Before leaving the workforce, many Americans aim to reach specific financial and personal goals to feel more prepared for retirement. A recent article from Moneywise outlines six important milestones that can help people enter retirement with greater confidence—and features new data from National Debt Relief that highlights a growing concern for older adults: debt.
One of the most striking takeaways from the article is that 72% of Americans over age 55 carry some form of debt, according to National Debt Relief’s research. More than half of them say that debt has “held them back” in life. These findings show just how common debt is among older adults—and how much it can impact their ability to retire with peace of mind.
The article emphasizes that getting out of debt should be a top priority before leaving the workforce. As the piece puts it, “carrying debt without employment income doesn’t often make for a fun retirement.” That pressure is even heavier when health costs come into play. Medical debt is a major concern for many seniors, and National Debt Relief’s data shows that 17% of older adults carry an average of $9,144 in medical debt.
In addition to tackling debt, the article highlights five other key milestones:
- Creating a detailed income and expense plan that goes beyond basic rules of thumb like the “rule of 25”
- Setting up a strong healthcare plan to manage rising medical costs
- Developing an estate plan while still working to take advantage of tax benefits
- Making space for mental and social well-being, especially as retirement can bring unexpected boredom or isolation
- Taking a “lifestyle trial run”—a short break from work to test what retirement might actually feel like
What ties all of these milestones together is the reminder that retirement planning isn’t just about saving—it’s also about clearing the financial roadblocks that can get in your way.
You can read the full article at Moneywise to learn more about each milestone and how to prepare for a debt-free retirement.
