Mortgage and credit card debt are a cold reality for over a quarter of retirees, according to new research. Here are moves to chip away at that debt.
Mortgage and credit card debt , however, are a cold reality for over a quarter of retirees, according to new research from the
“Reining in lifestyle spending often means making tough decisions,” Morrone said. “This shift can impact their quality of life and emotional well-being. For many, the retirement dream includes the freedom to enjoy these kinds of experiences, so scaling back can feel like a big sacrifice.”Nearly four in 10 retirees are spending less on entertainment and more than a third are taking fewer trips or vacations, according to Nationwide.
Automate your monthly payments from your checking account for recurring bills and pay more than the required minimum. “Too many people have no idea how much they are really spending and whether their savings would support that spending,” she said. “Also, when they retire, they need to continue to monitor spending as many people increase spending when they retire.”people are making good income on cash, so whether or not you should pay off your mortgage early depends on your mortgage interest rate, McClanahan said. “If it is 3.
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