You’re nearing retirement age and still have a lot of debt. What’s the best way to get back on track?

This is certainly a difficult situation to be in. One has to do a combination of these 4 things 1. Immediately look for earning opportunities, while at current work (if allowed) and post retirement. This should not involve any further borrowing. 2. Use any spare money to pay off the debts that have the highest interest rates. 3. Reduce your standard of living

If nearing retirement age with significant debt, the best approach is to create a strategic plan to tackle it effectively. Start by assessing your financial situation, prioritizing high-interest debts, and exploring options like debt consolidation or refinancing to streamline payments. Additionally, consider adjusting your retirement savings strategy and seeking professional financial advice to develop a comprehensive debt repayment plan that aligns with your retirement goals and timeline.

I create a budget to see my income and expenses. Cutting unnecessary expenses and focusing on paying off debt is important. I might work part-time to increase income. Looking into consolidating or refinancing debt for lower interest rates could help. Getting advice from a financial advisor for a plan on paying off debt and saving for retirement is key. Also, downsizing or selling things to reduce debt might be needed.

Creating a detailed inventory of the debts and income clarifies the financial situation, highlights areas needing attention, and facilitates realistic goal-setting for better financial health and savings opportunities.

If you're nearing retirement age and still have a lot of debt, it's crucial to take proactive steps to get back on track. Here's a plan you can consider: 1. Assess Your Financial Situation. 2. Create a Budget. 3. Prioritize Debt Repayment. 4. Consider Consolidation or Refinancing. 5. Increase Your Income. 6. Delay Retirement. 7. Seek Professional Advice. 8. Stay Committed and Patient. By following these steps and staying disciplined, you can work towards getting back on track financially and preparing for a more secure retirement.

Targeting high-interest debts first with the debt avalanche method accelerates debt payoff, reduces interest costs, and systematically eliminates financial burdens for a faster path to financial freedom.

Embracing frugality and budget discipline enhances financial resilience, accelerates debt repayment, and cultivates habits that build long-term wealth and financial stability.

I have found that using savings to invest in alternate investments go a long way in meeting the desired financial growth needs to mitigate debt and safeguard the future.

I would highly advice people to invest in governement and/or corporate bonds. Investing in government bonds create a cushion that can sustain a desired lifestyle even in retirement.

There is no easy way around it but its a situation one can reverse. Calculate your total debt and total income. Thereafter, do a budget and classify expenses into necessities, adjustables and expendables. Drop the expendables and reduce the adjustable expenses to a bear minimum. Prioritise paying off the loans with the highest interest and keep going until done. The motivation should be to retire debt free

This is a serious situation! Stop looking for answers online; start consulting with a financial advisor or credit counselor who can offer you a tailored strategy based on your individual circumstances and including debt management plans you might not know about. As you navigate this path, resist acquiring new debt; instead, prioritize living within your means, paying with cash over credit.

Sure you need assistance from a good accountant that can help you to figure out exits and entries. Find. A side job could do during the retirement if the law in your country allows it. If you were a BD, normally it means that you have e a large portfolio or even an individual company and probably the best solution it’s to sell it . If you are employed then you can ask your company to keep you as external consultant, just talk clearly to them , explaining situations.

1- Stop giving money to your children and grandchildren. 2- Sell your house or apartment much too big for you and your spouse. 3- Pay off your debts. 4- Buy yourself a small apartment outside a large metropolis the price of real estate is much cheaper plus it will take you away from all the temptations of unnecessary spending. 5- Learn to live healthy again.

This is a situation I am seeing far to often in todays economy. I must agree with Njeri Jomo; create a budget, classify expenses into adjustable, and expendables. Drop the expendables and more importantly... Change your habits! Be realistic and honest with yourself. Seek a Financial Planner to help you carve out monthly funds to sock away into a retirement account, whether that's an annuity or stocks. The sooner the better! Some maybe able to do a reverse mortgage once they retire, but the sooner you practice living on less the better off you will be.