Episode 70: Does Your Credit Score Matter In Retirement?

does your credit score matter in retirement

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Credit scores can be important, but are they still important while you’re in retirement? That depends on your situation. For some people, maintaining good credit can continue to be valuable. For others, who won’t be doing anything that requires credit, there’s no need consider a credit score when making decisions.

When you’re younger, you need a great credit score for so many things, especially if you’re going to use credit to buy a house, buy a car, or use reward points for neat things. As you get older, and hopefully your assets are increasing, you’re possibly paying for more things in cash. Does that mean you don’t have to worry about your credit score anymore?  Maybe, maybe not. There are so many things that are interested in your credit score, including: car insurance, cell phones, utility companies, getting into the military, renting a house or apartment, and possibly even getting into a continuing care retirement community.

Earlier in retirement, maintaining your good credit score may be important. But as you age through the retirement process, you’ll start moving past the things that require credit. At that point, your credit score becomes less important, and shouldn’t be your most important consideration.When the end result is more important than having a great credit score, then your credit score shouldn’t be your biggest worry.

Highlights include:

  • traveling on your credit card points
  • what is a credit score and how is it calculated?
  • Devin’s massive stereo system

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Every few weeks, Devin and John answer reader questions during the show.  Send your questions to questions@bigpictureretirement.net.