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5 Money Habits That Can Destroy Middle-Class Retirees’ Finances
Yahoo Finance· 2025-09-14 10:58
Group 1 - The question "What's my number?" is crucial for retirees as it guides their retirement planning and expectations for post-retirement life [1] - Poor financial habits can significantly impact retirement savings, making it essential for retirees to avoid certain practices [2] Group 2 - High-interest credit card debt is a major concern for retirees, with nearly 70% of those with debt reporting outstanding credit card balances, highlighting the need for debt elimination [3] - Retirees are advised to focus on paying down high-interest debt before or during retirement, considering strategies like low-interest balance transfers or debt consolidation [4] Group 3 - Social Security benefits are a vital income source for retirees, constituting about 30% of income for individuals over 65, with the recommendation to delay claiming benefits to maximize payments [4][5] - Claiming Social Security benefits early can lead to a reduction of at least 25% in payments, making it important for retirees to understand the trade-offs involved [5] Group 4 - Healthcare costs represent a significant financial burden for retirees, with a 65-year-old retiring in 2025 expected to spend $172,500 on healthcare expenses [6] - Medical expenses typically increase with age, and retirees are advised to include healthcare costs in their retirement budgeting to avoid depleting savings too quickly [7]
X @Investopedia
Investopedia· 2025-09-06 04:00
If you have multiple high-interest debt accounts, a debt consolidation loan can help. Learn how to get a debt consolidation loan and what to consider when choosing one. https://t.co/pMtR59BjcB ...
X @Investopedia
Investopedia· 2025-08-07 01:00
If you have multiple high-interest debt accounts, a debt consolidation loan can help. Learn how to get a debt consolidation loan and what to consider when choosing one. https://t.co/e1HsSXMRY5 ...
X @Investopedia
Investopedia· 2025-07-07 18:30
If you have multiple high-interest debt accounts, a debt consolidation loan can help. Learn how to get a debt consolidation loan and what to consider when choosing one. https://t.co/h88TtpGutv ...