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An increasing number of Americans are planning to work past the age of 65, highlighting the need for financial security during your retirement years. According to a survey taken by the Employee Benefit Research Institute (EBRI), 79% of American workers intend to supplement their retirement income by working for a salary.
In the here and now, it’s not uncommon for Americans to take out personal loans and credit cards to supplement their cash flow. If this sounds like a financial strategy you’re planning on using in your golden years, you’ll need to monitor and maintain your credit score.
Just like working hard to save before you retire, a good credit score can help support you during your retirement years. Here’s how:
By keeping a clean credit score you can make sure you’ll be able to access finance during retirement should you need it.
Use these helpful credit and financial strategies in your later years to keep that credit score strong.
As people get older, they may find themselves more financially stable and using their credit cards less and less. Even if you’ve gotten to a point where it’s no longer necessary, swiping your card every once in a while can keep your account active.
When lenders see that an account is inactive, they’ll generally lower your credit limit, which can make your credit score take a small hit. Most people tend to close accounts they’re not using — don’t. When you close old accounts, you can damage your score by lowering the length of your credit history.
Even when you retire, your credit score still matters. By managing your finances and keeping a high credit score, you don’t have to stress about the “what ifs” during your golden years.
So by maintaining a healthy credit profile, when it’s your time to relax and enjoy retirement, you can do just that.
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