3593: 3 Debts You Should Eliminate Before Retirement by Kumiko of The Budget Mom on Retirement...
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Kumiko of The Budget Mom explains why entering retirement with debt can put serious pressure on a fixed income and reduce the freedom you've worked hard to achieve. She highlights the importance of eliminating unsecured debt, student loans, and mortgage debt before retirement, while offering practical strategies to reduce interest costs, accelerate repayment, and protect long-term financial security.
Read along with the original article(s) here:
Quotes to ponder:
"If you are living with a fixed retirement income, you might not be able to afford to make the extra payments on the money owed."
"I would love to help my son pay for college, but I won't sacrifice my own retirement to do so"
"If you can pay off your mortgage before retirement, you can significantly decrease your housing costs, eliminate your biggest expense, and you can make your savings last much longer."
Episode references:
UTMA (Uniform Transfers to Minors Act) Accounts:
Parent PLUS Loans:
Wealthfront’s high-yield Cash Account: https://wealthfront.com/OFD (https://wealthfront.com/OFD)
This experience may not be representative of other Wealthfront clients, and there is no guarantee of future performance or success. Experiences will vary. The Optimal Finance Daily Podcast, Diana Merriam (collectively "Media Partner") are not clients of Wealthfront. The Media Partner receives cash compensation from Wealthfront Brokerage for this paid endorsement placed in their video, creating a conflict of interest. More details available via the referral link. The Direct Deposit Plus Investing Program from Wealthfront Advisers LLC and Wealthfront Brokerage LLC provides eligible clients a 0.25% APY increase above the base APY on eligible Cash Account balances (up to an overall boosted rate of 4.30% for a limited time when including the 0.75% APY boost for new clients) when you direct deposit $1,000 a month, plus open, fund, and maintain an investing account. Wealthfront may change or end the program at any time and determine eligibility at its discretion. Terms apply. Full details at wealthfront.com/promo-terms (http://wealthfront.com/promo-terms).
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