Travis Sollinger and I were recently quoted in a USA Today article about the impeding effect that debt has on successful retirement planning. We talked with reporter Rodney Brooks about various types of debt — including credit card, student loan, and mortgage debt — all of which thousands of Americans are burdened with. While many retirees may be saddled with debt, there are ways to manage it in order to make room for retirement savings, which are highlighted in this article.
I spoke about the negative implications of refinancing a mortgage at an older age, while Travis spoke about another problem for retirees – student debt. “We would hope that by the time someone reaches retirement age, they have already put a significant dent in whatever debt they have. When they come to us and they are 65 and in retirement, there is a limit as to how much we can do for that person. If they get too far down that road before they talk to a financial adviser, there is no easy answer,” says Travis.