RRA Educational Resources/Blog/You Don’t Want Debt in Retirement: Here’s How to Get Rid of It

You Don’t Want Debt in Retirement: Here’s How to Get Rid of It

Debt can be a major burden, especially as you approach retirement. If you have debt, it’s important to have a plan to pay it off before you retire. This will help you to live comfortably in retirement and avoid financial stress.

Here are a few ways to pay down debt just before retirement:

- Create a budget: This will help you to track your spending and make sure that you’re not spending more money than you earn.
- Increase your income: This could involve getting a part-time job, starting a side hustle, or asking for a raise at work.
- Reduce your expenses: This could involve cutting back on unnecessary spending, such as dining out or entertainment.
- Make extra debt payments: If you can afford to, try to make extra payments on your debt each month. This will help you to pay off your debt faster and reduce the amount of interest you pay.

Here are some additional tips that may be helpful:

- Prioritize your debt: Start by paying off your high-interest debt first, such as credit card debt.
- Consider consolidating your debt: This could involve transferring your debt to a lower-interest loan or line of credit.
- Talk to your creditors: Some creditors may be willing to work with you to lower your interest rate or monthly payments.
- Don’t be afraid to ask for help: If you’re struggling to pay off your debt, there are organizations that can help, such as credit counselors and debt settlement companies.

Paying down debt can be challenging, but it’s important to remember that it’s worth it in the long run. By being disciplined and sticking to your plan, you can achieve your financial goals and retire debt-free.

Learn more about the risks facing your retirement that could cause you to run out of money, leaving you broke in retirement.

​Sign up for our masterclass to learn how you can overcome this fear and get your safest retirement!

See other posts like this one:

Thursday, March 28, 2024

In 2024: What Medicare Could Cost You

Friday, March 01, 2024

Building Cash Flow in Retirement: Income Diversity Strategies

Wednesday, February 21, 2024

Why Legacy Planning is Part of Smart Retirement Planning

Thursday, February 15, 2024

How a Living Will Can Help Your Retirement

Friday, February 09, 2024

Retire Right: Ditch the Traditional Plan, Embrace Your Risk-Based Freedom

Thursday, February 01, 2024

From Pensions to 401(k)s: Shifting Risks in Retirement

Wednesday, January 24, 2024

Why Today’s Retirement Isn’t Like Your Parents’

Friday, January 19, 2024

Roth vs. Traditional Accounts for Pre-Retirees

Thursday, January 11, 2024

Pioneers of Risk-Based Retirement Planning

Thursday, November 30, 2023

Understanding Linked-Benefit Long-Term Care

Wednesday, November 22, 2023

Which is Best: Annuity or LIRP? Or Both?

Thursday, November 09, 2023

You Can Unlock Your Home Equity for Retirement

Wednesday, November 01, 2023

What Is a Second-To-Death Life Insurance Policy?

Friday, October 27, 2023

Beneficiary IRAs: Preserving Your Legacy for Future Generations

Thursday, October 19, 2023

Steady Stream of Retirement Income

logo.png

Investment advisory services offered through Brookstone Wealth Advisors, LLC (BWA), a registered investment advisor and an affiliate of Brookstone Capital Management, LLC. BWA and Retirement Risk Advisors are independent of each other. Insurance products and services are not offered through BWA but are offered and sold through individually licensed and appointed agents.

© COPYRIGHT RETIREMENT RISK ADVISORS. ALL RIGHTS RESERVED.

RETIREMENT PLANNING

Step 1 – Team Approach
Step 2 – Get to Know You
Step 3 – Design Your Plan
Step 4 – Provide Education
​Step 5 – Help You Take Action

CONTACT US

1309 Coffeen Avenue, Suite 3851, Sheridan, WY 82801

Support Staff support@retirementriskadvisor.com

Toll free: 1 (855) 491-0400
​Text us at: 1 (307) 264-2902