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By: Alayna Pehrson - Digital Marketing Strategist for BestCompany.com
Although the majority of retired individuals have likely already paid off their homes and cars, some retirees incorrectly believe that they don't need to worry about credit any longer. And while building and maintaining good credit in retirement may not be as strong of a necessity in one's later years, there are still a few reasons why credit matters after you retire.
Expect the unexpected
Life can often get complicated even for retirees. Therefore, it is important to keep a good credit score no matter what time of life you're in. Here are a three reasons why having good credit may save you from being unprepared in the future:
Credit perks and rewards
If anything, the perks that you can get from having good credit can help you more than you may think. Some perks you can obtain from using and having good credit while in retirement include:
Higher level of awareness
Identity theft is a serious issue that can affect anyone, especially retirees who often lose track of their credit cards and fail to check for fraudulent activity. Maintaining credit can help you stay on top of your credit and better ensure your credit security. Basically, the more often you check your credit account and report, the less likely you'll become a victim of identity theft. Consistently monitoring your credit and using it on a regular basis will help you personally keep track of where your card is and will allow you to know what it is being used for.
Credit repair may be worth it
Obviously, building and maintaining good credit is important, even in retirement. Therefore, if you have lost track of your credit and let your score fall, then using professional credit repair services may be worthwhile. Many retirees decide to transition to only using cash and they either close their credit card accounts or completely forget about their credit cards, both of which can cause major credit downfall. Thus, credit repair may be the best way for you to obtain a second chance at having good credit and take part in all the benefits that come with it.