Dealing with Debt in Pre-Retirement

Although we often talk about retirement preparation in terms of age, the reality is that where participants are in terms of their retirement preparation stage is more important. Participants who are nearing retirement may be dealing with other personal financial matters that are often associated with participants of a different age. For example, many sponsors communicate to younger employees about debt, because they assume – often correctly – that younger employees are dealing with student loan debt, credit card debt, or paying down other major purchases, such as a first home.

Participants who are nearing retirement can face similar challenges. The so-called sandwich generation is often dealing with grown children who may still live at home, while at the same time assuming the responsibility of being the main caretaker for aging parents. This can create debt for participants who, at least age-wise, are nearing retirement.

With this in mind, Pete the Planner has developed a guide to dealing with debt for pre-retirees

This Pete the Planner video will help those who are nearing retirement understand how they can pay down debt while keeping retirement goals on track.