Why You Should Pay Off These 3 Debts Before You Retire
Retirement should be a time to kick back and relax, whether that means traveling the world or staying at home to play with the grandkids. Unfortunately, far too many seniors are spending their golden years worried about their finances-- and debt is a big reason why. As many as 61.3% of households headed by an adult aged 60 or older have some form of debt and, among senior households with debt, the median total owed is around $40,900 .
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A combination of too little retirement savings and too much debt combine to create the ideal conditions for financial worry that, in a best case scenario, make it harder to enjoy retirement and, in a worst case scenario, result in actual financial disaster. Bankruptcy rates have been rising among seniors , and almost 3 million senior-headed households experienced food insecurity in 2015, so the threat of a dire financial emergency is very real.
Source: Fool.com
