The Importance of Password Security

By
June Adams
May 10, 2021
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Weak passwords can compromise the best security tools and controls. With a never-ending list of applications and services that users and consumers access, people may have dozens of passwords to maintain at any given time. Often, the temptation to use familiar terms such as pet names, favorite teams or the names of children or friends can cause risk since much of those details can be discovered by a simple examination of social media.

Creating strong passwords offers greater security for minimal effort. Weak passwords can compromise the best security tools and controls. With a never-ending list of applications and services that users and consumers access, people may have dozens of passwords to maintain at any given time. Often, the temptation to use familiar terms such as pet names, favorite teams or the names of children or friends can
cause risk since much of those details can be discovered by a simple examination of social media.

Under Lock and Key
You can buy a small padlock for less than a dollar—but you should not count on it to protect anything of value. A thief could probably pick a cheap lock without much effort, or simply break it. And yet, many people use similarly flimsy passwords to “lock up” their most valuable assets, including money and confidential information. Fortunately, everyone can learn how to make and manage stronger passwords. It is an easy way to strengthen security both at work and at home.

What Makes a Password ‘Strong’?
Let’s say you need to create a new password that’s at least 12 characters long, and includes numerals, symbols, and upper- and lowercase letters. You think of a word you can remember, capitalize the first
letter, add a digit, and end with an exclamation point. The result: Strawberry1!

Unfortunately, hackers have sophisticated password-breaking tools that can easily defeat passwords based on dictionary words (like “strawberry”) and common patterns, such as capitalizing the first letter.
Increasing a password’s complexity, randomness, and length can make it more resistant to hackers’ tools. For example, an eight-character password could be guessed by an attacker in less than a day, but a 12-character password would take two weeks. A 20-character password would take 21 centuries. You can learn more about creating strong passwords in your organization’s security awareness training. Your organization may also have guidelines or a password policy in place.

Why Uniqueness Matters
Many people reuse passwords across multiple accounts, and attackers take advantage of this risky behavior. If an attacker obtains one password—even a strong one—they can often use it to access other valuable accounts.

Here is a real-life example: Ten years ago, Alice joined an online gardening forum. She also created an online payment account and used the same password. She soon forgot about the gardening forum, but someone accessed her payments account years later and stole a large sum of money.

Alice did not realize the gardening forum had been hacked, and that users’ login credentials had been
leaked online. An attacker probably tried reusing Alice’s leaked password on popular sites—and
eventually got lucky.

Guarding Your Passwords & PINS. Passwords and PINS protect sensitive data and it's critical to keep them safe. Try these best practices to stay protected.

1. Do not write them down – Many make the mistake of writing passwords on post-it notes and
leaving them in plain sight. Even if you hide your password, someone could still find it. Similarly, do
not store your login information in a file on your computer, even if you encrypt that file.
2. Do not share passwords – You cannot be sure someone else will keep your credentials safe. At
work, you could be held responsible for anything that happens when someone is logged in as you.
3. Do not save login details in your browser – Some browsers store this information in unsafe
ways, and another person could access your accounts if they get your device.
4. Use a password manager – These tools can securely store and manage your passwords and
generate strong new passwords. Some can also alert you if a password may have been
compromised.
5. Never reuse passwords – Create a unique, strong password for each account or device. This
way, a single hacked account does not endanger other accounts.
6. Create complex, long passwords – Passwords based on dictionary words, pets’ names, or other
personal information can be guessed by attackers.

 

 

 

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By
David McDonough
July 2, 2019

Retirement is a big deal, and there are a lot of moving components to plan out. Those issues multiply when there is another individual added to the mix. My definition of retirement is the financial freedom to move into the next chapter of your life, and that next chapter is different for everyone –especially spouses! This is not the time to assume the two of you are on the same page or decide that the two of you will figure it out later. Most people know that I’m a big proponent of talking to your spouse about everything financial, and retirement is no exception.  Be sure to take the guess work out of this process so you can enter the next chapter of your life in harmony.

It’s not uncommon for couples to not see eye-to-eye on retirement. About half of couples don’t agree on what age to retire[i]. Less than 10% of surveyed couples retired at the same time[ii]. And 47% disagreed on how much they would need to save for retirement[iii]. With so many areas to disagree, from where to retire to how to spend your days, how do spouses work together to achieve their cumulative goals?

I always like to recommend the couples start off by taking my financial compatibility quiz. Not only does this show the areas you may not see eye-toe-eye on, but the quiz generates a lot of conversations. Continue these conversations at monthly financial date nights to make sure that the two of you continue on the same path towards the same goals. Talk about the details – at what age do you want to retire, how do you want to spend your days in retirement, and how much of that time will be spent together. Keep in mind that most people have spent over 40 hours a week away from their spouse for decades. Retirement frees up all that time, which can be too much “togetherness” for some couples. This is why I like to take my clients through a discussion on “your time, my time, and our time,” well before it is actually time for retirement. Discussing these things in advance can allow you to compromise on issues before emotions flair and make a world of difference between living together happily in retirement or, in worst cases, filing for divorce.

Once you have an idea of what your retirement goals are, you need to formulate a plan. An experienced financial planner can be a great resource at this time, bringing up things you may not have touched on and running “what if” scenarios for you to see how your retirement dreams can be converted into actionable goals. Please start these discussions early because financial independence takes many forms, but you can’t figure out when you’re going to get there until you plan your route.

Marriage is many things, but ultimately, it is a partnership. The two of you work together to move the household forward. You may not always agree, but you find common ground by talking and sharing and compromising. If you plan ahead and plan together, you can find the right way to your coupled vision of retirement.

Take our FREE Financial Compatibility Quiz here.

[i] https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/couples-retirement-fact-sheet.pdf

[ii] https://assets.aarp.org/rgcenter/general/retired_spouses.pdf

[iii] https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/couples-retirement-fact-sheet.pdf

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

By
Jeff Motske, CFP®
August 26, 2018

There is one area of planning that gets glossed over, even by the many responsible people: long-term care planning. For so many, it is difficult to plan for something that seems so far removed from their current existence. Many also assume that their current health insurance or Medicare will cover most expenses associated with long-term care. Unfortunately, these mistakes leave them ill-prepared for the expensive reality.

As the US government estimates 70% of individuals who are currently 65 “will require some form of long-term care”.1 Therefore, this is more of an eventuality for most folks than it is a possibility. When an individual’s health starts to decline, hopefully, multiple levels have been put into place. Not only should you be concerned with who will care for you physically, you must all consider who will care for your finances.

Physical Care –The costs for long-term care can be surprising for many, with the average 65-year-old paying approximately $138,000 over his/her lifetime.2 As mentioned earlier, Medicare or private health insurance rarely covers all types and expenses of long-term care. Medicaid assistance varies by state and requires that an individual “must spend down his or her assets and meet other criteria.”3 Additionally, It is important to talk with your loved ones about long-term care options, not only about what one can afford but equally as important, what one prefers.

Ultimately, many end up paying for long-term care from their own finances – 50% according to the Bipartisan Policy Center report.4 To protect your finances and the finances of your loved ones, it is vital to prepare for these possible scenarios. There are many long-term care insurance policies that can provide you the assistance your particular situation needs. The premiums for these policies are much more affordable the younger you are. While some of these policies can get a bit confusing, a financial planner can easily go over these policies and help you determine which one would be best for your particular situation.

Financial Care – The key to financially protecting a client in declining physical or mental health lies in teamwork. The team, which consists of their financial team members (financial planner, tax professional or estate planning attorney), delegates and medical professionals. While we all continue to focus on our own particular role and duties, maintaining a professional relationship does give us the opportunity to share any concerning or unusual behavior concerning our client, as well as execute things quickly and as close to the client’s wishes as possible. Equally important is a Durable Power of Attorney (DPA), which legally allows an individual to designate someone to make financial and medical decisions on their behalf should they become mentally incapable to do so. Having these safeguards in place can save on time and hassle should health matters deteriorate and allow your delegate to focus on more pressing issues.

When so many of us pride our independence and self-reliance, declining health issues can be downright scary. I understand this well as I do my best to set my clients up for financial independence, so they can create the life they want to live. When circumstances step in and disrupt your life, it’s vital to know that you have people to rely on and safeguards to protect you.

1. https://www.usatoday.com/story/money/personalfinance/retirement/2017/11/17/retirement-planning-should-include-long-term-care-costs/866344001/

2. https://www.usatoday.com/story/money/personalfinance/retirement/2017/11/17/retirement-planning-should-include-long-term-care-costs/866344001/

3. https://www.consumerreports.org/elder-care/elder-care-and-assisted-living-who-will-care-for-you/

4. https://www.usatoday.com/story/money/personalfinance/retirement/2017/11/17/retirement-planning-should-include-long-term-care-costs/866344001/

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