6 signs you can’t afford to retire

No matter how old you are, retirement should be a goal you’re planning for and working toward. Unfortunately, many people aren’t on track.

Nearly half of American workers agreed with the statement, “I don’t have enough income to save for retirement,” according to a 2021 survey by Transamerica Center for Retirement Studies (TCRS). Additionally, 57% of workers said they plan to work in retirement. Of those respondents, 80% cited “financial reasons.”

So, if you hope to retire someday, you need to be sure you can afford to do so. Here are six signs you may not be there yet.

You Have a High Level of Debt

Ideally, you would transition into retirement debt-free. Of course, that’s not realistic for many people. “Having some debt, such as a home loan that may offer tax deductions, isn’t necessarily a bad thing,” said Melissa Hannum, an advanced markets specialist with COUNTRY Financial. “The problem arises when you still have a high level of debt.”


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