, emailed notices, and online documents, so keeping everything in one place will save you time and hassle when tax season arrives.

By checking these key items annually, you’ll stay on top of your financial health and be ready for whatever the year brings. Starting the year with these updates will give you peace of mind, knowing your finances are secure and organized.

The post Start the Year Strong: Get Your Financials in Shape for 2025 appeared first on MainStreet Financial Planning.

• Disconnect from the network, wifi, internet immediately and turn off your computer to stop access and any of the malware programs from running.
• Take a minute to breathe. Once you’re not in panic mode, continue on.
• Determine if you have been hacked.

• • Use an anti-virus software to do a scan. Most recommended anti-virus software charge something, and it is worth it to have that protection. There are many other anti-virus software on the market to look at, but company names you’ll see on Consumer Reports lists will include Norton, TotalAV, Aura, McAfee and Bitdefender.
  • Check your system settings to turn off remote access to your computer. Search for Remote Assistance if you have a PC and Remote Login for Mac.
  • Check your computer’s firewall. A firewall prevents unwanted connections from the internet or other networks. You’ll want to make sure this is on, and if anything listed looks suspicious, you should be able to select it from the list and block incoming connections.
  • Also, check if any of the recent activity isn’t something you’ve used. For Windows, go to the Start menu to view recently opened apps, and for a Mac, click the Apple icon and then Recent Items.
• Back up the data and files on your computer in case you no longer have access to it, save in the cloud, an external drive or memory stick.
• Change passwords, make sure the passwords you’ve selected are long, at least 20 characters, and have special characters and wherever possible, set up 2 factor authentication
• If you require professional assistance, consider visiting a local tech support service to have your computer examined in person, rather than opting for online support which typically involves granting remote access where you might run into bad actors posing as computer service firms. I’ve used Best Buy’s Geek Squad in the past! Before you leave, make sure you’ve backed up your data in case they need to reset your computer to its factory settings.
• It is advisable to contact your bank and investment firms to alert them about potential fraud. They can place a note on your account for additional identity confirmation or implement extra security measures like a verbal passcode or security questions.
• Go to all three credit reporting agencies and freeze your credit, also set up a fraud alert.

• Experian, https://www.experian.com
• TransUnion, https://www.transunion.com
• Equifax, https://www.equifax.com

• Keep monitoring your bank, credit cards and computer, and if there were fraudulent charges, report the fraud to https://www.identitytheft.gov

It is unfortunate that fraud happens as often as it does. Taking these steps as soon as suspicions arise can hopefully stop the hacker in their tracks.

The post What to Do If You Suspect Your Computer Has Been Compromised appeared first on MainStreet Financial Planning.

• Freeze your credit
• Use a password manager
• Review your credit report annually
• Use only secure websites and wi-fi
• Use your credit card when making online purchases

However, we always want to continue being vigilant in protecting ourselves online so here are 5 MORE ways to protect yourself online

Adjust the privacy settings on social media – Make it hard on the hackers to access not only passwords but also other personal information by setting your accounts to private or even limiting access to what certain friends can see. How many security questions could someone answer about you by looking at your social media? A lot of common information is available if someone was looking for it – your age/what year you were born, your mother’s maiden name, the town in which you were born, your high school mascot. I try to choose security questions that are either my opinion or something that no one would know the answer to such as “what was your favorite stuffed animal?”  so the only person that could possibly answer my security questions would be my younger sister

Use Two-Factor Authentication (2FA) –Two-Factor Authentication makes it more difficult for a hacker to gain access to your accounts by sending an additional verification method most commonly by sending a code via email or text. Most online stores and purchases require 2FA but you can also turn it on for logging into email or social media accounts which add a level of protection to your overall online security.

Update your software regularly – Although a simple tip, it is still incredibly important to make sure you are keeping up with all software updates for your computer and phone. These regular updates are going to have important security protections that are up to date with any new types of viruses or malware. I know it’s easy to hit the “Remind me later” button, don’t put it off for too long or else you are leaving yourself vulnerable to various types of security breaches

Use an Identity Theft Protection Monitor – Consider subscribing to an ongoing identity theft protection service such as LifeLock or IdentityGuard. It will monitor the availability of your private information (i.e SSN, phone number, Driver’s License number) on the internet as well as the dark web and can give you a heads up if someone is trying to use your identity by monitoring if any of your information is being used somewhere new/unusual.

Beware of phishers! With technology growing faster than ever – that also means the sophistication of hackers and people looking to steal your information is also becoming more difficult to spot. If you are suspicious of an email that is asking you to verify private information or an email that looks like it’s from a friend or co-worker that seems a little off, proceed with caution –

• Before you click on a link to verify personal information from what appears to be your bank or some other institution you can hover over the link to see if the full website address and confirm whether it is or isn’t legitimate. Also look for the “https” in the website address to confirm the website is secure
• Check the email address – oftentimes these phishing schemes are coming from emails that look like a legitimate email but if you look at the full email address is often reveals that it is from a bogus or weird email address. Think twice before clicking on a link or giving personal information over the phone from someone purporting to be a government agency or something similar.

These are just a few ways to further protect your identity and decrease the likelihood of you having to deal with any kind of identity theft issue, which I can say from personal experience, is difficult and frustrating to untangle. I’d love to hear any tips you personally use or recommend to further strengthen your online security and overall identity protection and I’ve also included a few articles and resources below for further reading on the subject.

Why I Pay for Identity Theft Insurance

Who are the 3 Major Credit Bureaus?

How to Keep Your Identity Safe Online

Do You Need Identity Protection Services?

The post Beyond the Basics: 5 Advanced Strategies to Secure Your Online Identity appeared first on MainStreet Financial Planning.

With all of the exponential advancements we are seeing in technology, it is important to proactively protect your identity, and these are a few easy ways to do that and save yourself the time and headache of trying to untangle the mess it can create!

Freeze your credit 

Freezing your credit is a free and easy way to add a layer of protection to your identity. Unless you are opening a new line of credit because you are buying a home or car for example – there are not many reasons you would need to have a hard inquiry on your credit. In fact – even if you are buying a home or car – you can temporarily lift the credit freeze for a limited amount of time or to a specific lender that needs access to it and then have the freeze resume once they have the information that they need. You will need to go to each of the 3 credit bureaus to freeze your credit which you can do either online, by phone, or by postal mail. I would suggest creating an online account with each of the credit bureaus because it allows you to lift the credit freeze easily if you need to temporarily lift it.

Utilize a password manager

A password manager can be a great tool to help protect your identity online and it can do more than simply securely store and organize your passwords. It can also-

• Help generate strong passwords for you
• Monitor the dark web for any of your personal information that may be compromised
• Alert you to any of your passwords that may have been involved in a data leak and need to be updated
• Create an emergency contact so that you can share your online logins with a trusted family member or friend.

Review your credit report annually

It is a good practice to review your credit report annually to ensure it is correct and that there is no suspicious activity. There are also credit monitoring services that can alert you to any unusual activity throughout the year. A few years ago, my husband and I had an experience where our personal information had been compromised online. Thankfully we had a credit monitoring service set up, so we noticed the unusual activity quickly and we were able to limit the damage however it didn’t prevent someone from opening multiple cell phone accounts in our names. From that point forward we decided to leave our credit frozen, and it has brought us so much peace of mind since then and I highly recommend it!

Use only secure websites and wi-fi connections

How do you know if the website you are using is safe while browsing the internet? One thing to look for is whether the web address begins with https:// – this indicates that you are using a secure website. This is especially important if you are entering your personal information and/or purchasing goods or services. Additionally – be aware of using any kind of public wi-fi and if possible, use a VPN which is a Virtual Private Network so that you can be assured your internet connection is secure.

Use your credit card when making online purchases

Using a credit card rather than a debit card when making purchases online (or in real life) is another way to add a layer of protection. There is a limit of liability when using a credit card and it also prevents thieves from having access to your actual bank account. It is easier to not only get any unauthorized transactions reversed they can alert you to any usual activity or request authorization of purchases over certain dollar amounts.

There is a lot to be aware of when trying to protect yourself online, however, these tips are a great place to safeguard your identity, credit, and personal information. What other tips do you utilize to protect yourself online?

The post How to Keep Your Identity Safe Online appeared first on MainStreet Financial Planning.

Recently I saw what I thought was an email from USPS, indicating an overnight envelope I sent was being returned, and clicked the link! However, if I took a moment to look at the email instead of panicking that my package wouldn’t arrive on time, I would have seen the “from” email address wasn’t the post office. How did the scammers know I sent an envelope the day before? I have no idea, but it preyed upon my fear, and I quickly realized it wasn’t right.

If you’re ever in a similar situation and clicked on a suspicious link, take these steps immediately since malware, like viruses, spyware or ransomware may have been installed.

1. Disconnect from the internet or Wi-Fi immediately. If your computer is infected, disconnecting could prevent other devices on your network from being infected as well.
2. Back up your files on an external hard drive or thumb drive. Use this valuable time to save your sensitive or irreplaceable data in case anything gets erased, or you lose access to your computer.
3. Scan your computer for malware. You should be able to run the scan without reconnecting to the internet.
4. Change all your online credentials and create strong passwords. Make sure your usernames and passwords are not the same for multiple sites.
5. Put a free fraud alert on your credit report for all three credit reporting bureaus, Experian, Equifax and TransUnion. Check your credit reports to watch for suspicious activity, although a freeze on your credit would prevent new accounts from being opened.

At some point, we’ll all click on a strange link accidentally. My anti-virus program scanned my computer, and all is well, but in the meantime, we can use my unfortunate mishap as a reminder to not only watch for phishing emails but also know what to do if we click on a suspicious link.

The post Protect Yourself from Scams, Internet Fraud and Phishing appeared first on MainStreet Financial Planning.

If your credit card is stolen or closed due to fraud, you’ll need to update all your billing information. This can be a big hassle because of the additional work you’ll need to do to reset your billing information. Also, there is usually a slight delay of a couple of days to get a replacement card. Depending on when in your billing cycle this happens, some of your monthly bills might not get paid on time. You wouldn’t want a late fee on top of the unnerving feeling of your information being hacked!

If this happens, first you’d need to list all your bills and know how each bill is paid. Don’t forget annual or semi-annual bills! You may even want to change your passwords while you’re in your account profiles. Give yourself time to methodically go through each account to check and update your information. If you have a Life Organizer where you’ve listed your accounts and details including how it’s paid and the payment due date, that will make this much easier.

There are ways to minimize the risk of an important bill not getting paid by dedicating a separate credit card to your monthly automatic bills like utilities and medical premiums. Once set up, this card should be put away in your fire safe box at home because the idea is you’ll never use it for anything else except those specific bills. You won’t take it out of the house and risk losing your wallet or use that card for online shopping where the sites may not be as secure. If a different credit card is used for online shopping, the aftermath of dealing with fraud can be done much easier.

Automatic bill payment is a great idea because it is one less thing off your plate every month. We’re all busy people and a great way to spend more of your precious time on the things you love is to automate bill payments. The downsides of this can be managed as well with just a little planning!

The post Addressing the Downside of Automatic Bill Pay appeared first on MainStreet Financial Planning.

Spring is here! New energy is flowing and many of us tend to want to get out more, maybe clean out our homes and closets. But what about our finances?

Here are 5 tips to get you going in the right direction:

Shred all financial files/Go paperless
Sort through your old statements, pay stubs, bills and other financial records and keep only the documents that are absolutely necessary. If you’re unsure about throwing away certain types of receipts, scan them or make a copy, then go ahead and shred! Only tax-related documents and tax returns need to be kept for seven years.

Review your credit report and credit score
I recommend doing this every 4 months. You need to know your score, but you also need to review your report for any suspicious activity.

Reset passwords
Do you have duplicate or easy-to-guess passwords? Do you use two-factor authentication? Think about steps to make your online information more secure. It’s also a best practice to use a password manager like LastPass and to have a back-up system.

Review your Spending Plan
Review all your outgoing expenses and compare those bills to your net income, or your take-home pay. The key here is to make sure you are not deficit spending – or spending more money than you’re earning. Also, change your mindset about budgeting. Don’t look at it as a negative thing. Instead, view your budget as an empowering tool. It’s something that gives you a spending plan of action and helps you prioritize where you put your hard-earned dollars.

Create Your Own Financial Calendar
Set reminders throughout the year to do things like review insurance policies, get a credit report or rebalance investments. Just stay on top of things!

The post Spring Clean Your Finances appeared first on MainStreet Financial Planning.

-Freeze your credit: Check that your credit has been frozen to restrict access to your credit report, making it more difficult for identity thieves to open new accounts in your name. Look at all three credit reporting agencies: Experian, TransUnion, and Equifax. Note that if you’re currently applying for a credit card, getting a loan, or refinancing, leave your credit unfrozen until that process is completed.

-Review your credit report: While you’re checking your credit has been frozen, pull your free annual credit report from each of the three agencies and review it to make certain all the information is correct. Go to www.annualcreditreport.com. Thanks to the CARES Act you can check your credit reports for free weekly until April 2021. Get out your credit cards and store cards and match them up to the open accounts listed. Is there one you don’t recognize? Addresses listed that aren’t yours? You’ll have a chance to correct any errors by filing a dispute.

-Review your insurance: Do you need to increase or decrease your insurance coverage? Review your policies. You may want to make a change to your home, auto, or umbrella coverage if you’ve had any of the following: home remodel; teenagers driving; insured art, jewelry, or collectibles which haven’t been appraised in a few years; or property, insured art, jewelry or collectibles which have been sold. Also, don’t forget to check on your life and disability coverage as things may have changed necessitating an increase, decrease or change of beneficiaries

-Take inventory: Utilizing a home inventory list will help you file an insurance claim in case something happens to your property. Delete assets that you no longer own and add newly acquired property. You might have this on an app or in a spreadsheet, but however, you keep it, keep your list up to date.

-Review account beneficiaries: Check your retirement accounts and verify who is listed as primary and contingent beneficiaries to make sure it is still according to your wishes. This is particularly important if you’ve recently gone through a divorce or tied the knot. Check all other beneficiaries for the following accounts as well: Insurance policies, Bank accounts for TOD (Transfer on Death) or POD (Payable on Death), Annuities, and your Revocable Trust. Note: if you have a special needs trust, be sure to list the trust—not the individual.

Ideally, you’d make these updates at the time the changes happen, but we all know how easy it is to delay and forget. Add these tasks to your calendar as a reminder and be sure to review each of these items annually to protect yourself and your family and give yourself the peace of mind you’ve address all changes that may have happened over the year.

The post 5 Ways to Get Organized in the New Year appeared first on MainStreet Financial Planning.

This month, your MainStreet team is covering the topic of (drum roll, please…) protection. I wrote a detailed article in December expressing the importance of considering a credit freeze with all three bureaus. Major changes were put into place to make this process easier than ever and at a cost of $0 it’s a no-brainer. This step allows you to take a proactive measure by preventing a thief from opening a fraudulent account in your name.

Additionally, we continue to recommend annual credit report checks to keep an eye on any fraudulent changes or inaccurate companies reporting information. No person or company can completely prevent identity theft, but I’ve enrolled in a particular service since 2015 and found it to be very valuable: identity theft insurance.

Here’s what my coverage includes:

• Continuous monitoring of my personal information to identify thieves attempting to sell it on the dark web
• Immediate notification if there is suspected activity related to one of these data points: social security number, credit/debit cards, email addresses, medical IDs, phone numbers, bank accounts, driver’s license
• If my identity is compromised, a team of certified recovery specialists handles all the work that’s needed to restore my identity. The insurance includes repayment of up to $1 million in stolen funds and reimbursement for out-of-pocket expenses (ex. long distance phone calls, notary fees, application fees for loans that were rejected due to the theft, child and elderly care expenses, etc.)
• 24/7 U.S.-based customer service

If you think identity theft insurance may be a good choice for you, be sure to choose a product that monitors credit data at all three credit bureaus. Avoid credit monitoring products from individual credit bureaus, which tend to have less robust coverage and may limit your right to sue them if they are the ones that exposed your financial data. Also, if you’ve already placed credit freezes (well done!), you will need to temporarily lift them to allow a provider access to your files for monitoring.

As far as my personal experience goes, I have had a series of potential breach notifications in the last few years, and immediately changed my passwords associated with the account at risk. Fortunately, I have not had to utilize their recovery services, but I’ve seen very positive reviews related to their team of dedicated specialists. I know it can take many, many hours of hassle and stressful phone calls to make progress after you’ve been a victim of a security breach, and I am happy to pay ~$150/year for my entire family to have this added layer of protection. And most importantly, the recovery support when we become targets. Because in this day of digital security, it’s not a matter of if, but when.

The post Why I Pay for Identity Theft Insurance appeared first on MainStreet Financial Planning.

One way to keep your information organized is to use a password manager. A password manager stores all your login information for websites you use, and auto-fills login IDs and passwords so you don’t have to remember them. You can make all your passwords strong and unique to each online account or have the password manager generate complex passwords for you. You’ll only need to remember your master password to log onto the manager site!

There are many password managers available for varying costs. A few that come to mind are LastPass, Dashlane, Sticky Password, RoboForm, RememBear, Keeper, 1Password and EveryKey. They can have any number of features including generating unique and secure passwords, the ability to change multiple passwords at once, security alerts, two-factor authentication and supporting multiple platforms.

You can now feel secure knowing that you have created unique, complex passwords and never need to worry about forgetting a password again!

For additional tips on password managers and password protection, check out Jim Ludwick’s Swim with Jim episode from Feb 23, 2018 here.

The post Password Managers for Ultimate Password Protection appeared first on MainStreet Financial Planning.