Progressive Farmer: MONEY AND TAXES

Retirement Risks High For Farmers

As a group, farmers are accustomed to gambling every year-betting on things like weather and markets. But a recent study found that many of America's farmers are also making some high-stakes bets on their retirement, putting families at risk of outliving retirement savings.

The study was put together by the American Corn Growers Association and Americans for Secure Retirement. It found that little or no access to employer-based pension programs, along with day-to-day business risks, put farmers on a tougher row when it comes to saving for retirement. Only 30% of agricultural workers have access to some type of retirement plan, and less than 25% participate in such plans. In addition, the volatility of farming has made it difficult for many to save for retirement.

The wives of farmers get the worst of this because, on average, they live longer. The USDA says two-thirds of rural persons 60 and above living on less than $10,000 a year are women. That percentage climbs to four-fifths at age 85.

Lock Down Your Credit

The illegal use of your credit by identity thieves can ruin credit scores and create a tangled mess that may take years to unravel. Consider putting a fraud alert on your credit to prevent thieves from opening any accounts in your name.

To put a fraud alert on your credit report, call one of these three consumer reporting agencies: Equifax at 1-800-525-6285; Experian at 1-888-397-3742; or TransUnion at 1-800-680-7289. You only need to call one of these agencies; the one you choose will contact the other two to ensure your fraud alert is in place.

There are two types of fraud alerts. The first is an "initial alert" that will stay with your credit report for 90 days. The other type of fraud alert is an "extended alert" that will stay on your report for seven years. The extended alert has an added bonus: It requires consumer reporting companies to remove your name from marketing lists for prescreened credit offers for five years. Once a fraud alert is put in your file, you can order free copies of your credit reports. You can also request that only the last four digits of your Social Security Number appear on the reports.

A business seeing an alert on your report will be required to verify your identity before issuing you credit.

A New Look At Car Insurance Premiums

Here's another reason to keep an eye on the almighty credit score: Insurance companies are now using the scores as a factor in determining premiums for drivers.

State Farm Insurance is now tying credit scores to premiums. The company is making its premium changes slowly, but it is expected to reach every state by the end of 2006. Currently, states affected include Iowa, Kentucky, Ohio, Tennessee, Florida, Arizona, Indiana and Texas.

Tracking Gas Prices

The volatility of the oil market-taking prices to the $60-per-barrel mark and beyond-has left consumers with higher gas prices than anyone predicted. You can be sure you're getting the best deal locally by checking a web site that updates prices daily. Go to www.gaspricewatch.com to see where the lowest prices are in your area.