Do You Have Above Average Retirement Debt?
If you have debt and are getting close to retirement, you are likely thinking about if you have enough money to cover the debt once you retire. Before you retire, always make sure you can cover your bills.
Pay Down Credit Cards
The best thing that you can do before you retire is to pay down your credit card bills. Trying to pay more than the minimum payment due or you will never get the cards paid off.
You Will Need Your Retirement Money
You are going to need your retirement money, so it best to use your retirement accounts to pay off all of your outstanding debts. It is best to try to pay off credit cards, housing and medical bills before you are getting ready to retire, because it is very likely more medical bills will be coming your way as you age.
Keep Your Savings
It is best to keep your savings and 401K accounts for future use and not use them to pay all your debts off. You can refinance your home and get your credits cards into the price of your home when you refinance, which will be a much less interest rate than credit card companies are charging you.