Updated : Sep 12, 2019 in Articles

Money Minute – Tackling Debt and Retirement

on this week’s money minute feature
sponsored by navy federal credit union personal finance expert Jeanette Mack
tells us where to start if you want to retire but still have a lot of debt
51-percent of those still working say they’re concerned with their level of
debt and thirty-one percent of retirees feel the same way according to a recent survey by the
Employee Benefit Research Institute if this sounds like you there are steps
you can take to reduce or eliminate your debt for more comfortable future
retiring from the military is unique meaning you can start collecting a
pension the day you retire well before age 65 this gives you the
advantage of being able to better pay off high-interest debt work to eliminate
credit card debt first these usually have higher interest rates
than other loans and don’t offer any tax deductions focus on the card with the
highest interest rate and increase your monthly payments next take a look at any debts attached
to mortgages car or education loans a low interest rate tax deductible
mortgage could make sense to keep but if it represents a large portion of your
retirement income it may be smart to pay it off in advance as well try to pay off
these kinds of debt before leaving the workforce the key to becoming debt-free
is creating a more focused approach it can help you seriously put a dent in
your debt allowing you to enjoy your retirement
Jeanette thanks very much we’ll see you next week if you have any financial questions
please email me at Vago at defense news.com

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