Managing Debt Before Retirement
Carrying consumer debt into retirement can quickly reduce the monthly cash flow available to spend on healthcare, travel, and leisure activities or could necessitate drawing down retirement accounts faster than planned. Either situation puts you at risk for running out of money or facing significant lifestyle changes to make ends meet. Financial strain is a reality for many nearing the retirement phase. Baby boomers carry an average credit card balance of $6,747 and $25,812 in total nonmortgage debt. Generation Xers carry an average credit card debt of $7,718 and $32,878 in nonmortgage debt. No matter if you’re the last […]