Retirement is something to which most of us aspire; going about our careers and working hard with the promise of one day enjoying a day when work is no longer the thing we get up for in the morning. For those who plan appropriately, retirement can be enormously rewarding and can include travel and anything else to which the retiree is looking forward. But retirement takes committed financial planning.

Most of us understand the basics of retirement planning – the importance of 401k plans and other savings and investment plans. But it is also important to ensure that credit standing is what it should be prior to retirement. Our credit report tells of our creditworthiness to a prospective lender and it’s essential that we are aware of what our credit report is saying about us.

Luckily, consumers are entitled to receive free credit reports at least once a year so that they can inspect their credit standing and ensure that their credit report includes only accurate information. The three major credit bureaus – Trans Union, Equifax, and Experian – gather the information pertinent to our credit standing including history of payments, open lines of credit, and history of default. This information combined together is enough to assign a consumer with a credit score that lenders use to determine if they will approve applicants.

For upcoming retirees it is important to get a free credit report on a frequent basis to ensure that nothing is on there that may catch them by surprise later on down the road. By taking the steps necessary to protect their credit and build a nest egg for the future, retirees can enjoy the time coming to them, stress-free.

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