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How to be debt-free by retirement
- Retiring without any outstanding loans or balances means you have no financial obligations when you stop working, yet many individuals still carry debts like credit cards or student loans into their retirement years.
- Higher interest rates on mortgages and credit cards, with April 2025 mortgage rates near 7% and credit card APR averaging 22%, make paying off debt challenging for many nearing retirement.
- Retirement success often suffers from poor planning including sequence of returns risk, overspending, neglecting tax strategies, and misunderstanding healthcare and withdrawal approaches.
- Individuals aged 50 and above accounted for nearly a quarter of the $1.6 trillion total in U.S. student loan debt as of 2020, underscoring the financial challenges older Americans face with long-standing debt.
- Acting sooner to pay down higher interest debts and revising legal and financial plans regularly can improve retirement outcomes and reduce stress linked to debt management.
35 Articles
35 Articles
How to be debt-free by retirement | News Channel 3-12
How to be debt-free by retirement Retirement can be a time to pursue hobbies, spend more time with the people you love, and travel whenever the mood strikes. Carrying debt into retirement may not be ideal, especially if it prevents you from doing what you want. You don’t have to be debt-free by the time you retire. But paying off debt before you say goodbye to the job for good could bring you peace of mind and greater financial security. Here, F…
Avoiding retirement disasters from the inside out
Avoid these 11 common mistakes retirees make, from bad Social Security timing to inflation blind spots, and improve your financial success in retirement. The post Avoiding retirement disasters from the inside out | The Informed Investor appeared first on Rochester Business Journal.
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