Retirement should be a time of relaxation and enjoyment, but for many seniors, financial worries persist. Debt doesn’t magically vanish when you reach a certain age. In fact, it can become even more challenging to manage on a fixed income. The good news? You’ve got options. Whether you’re approaching retirement or already there, there are strategies to tackle your debt head-on and reclaim your financial freedom. What Types of Debt Do Most Seniors Carry? As you age, certain types of debt become more common. Let’s look at the main culprits: Credit card debt is often the result of unexpected expenses or trying to maintain a pre-retirement lifestyle. Then there’s medical debt. Health issues can lead to substantial bills, even with Medicare coverage. Mortgage debt also exists, with seniors still carrying home loans into retirement. Auto loans are something you can be stuck with at any point in your life, as car payments can strain a fixed income. Finally, personal loans can sometimes help you get out of financial challenges like home repairs or helping family members, but some seniors are stuck paying them for years. The Debts That Can Create Financial Issues for Older Adults For seniors, certain debts can […]
