How Being Retired Can Hurt Your Credit Score

Many people think your credit score is most important when you are younger and might be planning on buying a house or financially a child’s education. But what you might not realize is that it is equally important during retirement!

According to an article by Daily Mail, your credit score still matters after retirement, especially if you need to move into some sort of assisted living facility as pre-admission often includes a credit check. Additionally, if you are planning on staying in your house you might need to make some modifications to age in place. Again, you will need good credit to secure a home equity line of credit.

To maintain your credit score, the article suggests keeping your credit cards active by using them for small purchases and paying off your balance in full each month.

The Seniors Trust is committed to improving the financial well-being of America’s retirees through passage of The Social Security Expansion Act. It will give retirees an immediate $200 per month (average) benefits increase, a fair annual cost-of-living adjustment (COLA), and increased minimum benefits.