20 Financial Considerations for Retirement

9. Minimize or Eliminate Debt

A big financial consideration for most Americans is how much debt to take into the retired years. Once one transitions to a fixed income, it becomes a big challenge to tackle the unexpected if already carrying a large debt load. One of the primary bills to pay down (or off) is the mortgage for the home. Although most consumers do not have sufficient funds to pay off a mortgage, many can take advantage of principal pre-payment or bi-weekly payments to pay down the note more quickly than just letting the 30 or 40-year mortgage run its course. Similarly, taking the time to minimize or pay down consumer debt carrying a larger interest rate will also make more funds available to enjoy the retired years.