9 Retirement Decisions That Can Ruin You Financially

7) Carrying High-Interest Debt

Having a lot of debt when you retire can quickly eat into your nest egg. After all, it’s hard to save money when you’re having to invest so much into paying off your debt.

This is especially true if you have high-interest debt, like credit card debt. For example, if you have $20,000 in credit card debt and are charged 25% annually on it, you’ll have to pay $2,500 a year. Before you retire, try to find ways to lower this debt significantly. This could mean taking on a part-time job. Or, you could tighten up your budget and put the extra money you save towards the debt. By doing this, you’ll be to enter your retirement with much less debt, which will allow you to enjoy your golden years even more.