Human Longevity Literacy, and How Debt Impacts Credit Scores

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2 • 665 Ratings

🗓️ 10 July 2023

⏱️ 22 minutes

🔗️ Recording | iTunes | RSS

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Summary

Improve your longevity literacy so you don’t retire too early (or late!), then learn how debt affects your credit score. 01:31 This Week in Your Money: Sean Pyles and Liz Weston delve into the significant yet often overlooked concept of longevity literacy. They discuss how understanding your life expectancy can greatly influence retirement planning, and they share a life expectancy calculator you can use to get a personalized estimate of your life expectancy. 07:52 Today’s Money Question: Sean and Liz debunk common credit score myths, such as the idea that you can’t have good credit scores without debt. They also discuss how different types of credit accounts, like revolving accounts and installment loans, can affect your credit score, as well as the importance of responsibly managing credit card use. Plus, you’ll learn about the impact of closing an installment loan on your credit score and the importance of keeping credit cards open. You’ll walk away with nerdy, actionable insights into effective debt management strategies. 20:03 Takeaway Tips. In their conversation, Sean and Liz discuss: longevity literacy and illiteracy; retirement planning; human life expectancy; life expectancy calculators; retirement age; credit score myths; debt management; revolving accounts; closing installment loans; credit card use; paying balances; credit card debt; personal finances; and closing accounts. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Prime Video brings thrilling entertainment.
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0:07.0	Exactly how much danger is this job putting me in.
0:10.0	Treat yourself to the lovably chaotic Bridget Jones mad about the boy available to buy.
0:15.0	Did you have sex? Did you have sex?
0:17.0	Did you have sex last night?
0:19.0	Yes! And it was amazing!
0:23.0	Whatever you're into, it's right here.
0:25.3	Prime Video.
0:27.1	Click or tap the banner to find out more.
0:30.7	Hey Liz, I've got a weird question for you.
0:33.5	Okay?
0:34.8	Do you consider yourself a morbid person?
0:45.1	We spend a lot of time talking about retirement, but how much do you dwell on when retirement will, you know, like, end?
0:54.6	Well, I'm going to quote author Haruki Murakami, who wrote in the book Norwegian Wood that death is not the opposite of life,
0:56.7	but an innate part of life.
0:58.4	And morbid or not,
1:00.9	it's an innate part of retirement planning too.
1:03.4	To figure out how much you need to save for retirement,
1:05.3	you need to have at least an estimate of how long you're likely to live in retirement.
1:07.8	You know, I'm going to take that as a yes.
1:12.4	Bye. Hmm. You know, I'm going to take that as a yes. Bye.
	...

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