Welcome to PLANNING, Inc.’s Retirement Roundup! Here you’ll find links to some stories we’ve gathered from around the internet, stories that we think warrant a closer look.
Debt. For such a short word, it can be an incredibly weighty and often scary subject. From Millennials coping with the rising cost of living to Baby Boomers prepping for retirement, debt can be a huge financial hindrance. These days, it feels like most of us are in debt of some kind. Arguments often float around about good debt versus bad debt, whether there is actually such a thing as good debt, and what are the best ways to get a handle on debt, to name just a few. In the name of debt, we’ve pulled together some links to a variety of debt-related reading to help you as you work on taking control of your debt.
+Debt Roundup has put together a list of six free apps to help you manage your debt. While the article’s emphasis is on student loan, these apps can be applied to many types of debt.
+One of the big issues with debt is the question of whether to vigilantly pay down your debt or be more concerned with saving for retirement. The best answer is not to make it an either/or – be sure you’re addressing both. Investor’s Business Daily approaches the issue from a Millennial standpoint, while the Financial Ducks In A Row team takes a broader approach.
+It’s far too easy to accumulate debt, and there are many types of debt that can be racked up. It follows that the more different types of debt you have, the more difficult it can be to choose which debt to handle first. AOL Finance put together a list of the five types of debt to pay off before hitting retirement, and ranked them based on which they recommend tackling first.
+If you’ve dealt with debt, you may also have dealt with overly aggressive collection agents. Yahoo! Finance has some tips for handling bullying behavior.
+Student loan has been a hot topic, and with good reason. Student loan debt is at historic levels in the US, and even those approaching retirement age (or are even past retirement age) are still carrying this financial burden. This New York Times op-ed piece takes a sobering look at the numbers for the retiree and about to retire age groups when it comes to the financial costs of student debt. The Street addresses the problematic financial implications of paying down debt at the expense of retirement savings. U.S. News & World Report offers some insights in dealing with student debt in retirement, looking at both retiree debt as well as any debt incurred helping children with their own college education.
+A good way to take on debt is by budgeting – and if you’ve struggled with that over the years, Kiplinger’s has some advice, including covering debt.
+And finally, a little motivation to help you attack your debt. Oprah’s got the story of a finance blogger who was able to do the seemingly impossible and clear $68,000 worth of student loan debt in a matter of just three years. If that’s not motivating, we don’t know what is!
Watch for the next edition of the Retirement Roundup, when we’ll look at the impact divorce can have on your retirement and your finances.