(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.
On the Net:North American Precis Syndicate, Inc.(NAPSI)