3 tips for paying off debt after
you retire
A reduction in your monthly income once you
retire can make managing debt diffi cult. Here are
three strategies that can help.
1. Make a budget
When it comes to managing debt, the fi rst
thing you should do is get a clear picture of your
fi nancial situation by listing what you owe, your
expenses and your income as fully and precisely
as possible. Knowing how much money you make
every month, how much you need to spend and
how much you have left over will make it easier
to determine where you can save money.
consider returning to the workforce on a part-time
basis. You should also make sure you benefi t from
2. Think about interest rates
every tax credit you’re eligible for, including those
Tackle debts with the highest interest rates for home care and home improvements. Finally,
fi rst. Paying these down sooner rather than later spend some time advancing your understanding
will save you money. You may also be able to of how fi nancial matters work to help you make
consolidate your debts (possibly by refi nancing more informed spending and saving choices.
your mortgage) and thereby pay a lot less in
interest.
If you need more help, contact a professional.
Many fi nancial experts specialize in helping
retirees.
3. Maximize your revenue
Depending on your situation, you may want to
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