6. Create a Get-Out-of-Debt Plan
Debt and retirement don’t mix. Start developing an action plan now to eliminate credit card bills and other expenses weighing you down.
“Come up with a plan now, while you have plenty of time to execute it to get out of debt,” says Hylland. “Maybe you’re an empty nester and can downsize your home and mortgage, or consolidate credit card debt and pay it off, or get rid of a car with a long and expensive loan. Create a plan today to get your debt eliminated as soon as possible.”
No matter your age, you still have time to create an effective retirement savings plan. Find out if you’re financially prepared for retirement and put these tips into action.