{"id":10754,"date":"2022-08-19T14:25:57","date_gmt":"2022-08-19T14:25:57","guid":{"rendered":"https:\/\/www.moneypatrol.com\/moneytalk\/?p=10754"},"modified":"2024-08-20T02:37:02","modified_gmt":"2024-08-20T02:37:02","slug":"debt-management-and-retirement","status":"publish","type":"post","link":"https:\/\/moneypatrol.com\/moneytalk\/budgeting\/debt-management-and-retirement\/","title":{"rendered":"Debt Management and Retirement: 3 Simple Steps to know it"},"content":{"rendered":"<div id=\"modal-ready\">\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"10754\" class=\"elementor elementor-10754\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-35593fed elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"35593fed\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-68aafce3\" data-id=\"68aafce3\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-516ab02 elementor-widget elementor-widget-text-editor\" data-id=\"516ab02\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Debt Management and Retirement have always been in the discussion and debts for a longer part of the time. Preparing to reign or retire implies more than being prepared to halt waking up at 6:00 a.m. to put in long hours at a work you&#8217;re not excited about. If it were that straightforward, most of us would resign at 25. What it truly takes to leave may be a firm handle on your budget.<\/p><p>A carefully considered speculation and investing arrangement for your life investment funds, an obligation beneath control. And an account you&#8217;ve energized around for how you&#8217;ll spend your days. People nearing retirement age have contracts, credit card equalizations, and other obligations.<\/p><p>The regular commitment for infant boomers, or individuals aged 57 to 74, is nearly $26,000. The standard contract adjustment is $191,650.1. &#8220;While numerous individuals select to set an objective to retire with no obligation, for others, that&#8217;s unrealistic,&#8221; says Heather Winston, right-hand chief of money-related counsel and arranging at Principal. The debt-versus-retirement wrangle about requires a study of your add-up to obligations, and they are intrigued.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-13b2150 elementor-widget elementor-widget-video\" data-id=\"13b2150\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;video_type&quot;:&quot;hosted&quot;,&quot;controls&quot;:&quot;yes&quot;}\" data-widget_type=\"video.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"e-hosted-video elementor-wrapper elementor-open-inline\">\n\t\t\t\t\t<video class=\"elementor-video\" src=\"https:\/\/www.moneypatrol.com\/moneytalk\/wp-content\/uploads\/2022\/03\/MoneyPatrol_Promo_1.mp4\" controls=\"\" preload=\"metadata\" controlsList=\"nodownload\" poster=\"https:\/\/www.moneypatrol.com\/moneytalk\/wp-content\/uploads\/2022\/04\/videoPlay.png\"><\/video>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2ba6f5e0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2ba6f5e0\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-36bb2c54\" data-id=\"36bb2c54\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7d78e537 elementor-widget elementor-widget-heading\" data-id=\"7d78e537\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Table of Content:<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4995828 elementor-widget elementor-widget-text-editor\" data-id=\"4995828\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"#beforeretorement\">1. Debt Management before Retirement<\/a>\u00a0<\/p><ul><li><a href=\"#budget\">Create a Budget<\/a>\u00a0<\/li><li><a href=\"#counselling\">Get Help Through Credit Counseling<\/a>\u00a0<\/li><li><a href=\"#importantdebts\">Paying off debt during retirement<\/a>\u00a0<\/li><\/ul><p><a href=\"#afterretirement\">2. Debt Management after Retirement<\/a>\u00a0<\/p><ul><li><a href=\"#debtstoekeep\">Determine Which Debts to Keep<\/a>\u00a0<\/li><li><a href=\"#list\">Make a List<\/a>\u00a0<\/li><li><a href=\"#extraincome\">Find an Extra Income Stream<\/a>\u00a0<\/li><\/ul><p><a href=\"#conclusion\">3. Conclusion<\/a>\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-12541690 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"12541690\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-719dc270\" data-id=\"719dc270\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-71aa422 elementor-widget elementor-widget-heading\" data-id=\"71aa422\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"beforeretorement\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1. Debt Management before Retirement<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-24f3650f elementor-widget elementor-widget-image\" data-id=\"24f3650f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"525\" height=\"347\" src=\"https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2022\/05\/Money-and-Peace-Equation.jpg\" class=\"attachment-large size-large wp-image-9481\" alt=\"Self-defense, Money and Peace Equation\" srcset=\"https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2022\/05\/Money-and-Peace-Equation.jpg 1020w, https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2022\/05\/Money-and-Peace-Equation-300x199.jpg 300w, https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2022\/05\/Money-and-Peace-Equation-768x508.jpg 768w\" sizes=\"100vw\" title=\"\">\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5488adc2 elementor-widget elementor-widget-text-editor\" data-id=\"5488adc2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>For many upcoming and present retirees, financial reality looks very different. Baby boomers have an average credit card balance of $6,747 and total nonmortgage debt of $25,812.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-19a332ec elementor-widget elementor-widget-toggle\" data-id=\"19a332ec\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"toggle.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-4301\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-4301\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-caret-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-caret-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">According to Experian,<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-4301\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-4301\"><p>According to Experian, this includes credit cards, shop cards, personal loans, and other nonmortgage accounts. Accounts 90 to 180 days past due have a 3.2 per cent delinquent rate.\u00a0<\/p><p>The average mortgage debt for Baby Boomers is $191,650.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-79bcf4c3 elementor-widget elementor-widget-text-editor\" data-id=\"79bcf4c3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Carrying consumer debt into retirement reduces the monthly cash flow to spend on priorities such as health care, travel, and leisure activities. Or it necessitates drawing down retirement accounts faster than planned, increasing the risk of running out of money or forcing significant lifestyle changes to make ends meet.<\/p><p>And it&#8217;s challenging to get ahead when debt interest rates outstrip gains on retirement investments. The historical average yearly return on the stock market is a long cry from the average credit card rate.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7c3b58a7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7c3b58a7\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4251970d\" data-id=\"4251970d\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-50304bf9 elementor-widget elementor-widget-heading\" data-id=\"50304bf9\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"budget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">a. Create a Budget <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-49d55bfe elementor-widget elementor-widget-image\" data-id=\"49d55bfe\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.moneypatrol.com\/user-guide-dashboard\/#budgets\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"525\" height=\"284\" src=\"https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2021\/12\/MoneyPatrol-Budget-Distribution-Mode-1024x554.png\" class=\"attachment-large size-large wp-image-3875\" alt=\"Budget Planner\" srcset=\"https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2021\/12\/MoneyPatrol-Budget-Distribution-Mode-1024x554.png 1024w, https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2021\/12\/MoneyPatrol-Budget-Distribution-Mode-300x162.png 300w, https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2021\/12\/MoneyPatrol-Budget-Distribution-Mode-768x416.png 768w, https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2021\/12\/MoneyPatrol-Budget-Distribution-Mode.png 1081w\" sizes=\"100vw\" title=\"\">\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ff7446 elementor-widget elementor-widget-text-editor\" data-id=\"ff7446\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>In retirement, your income and spending may alter dramatically. Making a retirement budget might help you manage your money if you&#8217;re no longer employed.<\/p><p>To create a budget, sum up all of your monthly revenue sources. Then deduct your fixed monthly expenses\u2014things you must pay monthly, such as a mortgage, insurance, or vehicle payments. Finally, calculate your discretionary spending\u2014monthly costs like groceries or eating out.<\/p><p>You can choose a technique to fight your debts once you&#8217;ve determined how much you owe. The avalanche technique and the snowball method are two debt-reduction strategies. You make the least monthly payments on all debts, excluding the one with the highest interest rate under the debt avalanche plan. Pay as abundant as you can to that debt each month until it is paid off. Then pay attention to the obligation with the second-highest interest rate, and so on.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-144de177 elementor-widget elementor-widget-toggle\" data-id=\"144de177\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"toggle.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-3401\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-3401\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-caret-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-caret-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Debt Snowball Strategy Favours<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-3401\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-3401\"><p>The debt snowball strategy favours debts with the lowest balances. Please make the most down monthly payments on all other debts while putting as much as possible toward your lowest obligation until it is paid off.<\/p><p>Then on to the debt with the next-lowest balance, and so on.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-780a848b elementor-widget elementor-widget-text-editor\" data-id=\"780a848b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The avalanche approach typically saves you more money in interest. Still, the snowball strategy produces faster results, which might encourage you to continue paying off your debt.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7e3d017a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7e3d017a\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4059189e\" data-id=\"4059189e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-402d1d02 elementor-widget elementor-widget-heading\" data-id=\"402d1d02\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"counselling\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">b. Get Help Through Credit Counseling <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-686cc652 elementor-widget elementor-widget-image\" data-id=\"686cc652\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"525\" height=\"347\" src=\"https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2022\/03\/Fixed-and-Variable-Costs-1.jpg\" class=\"attachment-large size-large wp-image-7500\" alt=\"Fixed and Variable Costs\" srcset=\"https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2022\/03\/Fixed-and-Variable-Costs-1.jpg 1020w, https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2022\/03\/Fixed-and-Variable-Costs-1-300x199.jpg 300w, https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2022\/03\/Fixed-and-Variable-Costs-1-768x508.jpg 768w\" sizes=\"100vw\" title=\"\">\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5b89dfd3 elementor-widget elementor-widget-text-editor\" data-id=\"5b89dfd3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>What if you&#8217;ve exhausted all your choices and still don&#8217;t know how to get out of debt? Nonprofit credit counselling organizations provide free or low-cost services from qualified counsellors who can help you construct a budget and a debt-reduction strategy. As part of a debt management strategy, they can negotiate with creditors to cut interest rates or remove fees on your behalf.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7e5228db elementor-widget elementor-widget-toggle\" data-id=\"7e5228db\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"toggle.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-2111\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-2111\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-caret-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-caret-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">When observing for a personal loan,<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2111\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-2111\"><p>When observing for a personal loan, shop around to discover the best conditions. Because each loan application results in a complex query on your credit record, try to limit your loan applications to a couple of weeks.<\/p><p>Applications for the same type of credit in a short period are typically handled as a single hard inquiry, limiting their influence on your credit score.<\/p><p>However, hard questions might temporarily lower your credit score.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2d79ca1c elementor-widget elementor-widget-text-editor\" data-id=\"2d79ca1c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Look for a credit counsellor who is a member of a certified organization, such as the National Foundation for Credit Counseling or the Financial Counseling Association of America. Or consult the United States Department of Justice&#8217;s list of recognized credit counsellors by state.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5d1d84fe elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5d1d84fe\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4c86297a\" data-id=\"4c86297a\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7386fabf elementor-widget elementor-widget-heading\" data-id=\"7386fabf\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"importantdebts\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">c. Paying off Debt during Retirement <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5b9a01d0 elementor-widget elementor-widget-image\" data-id=\"5b9a01d0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"525\" height=\"347\" src=\"https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2022\/04\/Financial-Empowerment-and-Wealth-Consolidation.jpg\" class=\"attachment-large size-large wp-image-9353\" alt=\"Financial Empowerment and Wealth Consolidation\" srcset=\"https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2022\/04\/Financial-Empowerment-and-Wealth-Consolidation.jpg 1020w, https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2022\/04\/Financial-Empowerment-and-Wealth-Consolidation-300x199.jpg 300w, https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2022\/04\/Financial-Empowerment-and-Wealth-Consolidation-768x508.jpg 768w\" sizes=\"100vw\" title=\"\">\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-139ccb5b elementor-widget elementor-widget-text-editor\" data-id=\"139ccb5b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Extra retirement savings can potentially be used as a solution. One option for people who have already retired but are burdened by debt obligations is to utilize the revenues from retirement plan distributions and Social Security income. Or pension income to pay them off.<\/p><p>Workers who are approaching the end of their employed years and want to get out of debt but are still saving for retirement may essential to work longer and live on less. Or make some sacrifice to pay off the debt before retirement.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-12087754 elementor-widget elementor-widget-toggle\" data-id=\"12087754\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"toggle.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-3021\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-3021\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-caret-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-caret-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">According to Offit,<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-3021\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-3021\"><p>According to Offit,\u00a0unless it is possible to safely and securely pay off debt during retirement. Near-retirees must ensure that they have adequate cash and income so that their money outlives them rather than the other way around.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7b065a8e elementor-widget elementor-widget-text-editor\" data-id=\"7b065a8e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Offit noted that obtaining a substantial retirement plan distribution to settle debt will require declaring a higher income and paying more taxes that year. A financial planner can assist assess if paying off debt all at once makes sense or whether the amount may be repaid over time.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6b525db5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6b525db5\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4de9c605\" data-id=\"4de9c605\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-79cb68a1 elementor-widget elementor-widget-heading\" data-id=\"79cb68a1\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"afterretirement\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">2. Debt Management after Retirement <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2b38e097 elementor-widget elementor-widget-image\" data-id=\"2b38e097\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"525\" height=\"347\" src=\"https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2022\/05\/Financial-Milestones-and-Financial-Planning-in-mid-50s.jpg\" class=\"attachment-large size-large wp-image-9696\" alt=\"Social Security Benefits and Financial Milestones and Financial Planning in mid 50&amp;apos;s\" srcset=\"https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2022\/05\/Financial-Milestones-and-Financial-Planning-in-mid-50s.jpg 1020w, https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2022\/05\/Financial-Milestones-and-Financial-Planning-in-mid-50s-300x199.jpg 300w, https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2022\/05\/Financial-Milestones-and-Financial-Planning-in-mid-50s-768x508.jpg 768w\" sizes=\"100vw\" title=\"\">\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-386a7bd4 elementor-widget elementor-widget-text-editor\" data-id=\"386a7bd4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Retirement is a significant life event. Years of hard work have carried you to this point, so your funds must support you in living your best life. A lot may change when we reach a new stage of life, notably our money.<\/p><ul><li>It s essential as you approach retirement.<\/li><li>Your income will almost certainly have altered or decreased.<\/li><li>You may now have access to your superannuation, have begun getting pension payments, or have been living off your hard-earned savings or investments.<\/li><li>Your costs may vary as well.<\/li><li>Your healthcare costs may rise as you age, and you may still have a debt to pay off.<\/li><\/ul><p>Everyone&#8217;s financial situation and circumstances are unique. Although it is a widespread ambition to retire debt-free, many people cannot do so. In an ideal world, retiring debt-free will provide you with more flexibility, money for vacations, lifestyle, and non-essentials, and can help lower overall stress.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-67e1a03b elementor-widget elementor-widget-toggle\" data-id=\"67e1a03b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"toggle.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-1741\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-1741\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-caret-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-caret-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Retiring Debt-Free?<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-1741\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-1741\"><p>Retiring debt-free also means that your loved ones will not be held responsible if you cannot make your payments. If you have debts, you may discover that as you transition into retirement, you will need to adapt your spending patterns to accommodate your new budget. Not having a steady income stream for the first time can be frightening for many.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e11e3ff elementor-widget elementor-widget-text-editor\" data-id=\"e11e3ff\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Debt can be stressful at any age, so it&#8217;s critical to have a clear strategy to manage outstanding bills. A financial plan can help reduce debt stress&#8217;s impact on your lifestyle and provide you peace of mind during retirement.<\/p><p>When you sense a huge life change, it&#8217;s critical to contact your adviser or seek the guidance of an expert. They will be able to assist you with structuring your money in the most efficient manner possible, providing you with financial stability in the future.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-155754f6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"155754f6\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4f6e299b\" data-id=\"4f6e299b\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2727ff7 elementor-widget elementor-widget-heading\" data-id=\"2727ff7\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"debtstoekeep\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">a. Determine Which Debts to Keep?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3848881f elementor-widget elementor-widget-image\" data-id=\"3848881f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.moneypatrol.com\/user-guide-dashboard\/#balance-sheet\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"525\" height=\"347\" src=\"https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2021\/12\/Balance-Sheet-Demo-MoneyPatrol.jpg\" class=\"attachment-large size-large wp-image-3877\" alt=\"MoneyPatrol\" srcset=\"https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2021\/12\/Balance-Sheet-Demo-MoneyPatrol.jpg 653w, https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2021\/12\/Balance-Sheet-Demo-MoneyPatrol-300x198.jpg 300w\" sizes=\"100vw\" title=\"\">\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6befdcad elementor-widget elementor-widget-text-editor\" data-id=\"6befdcad\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Being entirely debt-free might give you a sense of accomplishment and financial independence. However, there are some cases when making the minimal monthly payment makes more sense than paying off the debt entirely.<\/p><p>Suppose you can earn more money than you are paying in interest. Suppose you had a vehicle loan with a 0.9 per cent interest rate but can get a 3 per cent return on your capital in a low-risk investment. In that case, you&#8217;d better invest the money you&#8217;d otherwise spend to pay off the total debt.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-44535d75 elementor-widget elementor-widget-toggle\" data-id=\"44535d75\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"toggle.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-1141\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-1141\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-caret-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-caret-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Suppose your debt lowers your tax liability<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-1141\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-1141\"><p>Suppose you can deduct part of the interest you pay on a loan when filing your annual income taxes. In that case, you could be better off maintaining the debt for the tax advantage \u2013 especially if the interest rate is modest.<\/p><p>A mortgage is an example of this, which is one of the reasons it is considered good debt.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-32931eaf elementor-widget elementor-widget-text-editor\" data-id=\"32931eaf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Suppose your emergency reserve is depleted by debt. If you pay off all of your debts but have very little cash in the bank, this might backfire if you ever need that money.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a427503 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a427503\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4645473\" data-id=\"4645473\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-45d3112 elementor-widget elementor-widget-heading\" data-id=\"45d3112\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"list\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">b. Make a List<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0e6c3a9 elementor-widget elementor-widget-image\" data-id=\"0e6c3a9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.moneypatrol.com\/user-guide-dashboard\/#income\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"525\" height=\"464\" src=\"https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2021\/12\/MoneyPatrol-Money-Flow-Trends.jpg\" class=\"attachment-large size-large wp-image-3874\" alt=\"Financial Planning MoneyPatrol Cash Flow\" srcset=\"https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2021\/12\/MoneyPatrol-Money-Flow-Trends.jpg 819w, https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2021\/12\/MoneyPatrol-Money-Flow-Trends-300x265.jpg 300w, https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2021\/12\/MoneyPatrol-Money-Flow-Trends-768x679.jpg 768w\" sizes=\"100vw\" title=\"\">\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1398804 elementor-widget elementor-widget-text-editor\" data-id=\"1398804\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The first step toward debt management is determining how much you owe. Begin by listing your debts, including credit card balances, medical bills, personal, vehicle or house loans, and mortgages. Write down the total amount owing, the monthly minimum payment, and the interest rate for each obligation. You should also provide each creditor&#8217;s name, contact information, and other information.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c7e3731 elementor-widget elementor-widget-toggle\" data-id=\"c7e3731\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"toggle.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-2091\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-2091\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-caret-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-caret-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Once you've committed<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2091\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-2091\"><p>Once you&#8217;ve committed\u00a0how much debt you have, check if you can reduce any of the interest rates. At the same time, some of your loans may have set rates you cannot negotiate. You may be able to reduce the annual percentage rate (APR) on your credit cards by contacting your lender. If not, consider transferring your credit card debt to a card with a lower APR or consolidating some of your loans. Remember that there may be costs connected with debt transfers or refinancing, so read the agreement carefully.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-261ec42 elementor-widget elementor-widget-text-editor\" data-id=\"261ec42\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>While you should always make the least monthly payments on all your obligations, some should be paid more aggressively than others. To regulate which ones make the most sense to pay down first.\u00a0<\/p><p>A reasonable rule of thumb is prioritizing high-interest debt, such as credit card debt. It is because the more significant the interest rate, the more money you pay each month on interest.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-de93595 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"de93595\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b265829\" data-id=\"b265829\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-750fcb2 elementor-widget elementor-widget-heading\" data-id=\"750fcb2\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"extraincome\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">c. Find an Extra Income Stream <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-355d22b elementor-widget elementor-widget-image\" data-id=\"355d22b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"525\" height=\"295\" src=\"https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2022\/06\/Passive-Income-01-1024x576.jpg\" class=\"attachment-large size-large wp-image-10695\" alt=\"alternative to quicken for windows\" srcset=\"https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2022\/06\/Passive-Income-01-1024x576.jpg 1024w, https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2022\/06\/Passive-Income-01-300x169.jpg 300w, https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2022\/06\/Passive-Income-01-768x432.jpg 768w, https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2022\/06\/Passive-Income-01.jpg 1200w\" sizes=\"100vw\" title=\"\">\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5f37de5 elementor-widget elementor-widget-text-editor\" data-id=\"5f37de5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Though it may appear apparent, establishing a new income stream is the most excellent solution for many people who do not have suitable retirement savings. Part-time work\u2014as a consultant, a gig worker, or at a coffee shop\u2014might not be your ideal retirement scenario. Still, it is the least-worst option for dealing with debt in retirement.<\/p>\n<p>So let&#8217;s revise the ancient adage about paying off debt before retiring: When you have a high-interest debt to pay, you should continue to work, at least part-time.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-82c2b6f elementor-widget elementor-widget-toggle\" data-id=\"82c2b6f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"toggle.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-1371\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-1371\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-caret-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-caret-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Another Advantage:<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-1371\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-1371\"><p>Another advantage\u00a0of extending your working life is that you may be able to acquire health insurance to link the gap until you reach Medicare age. You also extend the time it takes for your existing retirement assets to compound and increase, which can be beneficial.<\/p><p>Suppose you own your home\u2014or most of your home. Consider downsizing your house size and amenities, primarily if you reside in a location where property costs have risen dramatically.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-58e1610 elementor-widget elementor-widget-text-editor\" data-id=\"58e1610\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Take your hard-earned wealth and downsize to a smaller home that will be less expensive to maintain. And, perhaps, will have more predictable maintenance bills and property taxes in the future.<\/p><p>If your family circumstances allow, you might potentially utilize your money to buy a property in a lower-cost-of-living location.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-38d18ae6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"38d18ae6\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4a68220f\" data-id=\"4a68220f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d8e2075 elementor-widget elementor-widget-heading\" data-id=\"d8e2075\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"conclusion\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Conclusion<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2bdf25d4 elementor-widget elementor-widget-image\" data-id=\"2bdf25d4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.moneypatrol.com\/user-guide-dashboard\/#snapshot\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"525\" height=\"365\" src=\"https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2021\/12\/MoneyPatrol-02-1024x711.jpg\" class=\"attachment-large size-large wp-image-3931\" alt=\"MoneyPatrol Budget Planner\" srcset=\"https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2021\/12\/MoneyPatrol-02-1024x711.jpg 1024w, https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2021\/12\/MoneyPatrol-02-300x208.jpg 300w, https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2021\/12\/MoneyPatrol-02-768x533.jpg 768w, https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2021\/12\/MoneyPatrol-02-1536x1066.jpg 1536w, https:\/\/moneypatrol.com\/moneytalk\/wp-content\/uploads\/2021\/12\/MoneyPatrol-02-e1642226929466.jpg 1000w\" sizes=\"100vw\" title=\"\">\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-31a7abae elementor-widget elementor-widget-text-editor\" data-id=\"31a7abae\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>However, the lack of a loan or responsibility provides emotional peace. Even people with steady work and a steady income are not always willing to take out a loan. Some people may perceive a loan as a danger. They disregard financial rationality to achieve emotional calm and opt to prepay their loan.<\/p><ul><li>If the loan is for a house, there is a solid passionate yearning to possess it without obligation.<\/li><li>No one considers selling a home to repay a loan since doing so causes tremendous mental distress.<\/li><\/ul><p>Whatever stage of life you&#8217;re in, it&#8217;s critical to have a strategy to pay off whatever debt you owe.\u00a0However, suppose you are one of the rising numbers of people who still owe money in retirement. In that case, your options will be slightly different than those you had while working.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-481a708 elementor-widget elementor-widget-toggle\" data-id=\"481a708\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"toggle.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-7561\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-7561\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-caret-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-caret-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Obtaining a traditional mortgage;<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-7561\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-7561\"><p>For example, might be more difficult since many lenders have maximum age requirements. And the older you get, the more difficult it might be to obtain a personal loan or a credit card.<\/p><p>The good news is that, as more individuals want financial flexibility in retirement, a greater variety of solutions are becoming accessible.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-28939894 elementor-widget elementor-widget-text-editor\" data-id=\"28939894\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>As a starting point, perform a simple budgeting exercise in which you list your regular outgoings, including bills, loan repayments, and regular monthly expenditures on necessities such as food.<\/p><p>Don&#8217;t forget to include any irregular costs that come up less regularly, such as insurance, which you may only have to pay once a year.<\/p>\n<a class=\"linkc\" href=\"https:\/\/www.moneypatrol.com\">free budgeting app<\/a><\/span>\n <a class=\"linkc\" href=\"https:\/\/www.moneypatrol.com\">best free budgeting app<\/a><\/span>\n <a class=\"linkc\" href=\"https:\/\/www.moneypatrol.com\">budgeting app<\/a><\/span>\n <a class=\"linkc\" href=\"https:\/\/www.moneypatrol.com\">best free budgeting apps<\/a><\/span>\n <a class=\"linkc\" href=\"https:\/\/www.moneypatrol.com\">budgeting app free<\/a><\/span>\n<a class=\"linkc\" href=\"https:\/\/www.moneypatrol.com\">money management app<\/a><\/span>\n<a class=\"linkc\" href=\"https:\/\/www.moneypatrol.com\">manage money app<\/a><\/span>\n<a class=\"linkc\" href=\"https:\/\/www.moneypatrol.com\">family budget app<\/a><\/span>\n<a class=\"linkc\" href=\"https:\/\/www.moneypatrol.com\">personal finance tracker<\/a><\/span>\n<a class=\"linkc\" href=\"https:\/\/www.moneypatrol.com\">track personal finances<\/a><\/span>\n<a class=\"linkc\" href=\"https:\/\/www.moneypatrol.com\">budgeting app for couples<\/a><\/span>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>Debt Management and Retirement have always been in the discussion and debts for a longer part of the time. Preparing to reign or retire implies more than being prepared to halt waking up at 6:00 a.m. to put in long hours at a work you&#8217;re not excited about. If it were that straightforward, most of&#8230;<\/p>\n","protected":false},"author":3,"featured_media":10952,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[7,294,9,10,14,15],"tags":[17,411,362,396,354],"class_list":["post-10754","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budgeting","category-calculators","category-financial-planning","category-income","category-retirement","category-saving","tag-budgeting","tag-financial-management","tag-income-and-expenditure","tag-income-and-outlay","tag-investment-and-savings"],"_links":{"self":[{"href":"https:\/\/moneypatrol.com\/moneytalk\/wp-json\/wp\/v2\/posts\/10754","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/moneypatrol.com\/moneytalk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/moneypatrol.com\/moneytalk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/moneypatrol.com\/moneytalk\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/moneypatrol.com\/moneytalk\/wp-json\/wp\/v2\/comments?post=10754"}],"version-history":[{"count":39,"href":"https:\/\/moneypatrol.com\/moneytalk\/wp-json\/wp\/v2\/posts\/10754\/revisions"}],"predecessor-version":[{"id":28722,"href":"https:\/\/moneypatrol.com\/moneytalk\/wp-json\/wp\/v2\/posts\/10754\/revisions\/28722"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/moneypatrol.com\/moneytalk\/wp-json\/wp\/v2\/media\/10952"}],"wp:attachment":[{"href":"https:\/\/moneypatrol.com\/moneytalk\/wp-json\/wp\/v2\/media?parent=10754"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/moneypatrol.com\/moneytalk\/wp-json\/wp\/v2\/categories?post=10754"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/moneypatrol.com\/moneytalk\/wp-json\/wp\/v2\/tags?post=10754"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}