Don’t Let Debt Derail Your Retirement Plans
Americans love debt, or at least we love the things we can buy on credit, if you believe the statisticians that track our spending. The numbers show a steady, alarming increase in the debt load carried by baby boomers on down to college students.
There are three basic elements that make it even more important today that you stop spending and start saving for your retirement:
- Life expectancy is rising. Seniors typically will have to stretch their retirement dollars over a longer period of time.
- Health care costs continue to rise.
- Traditional company pensions are disappearing.
What should you do? Whatever your age, use credit sparingly, pay down existing debts and start saving!