Secret Destroyers of Retirement: Will You Make These 20 Mistakes?

8. Still Having Debt

Dealing with debt is a challenge, regardless of age, but as we grow older, its weight amplifies significantly. Approaching retirement with lingering mortgage or credit card debts calls for a reassessment of financial strategies. Options such as loan refinancing or aggressive debt repayment should be explored earnestly. In certain circumstances, extending your working years might be necessary to ensure a debt-free retirement.

Navigating retirement while burdened with debt poses immense financial strain. With Social Security providing minimal support, the expenses of housing, taxes, and essentials become increasingly burdensome. Minimizing financial obligations becomes paramount. Couples should evaluate the necessity of maintaining two vehicles and consider selling one to alleviate ongoing payments. Similarly, downsizing phone plans to essentials can offer substantial savings.