You want to start planning to be debt free ahead of time. Even if you can only put down $25 a week towards your debt it’s better than nothing. It adds up if you plan to only have debt that is less than five thousand dollars. By working a little longer than you intended you can cut down on debt by a lot. You can also have a part time job for paying off debt during retirement.
Key Takeaways:
- Make some lifestyle choices if you would like to retire with no debt, it can be simple changes.
- Work for a bit longer if that is what it takes to keep or get out of debt.
- The best way to get out of debt is to not take it on in the first place, don’t spend what you don’t have.
“So spending your limited resources on debt (and interest on the debt) is like throwing your retirement money out the window.”
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