Is Debt Really a Bad Thing in Retirement?

When it comes to carrying debt into retirement, most financial advisors or wealth managers will probably encourage you to pay down as much of it as possible before you stop working. The biggest reason being that you don’t want to use your retirement savings to have to pay down those debts. While I encourage my clients to pay down their debts–such as mortgages or student loans–before retirement, I realize there may be rare instances where debt might not be such a bad thing. Yes, there may be times when loans and debts may actually be a good thing for certain Continue reading Is Debt Really a Bad Thing in Retirement?

Get Down: Paying Down Debts Before Retirement

For many Americans, retirement is lived on a fixed income. That is, there is no income coming in and they are living off their savings. This means you will need to be realistic about your expenses and live within your means. While planning for retirement, aside from thinking about your expenses, you will also need to consider any debts you will have heading into retirement and what steps you can take to pay down those debts as much as possible. The key is that you enter retirement with as little debt as possible so that you don’t have to use Continue reading Get Down: Paying Down Debts Before Retirement

Don’t Let College Derail Your Retirement Plans

College is expense. As such, it can be tempting to help your children pay for it so that they are not burdened with huge amounts of debt when they graduate. However, before you do so, you need to strongly consider where the money that you will be helping them with will be coming from and whether that use of money can have an impact on your future. I want to be clear that I am not trying to dissuade you from helping your children, but I am reminding you to think about yourself and your future. A college education is a Continue reading Don’t Let College Derail Your Retirement Plans

Don’t Let Debt Get in the Way of Retirement

Saving for retirement isn’t easy. It can be tough to set aside money that you won’t touch for decades when you also have to make mortgage payments, save for a child’s education, make car payments, or take care of other financial obligations. On top of all that, the lifelines that past generations were able to rely on for retirement–such as Social Security and comfortable pensions–are either vanishing or a shell of what they once were. Thus, workers today must put away even more money for retirement on their own. With that in mind, it’s very important that you have an Continue reading Don’t Let Debt Get in the Way of Retirement