Your Retirement Privacy is very crucial today We’re going to talk about five Retirement Secrets people should never disclose to anyone and the reasons why they should not disclose them.
1- Your Retirement Privacy financial information
Your income, net worth, and other financial data
It always surprises me when someone discloses their own financial information in a comment on social media or while talking to a stranger they just met online. Even though their username typically isn’t their real name, it is still really risky.
Telling anyone, even close family or friends, how much you’re worth or how much income you have is never a good idea. Sometimes it just makes them feel uncomfortable because they haven’t kept up. Other times, it makes you a target for elder abuse or for loans or business ideas that just don’t make sense at retirement age. Sometimes they compare what they have to what you have, and it seems like you just have free money to give away.
When you are enjoying your Retirement Privacy, you feel an urge to help those who are closest to you, which often leads to the beginning of a long-term downward financial spiral for both of you. So be careful with your financial information. Make sure that when you give it to someone, they actually need to know that information.
2- social security number
avoid sharing your social security number for better privacy
It’s never a good idea to give anyone your social security number, without exception, before and after retirement. Even if you’re engaging in business transactions, most counterparties don’t actually require it. Of course, if there’s tax reporting that goes along with this, a job, a mortgage, a bank account, then you’ll have to give your social security number.
They need to report your deduction or your income to the IRS. However, you probably don’t need to give your social security number out for most business transactions and certainly never for any retail transactions.
3- Disclosing your home address
avoid giving away your home address when you’re on retirement
Now what is normal, and you do not need to worry about is, for example, you give your home address out every single day when you order something from Amazon. Or when you go to a retail store and have something shipped.
When someone seeks out your home address without your permission or without your involvement, for example, you’re contacted by someone conducting market research, or someone you are dating online that you do not know very well.
4- Giving away your email address
Protecting Your Retirement Privacy
Protecting your retirement privacy is critical in this digital age. It makes no sense to have only one email address. In fact, it’s dangerous.
- Having one just for your financial institutions, your bank, your brokerage, insurance company, your IRA provider, is of paramount importance.
- second email for family and friends, only for family and friends, is taking your personal security to the next level.
- And having a third one for basically what I would call junk is quite useful as well. That’s for any retail transactions, political donations, other donations.
Now, if someone gets access to your most important email address, their ability to get into your financial accounts is one phishing scheme away. Once they have your username and password, all they need is access to your second step verification.
Whenever you have financial dealings with an institution, make sure they offer and enable two-step verification.
Does two-step verification add extra privacy to your retirement?
It’s another secure step for a good privacy that allows the website to confirm your identity. It’s typically a text message that you can choose to either received on your email or as text message on your phone number. If a financial service does not offer two-step verification and holds to something valuable, such as your money or securities (in the case of a brokerage), you should avoid doing business with that company.
5- Mobile phone number
Retirement privacy: Never give out your mobile phone number
It is wise to keep your phone number private during retirement. Unless you are the one initiating a discussion with a friend, applying for credit, or making a purchase at a store, your mobile number acts as a firewall. Even if someone manages to obtain your username and password, two-step verification provides an additional layer of security. Without access to your phone, they cannot gain entry.