scottsdale financial advisor

Innovative Retirement Solutions, PLLC

  • Who We Serve
    • Current Retirees
    • Future Retirees
    • Business Owners
Menu
  • Who We Serve
    • Current Retirees
    • Future Retirees
    • Business Owners
Login
Become a Client
scottsdale financial advisor

Innovative Retirement Solutions, PLLC

  • Who We Serve
    • Current Retirees
    • Future Retirees
    • Business Owners
  • Login
  • All Posts
  • New Client Advice
Menu
  • All Posts
  • New Client Advice
  • Raymond Singh, AWMA®, RFC® Raymond Singh, AWMA®, RFC®
  • - May 29, 2021
  • - 7:13 am

Debt Should Retire When You Do

While credit cards can be convenient and often come with useful features, it’s important to minimize debt when retirement is near.

These days, having a credit card is practically a necessity, even when you are retired. It’s hard to do things like buy airline tickets, rent a car, or place an order online without one. And, while monitoring your credit card use is important anytime, making sure you avoid credit card mistakes that could affect your finances is essential once you retire.

It’s a Credit Card, Not a Paycheck

Although it sometimes may be difficult to live on a fixed amount, using credit to supplement your income will only make it harder to live within your means. Avoid using your card to pay for groceries or other necessities unless you can pay the balance in full when the bill comes due. If you can’t pay the balance and continue to charge purchases, you risk having a larger credit card bill than you’re comfortably able to pay each month. And you could be incurring hefty finance charges on the unpaid balance, making it even harder to reduce your debt.

Pay Attention to Features

Think about how you intend to use the card. Cards that earn travel or other rewards may be appropriate if you’re disciplined and pay off your card balance each month. But make sure any fees for a rewards card don’t outweigh the benefits. If there’s a strong possibility that you’ll carry a balance on a high-rate card, forget the rewards and look for a card with a low interest rate.

Nurture Your Credit Score

You’ll get the best deals on credit cards if you have a high credit score. Don’t hurt your score by paying bills late or getting into too much debt.

If You Do Have Debt

If you still have credit card debt as you begin retirement, make sure you have a plan for paying it off. Once it’s gone, using credit responsibly will help keep your finances on track.

Share on facebook
Share on twitter
Share on linkedin

Recent Posts

credit card

Finding the Right Credit Card for You

July 16, 2021

With so many credit cards available, it’s not surprising that

Read More »
planning for retirement

5 Common Investment Mistakes When Planning for Retirement

July 10, 2021

Only about 23% of American workers say they are “very

Read More »
investment

Does Your Portfolio Reflect Your Risk Tolerance?

June 17, 2021

There are many types of risks associated with investing. Understanding

Read More »

Leave a Comment Cancel Reply

You must be logged in to post a comment.

10565 N 114th St #102 ​
Scottsdale, AZ 85259 ​
​
raymond.singh@lpl.com ​
Phone: (480)443-3303

  • Contact Us
  • About Us
  • Articles
  • Weekly Research
  • Investor Profile Quiz
  • Become a Partner
scottsdale financial advisor

Business Hours

scottsdale financial advisor

Monday - Friday
8:00am - 5:00pm MST

scottsdale financial advisor
scottsdale financial advisor

Business Hours

Monday - Friday
8:00am - 5:00pm MST

DISCLOSURE: Securities and Advisory services offered through LPL Financial, a Registered Investment Advisor. Member FINRA/SIPC.

The LPL Financial representative associated with this website may discuss and/or transact securities business only with residents of the following states: Arizona, California, Colorado, Kansas, Missouri, New York, Oregon, Virginia, and Washington.

  • about
  • Business Owners
  • Current Retirees
  • free-advice
  • Future Retirees
  • Home
  • Take our investor quiz. Get personalized recommendations — automatically.
  • weekly-insights