Think Your Credit Score Doesn’t Matter in Retirement? Think Again. – Suburban Finance

Potential damage of unpaid bills. If you think a small unpaid bill couldn’t possibly do that much damage, think again.. A forgotten bill for just a few dollars could have a significant impact on your credit score – and that resulting lower score could then haunt your finances for years.

Understand that your credit score isn’t as complicated as you might think, it doesn’t always matter and the higher it is, the farther it can fall.. 3 Things Nobody Tells You About Your Credit.

Think emergencies and unexpected expenses. One major reason not to let your credit score slip in retirement is that you never know when you might need money in a hurry. The lower your credit score, the more difficult it will be to get approved for a loan to pay for unforeseen expenses such as medical bills or major household repairs.

As long as you will continue to contribute to your 401(k)s as you have in the past, I think you should be OK on that score. There are tax consequences for removing money too early from a retirement.

Credit scores affect employment. And, like it or not, your credit report could be a factor in whether you get hired. "Employers are allowed to check credit reports, and frequently do so for positions that require access to large amounts of money or sensitive information," he adds.

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You’ve checked your savings, and your best strategy for claiming social security benefits, but is your credit where you want it for retirement? You might think in retirement – when many are.

Your borrowing days may be behind you. Even after retirement, however, your credit scores still matter for a variety of reasons, not the least being that your existing creditors will continue to pull your scores from time to time. The bottom line is we should continue to be concerned about how retirement will impact our credit scores.

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A "Financially Naked" session with a finance trainer taught me some hard-learned. I’m open about my SAT score (I scored a 950 my first time), my credit score (it lingers around 700), and even how.