6 Things you Must Pay Off Before Retirement | On The Money

In the video Ryan emphasizes the importance of entering retirement without specific financial burdens. The six things individuals should aim to clear before retirement include credit card debt, student loan debt (especially those taken on behalf of children), expenses related to children's college education and their overall financial support, upcoming wedding expenses, setting up a vacation fund for early retirement years, and paying off mortgages. Additionally, Ryan suggests avoiding acquiring new debt in retirement, such as for new recreational "toys" or home improvements. Instead, one should consider financing these in the last few years before retirement to avoid tax penalties or taking out loans during retirement. He stresses that managing these financial responsibilities helps ensure a more relaxed and enjoyable retirement.
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[@onthemoney1]

If you have any questions, please post them below

[@bernie9728]

We went into retirement debt free. It's amazing how far your Social Security will go when you have no debt. Almost 8 years in and have yet to draw dime one out of the retirement savings. So basically no debt and we can do pretty much anything we want to do without concern to the budget.

[@yonemitsu1]

Not going to pay off home loan at 3% interest. Our retirement money makes more then 3%

[@onthemoney1]

Many thanks for commenting and watching.

[@bernie9728]

So you think paying 3% is better than paying 0%? I find that interesting. I retired almost 8 years ago debt free. In 8 years we have not touched a dime of our investment money.

[@yonemitsu1]

@@bernie9728 we haven’t touched our investment money. We do have pensions and ssi.