Managing Your Debt in Retirement
If you’re retired or getting ready to retire, sailing off into that sunset takes a lot of preparation. One aspect of retirement that you may not consider is how outstanding debts can hamper your retirement plans. It’s a good time to think about this, because retiree debt is on the rise: In the course of 2020 alone, average retiree debt rose by $9,979 to nearly $20,000 — an increase of 104%.
While some of that increase can be attributed to the COVID-19 pandemic, retiree debt has been rising over time. It’s important for you to look at your outstanding debts right now and take steps to make sure they don’t weigh you down as you head into your golden years.
