5 Ways to Pay Off Debt in Retirement (Infographic)

GLENDALE, Calif., July 10, 2013 /PRNewswire/ -- Financial experts commonly advise soon-to-be retirees to eliminate debt prior to leaving the labor force, as it is easier to draw funds from a steady paycheck. But what about those who already have retired and are living in the red? According to the U.S. Census Bureau, 44 percent of households with residents ages 65 and up are in debt, averaging $26,000.

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"If you are retired, it's generally too late to plan, but it's certainly not too late to take action," says Hugh McDonald, a certified senior advisor and president of HJM Financial Group in Sun City, Calif.

"How to Pay Off Debt in Retirement," an infographic by MySilverAge, offers five tips to help seniors take action—from targeting high-interest debt to avoiding scams.

Retirees can find even more information to help them take charge of their money in MySilverAge's 6-step Guide to Getting Your Retirement Finances in Order, including these tips:

• Understand your stage. While retirement is different for everyone, having a good idea of when you will need to dip into your savings and how much you will need can help you better set a long-term plan.
• Work with financial planners who understand seniors. These planners will be tuned into unique financial milestones (such as having to take minimum distributions from your IRA accounts when you turn 70.5).
• Embrace technology. Perhaps the best place to access financial planning resources is online. Online payments, direct deposits and automatic transfers can make it easier to stick to a spending plan.

Download the guide at http://www.mysilverage.com/financeguide

Download the full guide for more advice on drafting a financial plan, cutting costs and taking advantage of budget-friendly senior discounts. Plus, find additional resources for successful aging at MySilverAge.

About MySilverAge

MySilverAge is a website and online resource center, brought to you by be.group, that is designed to help seniors enjoy "what's next." MySilverAge brings together thought leaders on the subject of successful aging, leading intelligence on healthy aging and senior living, and expert tips and advice for creating the home, community and relationships in which seniors can thrive.

About be.group

As one of the country's largest nonprofit providers of senior living communities, be.group is committed to creating communities and services that make the lives of older adults more fulfilling. be.group's dedicated, well-trained staff is devoted to helping its residents and clients discover new ways to embrace life's possibilities and new options for exploring their potential. Follow @begroupliving on Twitter.

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SOURCE MySilverAge.com