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Financial Health Author: Staff Editor Last Updated: Sep 7, 2017 - 10:06:33 PM



To Save More For Your Future, Avoid These Four Pitfalls

By Staff Editor
Feb 24, 2017 - 1:00:40 PM



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(HealthNewsDigest.com) - If you’re like most Americans under 65, you plan on paying off all your debts before you retire. However, only one in four actually does, according to a Bankers Life Center for a Secure Retirement study.

Fortunately, you have a better chance of being among that favored quarter if you avoid these four debt pitfalls:

1. Overspending: Six in 10 non-retired middle-income Boomers report they spend as much as or more than their entire household income.

2. Credit card debt: Credit card debt is the most common form of debt—53 percent of all middle-income Boomers currently have it, regardless of retirement status.

3. Mortgage in retirement: Nearly 25 percent of middle-income Baby Boomers have 20 years or more remaining on their mortgage.

4. Healthcare debt: Nearly one in five Boomers has medical debt. People tend to prepare for anticipated costs, not the unexpected healthcare expenses.

Learn More

Visit www.BankersLife.com/TopTips to download a free booklet on Top Tips for Retirees including Reducing Debt in Retirement, Safety & Security, Managing Prescription Drug Costs, and more.

To learn more about Boomer debt, visitwww.CenterForASecureRetirement.com.

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