Surprisingly, the majority of Americans say they are not in debt, according to a recent GOBankingRates survey. And yet that same survey found that among those who do owe some money, debt is the No. 1 source of financial stress.
Entering retirement with excessive debt can cause problems down the road. Whether it is credit card debt or even a mortgage, you need to find ways to reduce debt when moving into retirement.
Everyone’s situation is different, and you might be able to handle a mortgage if you have a sufficient nest egg. But while a mortgage payment might seem affordable early on in retirement — especially if you are still working a bit — you need to assess whether the payment will be sustainable throughout your retirement years.
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