Welcome to a new week and a new theme here on the One Minute Retirement Tip!

This week’s theme is how to set yourself up for a debt free retirement. We Americans often have an unhealthy relationship with debt. There’s a lot of different reasons for this, but many of us have too much debt, which prevents us from saving enough and reaching our most important financial goals.

Each day this week I’m sharing with you the importance of reducing or eliminating your debt before retirement, the tremendous freedom that little to no debt in retirement provides, and how to take incremental steps today to begin reducing your debt.

I’m excited about this week’s tips! It’s a big topic to tackle and I’m going to do my best to share insights with you this week that will help you eradicate debt and move closer to financial freedom.

Today I have a homework item for you to complete before we embark on this week together. I want you to take an inventory of all your debts:

  • List the type of debt (mortgage, credit card, car loans, etc)
  • Write down how much you still owe, the interest rate, and how long you have left on each loan.

Understanding your current debts - both big and small will be a big help to you as we embark on this week’s tips, so take a few minutes today to pull that inventory list together.

Tomorrow, we’ll dive in by talking about why having debt in retirement is a bad idea.

That’s it for today. But before you go...you probably know someone who is close to retirement and could benefit from listening to this podcast. If so, please share this podcast with them and encourage them to check it out by adding it to their flash briefing in Alexa or subscribing wherever they listen to podcasts!

Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip.

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Tags: retirement, investing, money, finance, finances, financial planning, retirement planning, saving money, personal finance, wealth management, money tips, fee only financial advisor, financial planner, financial podcast, retirement podcast, financial independence podcast

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