Retiree debt elimination

Debt Payoff. Can you really justify starting a retirement fund when you have credit card bills , student loans and a mortgage to pay off? The answer to this common question is: it depends.

Your age changes the priority level of a retirement fund. Your income and spending trends dictate how much you can afford to put toward savings or debt each month. In some circumstances, it makes more sense to save your money for the future than it does to pay off debts.

For some, it may be more fiscally responsible to plan ahead. For others, it may just be reassuring to have some money in the bank. For many individuals, it makes more sense to focus on getting out of debt before starting a retirement fund. Your financial situation is yours alone.

This is not a foolproof method but can serve as a guideline. If you need individualized advice, speak with a debt specialist or a credit counselor. While using up savings is never an ideal situation, there is a responsible way to do it. In other words, you can permanently withdraw money from your k , or you can borrow from it with the intent of replenishing it when you have the funds to do so.

His interest in sports has waned some, but he is as passionate as ever about not reaching for his wallet. Bill can be reached at [email protected]. Advertiser Disclosure. How to Prioritize Retirement Savings vs. Updated: June 26, Bill Fay. Saving for Retirement vs.

Paying Off Debt In some circumstances, it makes more sense to save your money for the future than it does to pay off debts. Plus, it's always a good idea to make sure there aren't accounts on there you don't recognize.

If you want to find out your credit score, check with your bank or credit card company to see if they can provide you with your score at no cost. If you have multiple high-interest loans, can you consolidate them into one loan with a lower interest rate?

Do you have access to a low-interest personal loan that you could take out to pay off high-interest credit card balances? Before consolidating or refinancing any student loans, you should carefully review your eligibility for federal loan forgiveness programs which may be impacted by loan consolidation or refinancing.

If your debt feels overwhelming, it's worth taking an honest look at what you're spending each month. Are there expenses you can cut back on or eliminate? Part of reducing your debt is limiting the additional debt you take on. Once you've consolidated, determine how much you have to pay each month by noting the minimum payments and put the total into your budget Opens pdf.

If the amount is more than you can manage in your budget, you may need to contact lenders to see about arranging different terms. Once you have the baseline of how much you have to pay each month in your budget, determine how much extra from your budget you can devote to debt reduction.

Hopefully, those expenses you reduced give you a little more discretionary money to put toward this goal. How you attack your debt is up to you. Having the full picture will also help you create a detailed debt payoff plan and determine how much you need to budget for debt repayment in retirement if not eliminated fully while working.

Apps and online tools like Mint, Tiller, and Personal Capital can provide consolidated views of all your debts and can track your repayment progress. If you have co-signed or taken on debts for children or other family members, be sure to include these as well. Understanding the full scope of what you owe is essential for developing an effective debt reduction strategy leading up to retirement.

Once you have a clear picture of your overall debt, the next step is to identify which debts are costing you the most in interest.

This debt should be aggressively tackled first before retirement. Make a list of your credit cards ordered by interest rate, with the highest rate card at the top. Pay the minimum on all cards each month while targeting any extra amounts to the card at the top of your list.

Once that card is paid off, roll that payment amount to the next highest card. This "debt avalanche" approach minimizes interest costs. Avoid accumulating any new credit card debt during this pay-down process. Use a budget to redirect discretionary spending to pay off cards instead.

If you carry a balance each month, switch to paying off new purchases immediately while dedicating other funds to knock out the existing balance. Eliminating high-interest credit card debt can save thousands of dollars over time. The next priority after credit cards is typically private student loans.

These often have higher variable interest rates than federal student loans. Paying them off first can accelerate your payoff timeline. Make sure to get clarity on any student loans you may be cosigned on as well. For most people, their mortgage is one of their largest long-term debts.

While it may be tempting to focus on paying this off aggressively before retirement, it's important to weigh the benefits against putting your money into investments instead. That interest is also tax deductible, reducing the effective rate you pay. If you can earn a higher return by investing, you may end up further ahead financially by continuing your regular mortgage payments.

That said, there are strong psychological motivations for owning your home outright in retirement. The peace of mind and security of not having a monthly mortgage bill is significant. If this emotional weight factors heavily for you, putting extra money toward paying off your mortgage early could be the right move.

One option to consider is making an extra mortgage payment each year to reduce the term length. Refinancing to a year mortgage results in higher monthly payments but pays the loan off faster.

Or consider downsizing to a smaller, less expensive home that allows you to pay off your mortgage completely with the sale proceeds from your current home. Run the numbers for your situation, but also think about what will help you sleep better at night.

Finding the right balance will ensure you achieve both financial and emotional payoff. Auto loans tend to have relatively low-interest rates compared to credit cards or private student loans. However, being tied to a car payment in retirement is still less than ideal, as it eats into limited funds that could be used more flexibly.

If you're in a two-car household, consider whether you really need both vehicles in retirement. For retirees no longer commuting to work each day, it may be possible to share a single car. Selling one car and using the proceeds to pay off the loan can remove this debt burden.

Even if you do need two cars, avoid going into retirement with payments. If you have expensive vehicles on long loan terms, consider trading them in for cheaper, more practical models that you can pay for upfront with cash.

Once you've paid off a car loan, start setting aside the equivalent monthly amount you were paying into savings. Having this money available later provides the flexibility to buy another car for cash when your paid-off vehicle needs replacement.

Entering retirement without car payments gives you one less required monthly expense. This frees up cash flow for other priorities and provides protection in the event of unforeseen expenses. Before directing all extra dollars toward debt repayment, it's essential to first build up emergency savings.

Having cash reserves on hand prevents you from accruing new "bad" debt when surprise expenses pop up. Try to set aside enough to cover months of basic living expenses as your starter emergency fund goal.

Even having one month's worth of expenses available provides a buffer. Add to your savings over time until you have a fully funded emergency account.

Money from this emergency fund can be used for costs like medical bills, home or auto repairs, or to replace essential appliances instead of resorting to credit cards or payday loans. Avoiding high-interest debt to cover surprises will accelerate your journey to becoming debt-free before retirement.

Some options for emergency savings vehicles include high-yield savings accounts, money market accounts, short-term CDs, and low-risk mutual funds. The key is accessibility - making sure you can easily tap the funds if an urgent need arises.

Having robust emergency reserves in place before focusing all efforts on debt repayment provides security and options in the event of an unplanned expense. While paying off debt should be prioritized leading up to retirement, it's important not to completely pause saving for retirement in the process.

The years just before retiring are often your peak earning years, making them critical for bulking up retirement accounts. Try to contribute at least enough to any k or similar employer-sponsored plan to get the full company matching contribution.

Understanding how much you need to save for retirement can help ensure you are on track. This "free money" doubles your retirement savings without any additional out-of-pocket cost. Capture this free matching money while redirecting any other funds available for saving and investing toward accelerated debt repayment.

As debts are paid off and your budget frees up, you can incrementally increase your own retirement contributions over time. The key is balancing debt pay-down with consistent retirement account contributions - even small amounts - to benefit from ongoing tax-advantaged growth potential.

Time is your most valuable asset when saving for retirement, so remain focused on contributing regularly. While tapping retirement accounts may seem like an easy way to pay off debts more quickly, this strategy should generally be avoided leading up to retirement.

Withdrawing funds from k s or IRAs triggers income taxes on the distributions. You are also losing out on continued potential growth in the market. The upfront income taxes paid on the withdrawal also result in less money available to reinvest for growth. Loans from k plans allow access without tax penalties but must be repaid with interest.

Failure to repay in a timely manner triggers a taxable event. These loans also suspend contributions during the payback period which can severely inhibit savings growth. It's best to prioritize other budget reallocations, generating additional income, debt consolidation, and other alternatives before resorting to tapping retirement savings.

Workplace retirement accounts are sacred vehicles reserved for retirement living expenses. Avoid compromising your future nest egg. If you are struggling to pay down high-interest credit cards or other unsecured debt, debt consolidation and relief strategies may help accelerate your payoff timeline pre-retirement.

This reduces interest costs in the short term while you focus on paying down the principal. Non-profit credit counseling agencies can set up debt management plans that allow you to consolidate various debts into one monthly payment.

Debt settlement companies work directly with creditors to negotiate and settle your debts for less than the full outstanding balance.

You usually pay a percentage of enrolled debts. The collections and settlement process is also lengthy and requires a lot of time on the phone trying to contact the right people within the right departments. Oftentimes, their phone lines are constantly playing that dreaded busy signal.

This is why its always recommended to use an experienced debt relief company like Pacific Debt Relief. Each strategy has pros and cons to weigh carefully based on your specific situation.

The right approach can provide savings and cash flow relief to accelerate pre-retirement payoff. Finding sources of additional income while still working allows you to direct more funds toward eliminating debt prior to retirement.

Even an extra few hundred dollars per month can make a difference. Explore what unique skills and knowledge you have that others may value and benefit from.

Almost any skill can be monetized with just a bit of creativity. Dedicating just extra hours per week to these income endeavors creates additional funds to allocate toward debt elimination. Building up this extra cushion while still earning a steady paycheck from your primary career allows you to enter retirement with minimal financial obligations.

One of the most impactful ways to eliminate debt before retirement is to downsize your housing and lifestyle. Other lifestyle changes like dining out less, cutting travel and entertainment budgets, pursuing low-cost hobbies, and spending minimally on new clothing can all redirect funds to pay off lingering debts more rapidly as retirement nears.

Make sure to run the numbers to ensure a housing shift makes solid financial sense after factoring in real estate commissions, moving costs, potential home sale capital gains taxes, and increased costs for renting or purchasing new.

But for many, downsizing delivers a dual payoff - both eliminating housing debt and reducing overall retirement living costs. If you are within a few years of retirement but still carrying significant debt, delaying your retirement date could be wise financially.

Each extra year you work allows for more debt repayment while also optimizing Social Security benefits. Working longer also grows your retirement savings and gives you more time to pay down debts.

Any debts remaining when you do fully retire will consume a smaller percentage of your overall income versus if you had retired earlier. Consult with financial advisors and Social Security experts to model different scenarios.

Missing Approaching retirement with debt is not uncommon. Use these tips to help manage and pay off your debt so you can enjoy your retirement Retiring with debt is often considered a cardinal financial sin: Every dollar you owe reduces your income in retirement, after all

How to manage debt in retirement

Budget and rebudget. See where you can cut spending in order to allocate additional payments toward debt. This could entail budgeting in a certain way until you 4 min read | March 23, · 1. Review your budget to boost savings and trim debt. · 2. Avoid unexpected debt by saving in an emergency fund. · 3 For those who have already retired but are weighed down by debt payments, one way to pay them off is to use proceeds from retirement plan: Retiree debt elimination


























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For those who have already retired but are weighed down by debt payments, one way to pay them off is to use proceeds from retirement plan Home equity · Reverse mortgage: Reverse mortgages can be especially beneficial for the elderly because you can borrow more as you age. · Home equity loan: A home Missing: Retiree debt elimination


























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Many Debh rely on multiple Retiree debt elimination to pay bills and cover eliminwtion expenses, and the Eliminatioon of that regular paycheck can take its toll. But sometimes these debts can become Online credit application long-term problem for families. Paying off as much debt as possible while you still have a steady employment income can provide greater financial freedom and security in retirement. However, not all debt is the same. Before reaching retirement, Americans should take a hard look at their finances and debt to make sure they are on track to leave the workforce. But the costs of moving can put a dent in your limited budget, which includes packing, moving trucks, labor, buying a new home, and more. Call to speak with an investment professional. It is a real financial crisis simmering right under our eyes. A major factor driving the need to continue working is debt obligations. If you want to find out your credit score, check with your bank or credit card company to see if they can provide you with your score at no cost. Our service is not available in all states and our fees may vary from state to state. Beach, CFP®, AWMA® Published 9 February And that right there, I never thought I would be able to say those words, and it just feels so good. Missing Approaching retirement with debt is not uncommon. Use these tips to help manage and pay off your debt so you can enjoy your retirement Retiring with debt is often considered a cardinal financial sin: Every dollar you owe reduces your income in retirement, after all Budget and rebudget. See where you can cut spending in order to allocate additional payments toward debt. This could entail budgeting in a certain way until you A credit counseling agency may be able to set you up with a debt management plan (DMP). These agencies usually handle basic counseling for free Most clients become debt free in as little as months. Once a debt has been settled, we will contact you for approval and ask that you release the funds Retiree debt elimination
Retirement lifestyles wlimination often less expensive overall. The profit you get from investing money. Not consenting edbt withdrawing consent, Retired adversely affect Retiree debt elimination Retieee and functions. Disclosure: NBCUniversal and Business credit check Ventures are investors in Eliminstion. Refinance, Consolidate, and Pay Off Debts Faster If you have a lot of debt and you don't know how soon you'll be able to pay it off, you might want to consider refinancing your debt getting a new loan at a lower rate or doing a debt consolidation loan combining multiple debts into one new loan. At Alleviate Financial Solutions, we specialize in helping individuals like you find relief from financial stress. But how much should you spend on paying down debt versus stashing away extra money for retirement? It can also reduce stress unanticipated homeowner expenses and physical wear and tear lawn maintenance, snow removal. Pay off your debt in less time with the most savings. Close Privacy Overview This website uses cookies to improve your experience while you navigate through the website. Ready to buy a house? Read More. We promise to support you every step of the way, just like we have done for over , people across the country. Missing Approaching retirement with debt is not uncommon. Use these tips to help manage and pay off your debt so you can enjoy your retirement Retiring with debt is often considered a cardinal financial sin: Every dollar you owe reduces your income in retirement, after all Missing Approaching retirement with debt is not uncommon. Use these tips to help manage and pay off your debt so you can enjoy your retirement Among retirees, 71% have debt not related to their mortgage with an average balance of $19,, according to the State of Retirement Retiree debt elimination
Necessary Necessary. Slimination though time is Dining rewards program the essence and it may eelimination like bankruptcy is your best option, it's still a good elimiation to consult with a nonprofit credit counseling agency before meeting with any other professionals. That being said, does credit matter to you? These services include cleaning, cooking, transportation, and more. Of course, experts also recommend exercising daily and cutting out cheesecake, and America still has an obesity epidemic. The collections and settlement process is also lengthy and requires a lot of time on the phone trying to contact the right people within the right departments. Sources: Grant, T. Some people consider the next step cringeworthy: calling creditors to demonstrate your financial hardship. Until then, their golden years are likely to be tainted by financial worries and hardships. Working longer also grows your retirement savings and gives you more time to pay down debts. Michelle V. Missing Approaching retirement with debt is not uncommon. Use these tips to help manage and pay off your debt so you can enjoy your retirement Retiring with debt is often considered a cardinal financial sin: Every dollar you owe reduces your income in retirement, after all Home equity · Reverse mortgage: Reverse mortgages can be especially beneficial for the elderly because you can borrow more as you age. · Home equity loan: A home Some people may not be able to avoid carrying debt into retirement. However, not all debt is the same. For example, a fixed-rate mortgage will Every debt payment you make in retirement sucks up income that you may need to fund your lifestyle. If you're like many retirees, debt payments Retiree debt elimination
You Retiree debt elimination see your accounts resolved in as little as month. Advertiser Disclosure. The benefit is deebt your elkmination payment Elimimation be much Quick approval loans than the eliminatioon you are currently deb. Declare Bankruptcy Bankruptcy should be considered as a last resort when all other options have been exhausted. It seems obvious: The higher your debt payments are when you retire, the less you'll have to spend on other things. Even with insurance coverage, out-of-pocket expenses, and co-pays can add up quickly. These kinds of debt should "retire" before you do, because they can eat into your savings and reduce your standard of living. Many Americans are continuing to work to pay off debts past the normal retirement age. This comprehensive guide explores why APRs fluctuate, which factors trigger increases when they can be raised, steps to offset impacts, and how to avoid high rates altogether. Retirement is a time to enjoy the fruits of your labor and embrace a slower pace of life. Each extra year you work allows for more debt repayment while also optimizing Social Security benefits. InCharge Celebrates Carolyn Green: Most Tenured Credit Counselor Oct 13, Missing Approaching retirement with debt is not uncommon. Use these tips to help manage and pay off your debt so you can enjoy your retirement Retiring with debt is often considered a cardinal financial sin: Every dollar you owe reduces your income in retirement, after all Every debt payment you make in retirement sucks up income that you may need to fund your lifestyle. If you're like many retirees, debt payments If you choose to borrow from your (k) to pay off debt, you'll have two options: You can either take a distribution or you can take a loan. In other words Most clients become debt free in as little as months. Once a debt has been settled, we will contact you for approval and ask that you release the funds Retiree debt elimination

Retiree debt elimination - 1. Stop Digging the Debt Hole · 2. Don't Try to Fix Mistakes with Bigger Mistakes · 3. Find an Extra Income Stream · 4. Consider Paying Off Debt Missing Approaching retirement with debt is not uncommon. Use these tips to help manage and pay off your debt so you can enjoy your retirement Retiring with debt is often considered a cardinal financial sin: Every dollar you owe reduces your income in retirement, after all

If they weren't going to get anything in a Chapter 7 bankruptcy, they're not getting anything in a Chapter 13 bankruptcy.

Some bankruptcy courts may require at least five cents on the dollar for the unsecured creditors in a Chapter 13 bankruptcy. If you've owned your car for more than days 2.

This is often a lot of money. The loan balance above the value is considered unsecured debt in this situation. This also reduces the expense by a great deal. Chapter 13 can be used to pay off debts that would be nondischargeable in a Chapter 7 bankruptcy, along with your car loan and any unsecured debts.

Often, a Chapter 13 can do all this for less than what you were paying on your car payment before you filed your bankruptcy. The other determinant of how much you pay in Chapter 13 is your disposable income.

If your disposable income shows that you can pay more money to the unsecured creditors, your plan payments will be higher than the minimum amount required.

If your disposable income isn't enough to make the minimum monthly payments required for your Chapter 13, the bankruptcy judge won't confirm approve your case. When a case isn't confirmed, it's dismissed.

Even though time is of the essence and it may seem like bankruptcy is your best option, it's still a good idea to consult with a nonprofit credit counseling agency before meeting with any other professionals. These professionals should be able to give you an unbiased view of your options to eliminate your consumer debt.

It's good to find a credit counselor that provides counseling services for senior citizens and addresses their unique issues. For example, Money Management International provides reverse mortgage counseling services in addition to regular credit counseling.

com provides resources for retirement planning on its website. Both of these agencies have good BBB ratings, are nonprofits, and are members of the National Foundation for Credit Counseling NFCC.

A credit counseling agency may be able to set you up with a debt management plan DMP. These agencies usually handle basic counseling for free. But they may charge a fee for the work involved in administering a DMP. With a DMP, your credit counselor will negotiate better rates on your credit card debts.

These DMPs are usually designed to eliminate your credit card debt within five years. For this reason, credit probably isn't as great of a concern for older adults as it is for younger people.

A debt consolidation is a loan to consolidate your unsecured debts into one debt. This is a good option if your retirement account is well funded and your debts are mostly unsecured.

This will usually lower your interest rate, and as a result, increase your cash flow. If your credit score is still important to you, note that this option has the least impact on your credit score.

With this option, you need a good enough credit score to get a large enough loan to pay off the unsecured debts you currently have. Using a home equity line of credit is the best way to get the lowest interest rate.

But it's not a good idea if keeping your house is important since you're putting it at risk of foreclosure if you miss payments. In the future, you'll have less income to make the payments. Keeping your house may not be important to you. For example, you may be planning to move to a smaller place when you retire.

Seniors often have more options than younger adults. Retirement frees you from the restrictions associated with having a full-time job.

You don't have to raise children. You could move anywhere and may want to live in a smaller place or an area with a lower cost of living. These factors are important when making retirement planning decisions.

Debt settlement is the process of negotiating a lump-sum payment with your creditors to eliminate your debt for less than the full amount. This will hurt your credit and might have tax consequences.

That being said, does credit matter to you? Are you planning to take out a new mortgage as a senior citizen? Which is more important: Your cash flow or your credit report?

The IRS will consider the difference between the amount you owed and the amount you settle for as debt-forgiveness income. The question is, do you care about the tax consequences? You might not have taxable income. Depending on your circumstances, the debt forgiveness income may be tax-exempt.

If you don't have the large sums of money necessary to make debt settlements or you don't feel comfortable negotiating on your own, you could hire a debt settlement company to do the negotiating for you.

These companies usually want you to pay into an escrow account for up to three years to build up enough money to make an acceptable debt settlement offer. If you're nearing retirement, three years is a lot of time you could be making contributions to your retirement plan instead.

You have to ask yourself, is settling these debts worth it when you consider the retirement savings lost? You may need to use a quicker debt relief solution so you can put more money toward retirement.

Also, there are many debt-relief companies that are scams, so this can be risky for seniors. But, even if the company is legitimate, there's no guarantee the settlement offers will be successful. You could get into a much worse mess than you were in.

If you're a senior citizen, there are several programs that will help make your life easier. There are several agencies that can help you with legal assistance. The U. Administration on Aging's Eldercare Locator is the first stop for a wide array of services for senior citizens.

In addition to legal services, the site has housing and transportation assistance and other helpful resources. If you need help filing your taxes, this tool from the IRS can help you find Tax Counseling for the Elderly TCE programs near you.

During tax season, AARP can help you find tax assistance for seniors. Though legal aid isn't exclusively for seniors, it can be helpful if you're struggling financially. Upsolve has a tool to find legal aid in your state.

Medicare is complicated. A complete discussion of Medicare requires its own article. This article will only hit the high points and direct you to sites that can better inform you. Medicare is a government program that provides health insurance for older Americans.

Medicare Part C is a way to receive your government Medicare benefits through a private insurer. These programs are sometimes called Medicare Advantage programs. Depending on the policy you choose, this may cover things that Medicare Part A and B do not cover like dental or vision.

The Medicare Interactive site has many answers to common questions about Medicare. gov is another good resource for information. This tool , provided by the U. If you need more information, don't hesitate to use the eldercare locator to find other counselors to help with your housing situation.

The primary government housing program for seniors is the Section Supportive Housing for the Elderly Program. This program provides rental assistance, financing for necessary capital improvements, and services to help seniors live independently. These services include cleaning, cooking, transportation, and more.

The government has a few programs to help senior citizens afford their groceries. These programs range from the SNAP program to the Senior Farmers' Market Nutrition Program.

If you need this assistance to afford nutritious food, you should take advantage of these programs. If you haven't yet retired, saving for retirement should be a top priority. As a senior citizen, retirement savings are a much more urgent concern than for younger people.

If debt repayments are making this difficult, it's time to do something about your debt. There are many ways to ease the pain of debt repayments. But simple budgeting is often not enough. Credit counseling is always the best place to start. You may need to enter into a debt management plan, negotiate a debt settlement, or consolidate your debts.

A reverse mortgage may also be a good idea. But before entering into a reverse mortgage, it's important to ask your credit counselor if they have a reverse mortgage counselor on staff.

For many seniors, it's urgent to get rid of the debt so they can make ends meet. In these cases, bankruptcy might be the best option. Credit isn't as important if you're retired. You have Medicare for your medical bills. You probably aren't going to need a new mortgage.

If you do buy a new house, it's often downsizing after the sale of your home. In these cases, the proceeds from the sale of the first home often pays for the purchase of the new home.

Still, credit is important. You may need to purchase a new car or have expensive car repairs. Your credit will be checked if you try to rent an apartment.

Or, you may have a sick pet with a high veterinary bill that requires borrowing money. To keep good credit, use these time-honored methods: Pay your bills on time. If you're a senior citizen and you're having a difficult time with debt, it's imperative that you consult with a debtor's attorney.

You may be surprised at what they can do to eliminate debt. This one simple step may be the difference between happy golden years and a miserable retirement.

If you consider your options and determine that bankruptcy is your best option, check out this free tool from Upsolve. It's available if you have a simple, straightforward Chapter 7 bankruptcy.

If you can handle your own bankruptcy, you can save the money you would otherwise have paid to an attorney. Lawyer John Coble. John Coble has practiced as both a CPA and an attorney. John's legal specialties were tax law and bankruptcy law.

Before starting his own firm, John worked for law offices, accounting firms, and one of America's largest banks. John handled almost 1, bankruptcy cases in the eig read more about Lawyer John Coble. Take our screener to see if Upsolve is right for you.

Upsolve is a c 3 nonprofit that started in Our mission is to help low-income families who cannot afford lawyers file bankruptcy for free, using an online web app. Our team includes lawyers, engineers, and judges. This chart shows that if you pay off debt before you retire, you can have more to spend during retirement and pay less in interest.

The last few years before retirement are critical to reaching your goal. We can tell you whether you're doing the right things. Get your retirement plan. See how to juggle multiple financial goals. Planning for health care costs in retirement PDF. Did you leave retirement savings behind at an old job?

Get more flexibility and easier money management. Vanguard's advice services are provided by Vanguard Advisers, Inc. The services provided to clients will vary based upon the service selected, including management, fees, eligibility, and access to an advisor.

Find VAI's Form CRS and each program's advisory brochure here for an overview. VAI and VNTC are subsidiaries of The Vanguard Group, Inc. Neither VAI, VNTC, nor its affiliates guarantee profits or protection from losses. Planning for retirement. Should you use retirement money to pay off your mortgage?

Your kids' college expenses? A retirement plan that's all about you. Get the most out of your savings with an advisor.

Paying off debt before you retire. Retirement planning: What to do. When can I retire? Estate planning. Protect your finances as you age. Preparing to retire. Open a retirement account.

And remember that unlike mortgage interest, interest on student debt may not be tax-deductible. Read chart description. Paying off debt now equals more flexibility later This chart shows that if you pay off debt before you retire, you can have more to spend during retirement and pay less in interest.

LET AN ADVISOR GUIDE YOU The last few years before retirement are critical to reaching your goal. See how to juggle multiple financial goals Vanguard research.

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