Consider your future interests.
Many retirees assume that once they retire, their borrowing days are over. But, this is far from the truth for many retirees. In 2016, the median household consumer debt was $31,300 for people 65 or older.
So, while pre-retirees are focusing on their next vacation, they tend to forget about their credit score’s impact on retirement. This matters because you might discover some new activities you wish to pursue as you settle into your golden years.
People want to explore interests in retirement that will likely involve credit, like starting a business or even buying a second home. A good credit score makes borrowing at a good rate easier, particularly in the absence of earned income.
Having good credit can also help finance property changes. If you want to take out a line of credit to make home repairs or you need a reverse mortgage, it’s a good idea to maintain a stable credit rating.
