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

credit score

You have battled with your credit score your whole life. You wanted a good score so that you can could get the best loans, especially for your home mortgage. Finally, you’ve reached retirement, and you have it in mind that you can rest easy. You have your mortgage, you are done taking out loans for education, so you don’t have to think about your credit score any more right? Wrong. Your credit score still maters in retirement.

You Need to Watch Your Money Carefully in Retirement

Unless you happen to retire with extreme wealth at your disposal, you need to be frugal after retirement. You need to budget. After all, you don’t have the kind of income coming in that you once did. You aren’t going to get raises and other windfalls. You have to make do with what you have.

Therefore, it’s really important that you watch your money carefully. If you have bad credit, then you put yourself at risk. What if something happens and you need to refinance your home? Or what if you need to take out an emergency loan? So many things can go awry in life. Medical expenses, natural disasters, the needs of adult children … you just might need to get credit or a loan again even after you’ve retired.

If you don’t have good credit, then you’re going to end up with a loan that has terrible terms (if you can get a loan at all). A bad credit score means you’ll have a higher interest rate, which in turns means that you’ll have higher monthly repayment bills. If you’re trying to budget in retirement then you can’t afford to waste money on those exorbitant fees. If you maintain a good credit score in retirement then you don’t have to worry about that so much.

You Probably Have More Bills in Retirement Than You Anticipated

People like to paint a rosy picture of retirement. You’ve worked hard your entire life, so now you can rest. You can take the money that you set aside and enjoy your sunset years. However, this financially lovely picture simply isn’t the reality for many Americans reaching retirement age today.

Baby boomers who have retired or about to retire have much higher bills than they might have expected. In fact, many still owe on their homes, either due to an original mortgage or to refinancing over the years. Additionally, older people increasingly have high levels of credit card debt to their names. Some people even still have student loan debt when they retire!

If you have these types of outstanding debt, then you really need to make sure that you have a good credit score in retirement. You should work to improve the score as much as possible. You can do that through debt repayment, increased credit lines, disputing incorrect credit report information, etc. Once you have boosted your score as much as possible, you can then use that good credit score to get a great rate on a consolidation loan. This will allow you to repay that debt as quickly as possible so that it doesn’t hang over you throughout your entire retirement.

Plus more and more Americans retire but then start a post-retirement business of their own. If you’d like to start a new business, then you might need a business loan. If you have a good credit score in retirement, it’ll be significantly easier to get that loan.

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How to Write an Essay Introduction for Various Essay Formats

An introduction is one of the essential components in essay writing. It is the section that transports a reader from their current world into the writer’s mind. The way a student writer does this determines how convincing their essay turns out.  It is not an easy task but you can find essay writer cheap help online from essay writing platforms. This article also highlights the importance of a good essay introduction and offers tips on writing one.

Importance of an essay introduction

An introduction creates the first impression and lays a foundation for the rest of the paper. It explains the context of the essay and gives readers and an idea of what to expect. To write a winning essay in any format, you have to craft a powerful introduction that not only grabs the attention of a reader but also validates the essay.  A reader can tell if the essay is worth reading by just looking at the introduction. This makes it necessary to invest time in this section for any essay type you wish to write.

Techniques for Essay Introductions

You can use the following techniques to compose a captivating essay introduction:

  • A thought-provoking rhetorical question
  • Statistics on the subject matter
  • An anecdote to grab attention
  • An interesting fact related to the topic

While every introduction has to captivate the reader, you must consider the type of essay when crafting this paragraph. Your wording and flow have to correspond to the format of the essay provided. For instance:

  1. Argumentative essay: In an argumentative essay, your goal is to present an argument and win over the reader. In the introduction, you have to state your stand and present your argument before going to the supporting facts. You should give a thesis statement on your essay to prepare the reader for the arguments in the rest of the paper.
  2. Persuasive essay: Like the argumentative essay, a persuasive paper is about moving readers to side with your opinion. From the start, you have to state your stand openly and lay a foundation for the paper. Your attitude towards the subject must come out clearly to persuade the reader.

 

Image 1: A student writing an essay. A winning introduction leads

  1. Compare and Contrast Essay: In this essay format, you have to present two subjects which you plan to compare or contrast. You should also show the importance of discussing the similarities or differences of the mentioned subjects to capture the attention of a reader.
  2. Narrative essay: In this essay type, you are about to tell a story and you should set a suspense-ridden foundation. A good narrative essay leaves the reader yearning for more action and you should be careful not to lay everything bare at this point.
  3. Expository essay: In this type of essay, you give an estimation of the subject from your point of view. In the introduction, you have to show the importance of the subject and the need for an exposition of the subject. You must convince the reader that you have enough knowledge of the subject to assess the subject.

Go on and craft a winning introduction for your essay using these tips.

6 Ways You Can Save Money as Seniors

Reaching senior status can be tough for many people who aren’t sure how to handle their finances, especially after retirement. In fact, research has shown that after people retire, they are more likely to spend more money. This is because with ample free time on their hands, they’re using those funds to do new things and purchase more products. In fact, one study by the Employee Benefit Research Institute found that 45.9% of households spent more than what they had spent before retirement. With that in mind, it’s important for seniors to start to think about how they can save money in the long-term. Here are a few ways you can do this:

Assisted Living

Senior living homes are designed to help seniors make the most of their living arrangements. According to Ozarch, premier assisted living architects, “Everything from independent living, memory care support, and assisted living options—to skilled nursing accommodations, short-term care, comfortable visiting areas, and outdoor accessibility—we value thoughtful design to balance health, wellness, and most importantly, to create a home.”

With this in mind, it’s clear that assisted living communities provide extensive care to their residents. But it’s not just tailored accommodation that makes senior living homes great options. They can also help save money, too. There are ways you can double your money. Because it caters to seniors who have the ability to live a more independent lifestyle, the costs are much lower than a nursing home. Additionally, veterans programs and long-term insurance programs can offer financial assistance to curb some costs.

Join a Discount Club

There are various discount clubs out there, and AARP is one of the most popular ones. These discount clubs can help you manage your discounts from anywhere. AARP, for example, has a mobile applications that makes it easy to discover nearby discounts without having to do manual work by calling and researching. They also offer free hearing tests once per year, free movie screenings, and dozens of food discounts. Check various discounts clubs to see what’s right for you.

Consider Refinancing Your Mortgage

Your home is one of your biggest personal assets, and if managed correctly, it can really help you with your funds. There are several benefits to refinancing a mortgage, but it’s important to consider the pros and cons and decide what’s best for your specific situation. One of the biggest benefits of refinancing is getting a lower interest rate, which could ultimately lower your payments and relieve some stress from your monthly budget. The more equity you have in the home, the more appealing this option could be. However, if you refinanced into a longer term loan, you might find that although you’ll have immediate financial relief, you’re stuck paying for the home for a much lengthier duration.

Get New Health Coverage

Take a look at your current healthcare plan and start to examine ways you could lower those costs. No matter what type of insurance you have, there are plenty of hidden ways you can tip the costs in your favor if you know where to look. You can speak with a financial advisor to help to determine areas where you can save, especially when it comes to medical costs.

Take Advantage of Senior Discounts

There are many businesses and establishes that offer senior discounts. All you have to do is ask. Whenever you go out to eat or plan to partake in an event, check the company’s website to see if they offer senior discounts. For instance, senior status can give you great savings deals in the travel industry, as many hotels and airlines offer discounts that can go a long way towards keeping more money in your pockets. On American Airlines, for examples, traveling during non-peak periods can yield ticket prices upwards of 50% off. Some food shopping centers also offer seniors a certain percentage off during specific days of the week. Restaurants typically offer anywhere between 10% to 20% off bills.

Reevaluate Transportation Costs

The cost of owning and maintaining a vehicle can quickly add up. For many seniors, having a car is non-negotiable, but it’s important to consider what your options are. Start by shopping around for a lower insurance rate, or considering joining a carpool or learning how to use ride sharing mobile applications. Look into public transportation as well. If you plan on moving to an assisted living community, talk to management about what your options are for getting around. Many communities offer special transportation for seniors. You can also check walkability scores for different neighborhoods near you if you plan to move to accommodate your new lifestyle.