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Do You Need Good Credit in Retirement?

November 4, 2018

From the U.S. News & World Report website

You may have followed your credit score closely during your working years, when milestones often coincided with credit checks for mortgages and car loans. However, certain factors related to credit change when you enter retirement. You might not have a mortgage anymore, and have no plans to purchase another car. Only 16 percent of baby boomers were concerned about maintaining good credit as a top financial priority when getting ready for retirement, according to a 2017 TransUnion survey.

But before brushing credit to the side, it’s important to carefully consider whether you will need credit during your retirement years. “Seniors may not anticipate using credit during retirement, but circumstances change,” says Mike Sullivan, a personal finance consultant with Take Charge America, a nonprofit credit counseling and debt management agency. Here’s how credit might be used in the years to come, along with good strategies to stay on top of your credit.

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