PLANNING YOUR RETIREMENT To Save More For Your Future, Avoid These Four Pitfalls

Posted by Dorothy on
Research suggests most Americans are not financially ready for retirement.
Research suggests most Americans are not financially ready for retirement.

(NAPSI)—If you’re like most Americans under 65, you plan on paying off all your debts before you retire. However, only one in four actually does, according to a Bankers Life Center for a Secure Retirement study.

Fortunately, you have a better chance of being among that favored quarter if you avoid these four debt pitfalls:

  1. Overspending: Six in 10 non-retired middle-income Boomers report they spend as much as or more than their entire household income.
  2. Credit card debt: Credit card debt is the most common form of debt—53 percent of all middle-income Boomers currently have it, regardless of retirement status.
  3. Mortgage in retirement: Nearly 25 percent of middle-income Baby Boomers have 20 years or more remaining on their mortgage.
  4. Healthcare debt: Nearly one in five Boomers has medical debt. People tend to prepare for anticipated costs, not the unexpected healthcare expenses.

Learn More

Visit www.BankersLife.com/TopTips to download a free booklet on Top Tips for Retirees including Reducing Debt in Retirement, Safety & Security, Managing Prescription Drug Costs, and more.

To learn more about Boomer debt, visit www.CenterForASecureRetirement.com.