Moneywise On Oneplace.com

Paying off debt is always a smart financial move—but eliminating it before retirement is one of the best decisions you can make. With more people than ever retiring with debt, financial security in retirement is at risk. Let’s explore why carrying debt into retirement can be problematic and what you can do to avoid it.The latest statistics reveal a concerning trend. According to the Federal Reserve's 2022 Survey of Consumer Finances, 65% of individuals aged 65 to 74 carry debt—a significant increase from 50% when the Fed began tracking this data 35 years ago.Debt in retirement severely limits lifestyle choices and, for many, leads to an unwelcome necessity: returning to work. A study by T. Rowe Price found that 20% of retirees have gone back to work full-time or part-time, and another 7% are actively looking for jobs. The primary reason? They need more income.Inflation has only worsened the situation. Prices today are around 15% higher than they were three years ago, catching many retirees off guard and stret