{"id":102973,"date":"2026-10-07T18:24:38","date_gmt":"2026-10-07T18:24:38","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/prioritizing-paying-off-debt-before-retirement-these-balances-may-need-different-treatment\/"},"modified":"2026-10-07T18:24:38","modified_gmt":"2026-10-07T18:24:38","slug":"prioritizing-paying-off-debt-before-retirement-these-balances-may-need-different-treatment","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/prioritizing-paying-off-debt-before-retirement-these-balances-may-need-different-treatment\/","title":{"rendered":"Prioritizing paying off debt before retirement? These balances may need different treatment."},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<div class=\"embed__float-wrap\">\n<figure class=\"embed embed--type-image is-image embed--float-none embed--size-medium\" data-ads=\"{\" extrawordcount=\"\">\n<p>      <span class=\"img embed__content \"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets3.cbsnewsstatic.com\/hub\/i\/r\/2026\/10\/07\/acd2463a-7516-4d7c-b2da-f00aaeecb6dd\/thumbnail\/620x413\/0751389cc4a3ee4288fa7338c55b5fa7\/gettyimages-2156364475.jpg#\" alt=\"Credit card model on US dollar banknotes, finance and business. \" height=\"413\" width=\"620\" class=\" lazyload\" srcset=\"https:\/\/assets3.cbsnewsstatic.com\/hub\/i\/r\/2026\/10\/07\/acd2463a-7516-4d7c-b2da-f00aaeecb6dd\/thumbnail\/620x413\/0751389cc4a3ee4288fa7338c55b5fa7\/gettyimages-2156364475.jpg 1x, https:\/\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/10\/07\/acd2463a-7516-4d7c-b2da-f00aaeecb6dd\/thumbnail\/1240x826\/62a7fdd927f87b3887781d728b7bf7e1\/gettyimages-2156364475.jpg 2x\" loading=\"lazy\"\/><\/span><figcaption class=\"embed__caption-container\">\n<p>                  <span class=\"embed__caption\">It makes sense to get rid of debt before retirement, but some balances deserve more urgency than others.<\/span><\/p>\n<p>                  <span class=\"embed__credit\"><\/p>\n<p>                Pakawadee Wongjinda\/Getty Images<\/p>\n<p>                          <\/span><br \/>\n              <\/figcaption><\/figure>\n<\/p><\/div>\n<p>For many Americans approaching retirement, eliminating debt can feel like an obvious item to put near the top of the financial to-do list. After all, without a paycheck coming in, it can be tough to cover mortgage, credit card or other loan payments, as you&#8217;ll need to fit those payments into a stricter budget reliant on Social Security, pension income or retirement withdrawals. The problem is, though, that debt remains a significant issue nationwide right now, so millions of Americans are still trying to <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/how-to-deal-with-debt-when-youve-already-cut-back\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">get rid of their balances<\/a><\/span> before entering retirement.\u00a0<\/p>\n<p>Borrowers nationwide held a collective $18.8 trillion in household debt in the second quarter of 2026, including <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/credit-card-balances-rose-21-billion-how-to-get-debt-forgiven\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">$1.26 trillion in credit card balances<\/a><\/span>\u00a0and $1.71 trillion in auto loan debt. And if you&#8217;re nearing retirement with one or more of these balances, the temptation may be to pay off as much as possible while employment income is still coming in. But simply aiming to enter retirement with a $0 debt balance overlooks an important part of the equation.\u00a0<\/p>\n<p>The type of debt, the interest rate and the financial resources required to eliminate it can matter just as much as the amount owed. As a result, some balances may warrant aggressive repayment before retirement, while others may call for a more measured strategy. So which balances need to be treated differently when you&#8217;re paying off debt before retiring? That&#8217;s what we&#8217;ll examine below.<\/p>\n<p><a href=\"https:\/\/secure.money.com\/pr\/p218885b265a?s1=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2Fpaying-debt-before-retirement-balances-need-different-treatment\" target=\"_blank\" rel=\"sponsored, noopener\">Learn how Accredited Debt Relief can help you tackle your debt before retirement<\/a>.<\/p>\n<h2><strong>Prioritizing paying off debt before retirement? These balances may need different treatment<\/strong><\/h2>\n<p>Carrying debt into retirement isn&#8217;t necessarily a problem. What matters is <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/americans-relying-on-multiple-forms-credit-expenses-when-is-it-a-warning-sign\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">what type of debt<\/a><\/span> you&#8217;re carrying, how expensive it is, how much it affects monthly cash flow and what must be sacrificed to eliminate it. Here is how some common balances may fit into that calculation:<\/p>\n<h3><strong>High-rate credit card debt generally deserves priority<\/strong><\/h3>\n<p>Credit card debt is typically among the most important balances to address before leaving the workforce because the cost of carrying this type of debt can be substantial. The average rate on credit card accounts assessed interest is above 22%, after all \u2014 and millions of borrowers are paying rates that are much higher than the average.<\/p>\n<p>At today&#8217;s card rates, even a relatively modest balance can generate significant interest charges and require sizable payments each month. That can become especially problematic after retirement, when income may be more limited and unexpected expenses could otherwise push card balances higher.<\/p>\n<p>So, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/how-to-stay-motivated-when-debt-feels-overwhelming\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">paying down credit cards aggressively<\/a><\/span> while still earning employment income may make sense. And, depending on the circumstances, options such as a balance transfer, lower-rate consolidation loan or debt management plan could also reduce the cost of repayment. Those with more substantial balances may also need to explore whether other debt relief strategies are appropriate.<\/p>\n<p><a href=\"https:\/\/secure.money.com\/pr\/p218885b265a?s1=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2Fpaying-debt-before-retirement-balances-need-different-treatment\" target=\"_blank\" rel=\"sponsored, noopener\">Find out how Accredited Debt Relief could help with your high-rate debt today<\/a>.<\/p>\n<h3><strong>A low-rate mortgage may require a different calculation<\/strong><\/h3>\n<p>Entering retirement without a mortgage can significantly reduce monthly expenses, but paying off a home loan early isn&#8217;t automatically the best financial move. Someone who locked in a particularly low mortgage rate years ago, for example, could have relatively inexpensive debt. And using a large portion of cash savings or pulling money from a retirement account to eliminate that mortgage could create other problems, including reducing liquidity or potentially triggering a sizable tax bill.<\/p>\n<p>The decision on how to handle a mortgage may also depend on the tax treatment of the loan. Qualified mortgage interest can be deductible for homeowners who meet the requirements and itemize their deductions. In turn, making regular mortgage payments while maintaining a healthy cash reserve and continuing to build retirement savings could therefore make more sense than racing to eliminate the balance.<\/p>\n<h3><strong>Auto and personal loans warrant a close look at rates and cash flow<\/strong><\/h3>\n<p>Installment debt generally falls somewhere between high-cost credit cards and inexpensive mortgage debt. The right payoff strategy for this type of debt can depend heavily on the loan&#8217;s rate and monthly payment.<\/p>\n<p>For example, paying off an auto or personal loan before retirement could be valuable if the rate is high or the payment consumes a meaningful portion of the expected retirement budget. Eliminating a monthly car payment that takes up hundreds of dollars in the budget could provide more breathing room than paying extra toward a low-rate mortgage with years remaining.<\/p>\n<p>Draining emergency savings to eliminate a relatively low-rate installment loan can leave retirees vulnerable to the next major expense, though. Before accelerating repayment, it can help to compare the interest savings with the value of keeping accessible cash.<\/p>\n<h3><strong>Student loans can require a more individualized strategy<\/strong><\/h3>\n<p>Older Americans carrying student loan debt \u2014 whether for their own education or loans taken out for family members \u2014 may have additional factors to consider. Federal student loans, in particular, can come with repayment and relief options that aren&#8217;t available with most consumer debt. In turn, borrowers struggling with payments may qualify for certain income-driven repayment arrangements or temporary relief, depending on the loan and their circumstances.<\/p>\n<p>That doesn&#8217;t mean student debt should be ignored by soon-to-be retirees. Defaulted federal loans can have serious consequences, including the potential withholding of part of certain federal benefits. But borrowers may want to evaluate their available repayment options before using retirement assets or substantial cash reserves to eliminate these balances all at once.<\/p>\n<h2><strong>The bottom line<\/strong><\/h2>\n<p>Paying off debt before retirement can make a fixed income easier to manage, but becoming debt-free shouldn&#8217;t come at the expense of the rest of the retirement plan. High-rate balances that rapidly generate interest or consume a large portion of monthly income generally warrant more urgency, while lower-cost debts may benefit from a more nuanced approach.\u00a0<\/p>\n<p>Before accelerating payments, consider the interest rate, monthly obligation, tax implications and what paying off the balance would require. After all, the goal isn&#8217;t simply to retire with as little debt as possible; it&#8217;s to enter retirement with a financial structure that can remain manageable for the years ahead.<\/p>\n<section class=\"content__body--footer\">\n<p class=\"content__meta--editors\">\n      Edited by<\/p>\n<p>                                  <a href=\"https:\/\/www.cbsnews.com\/team\/matt-richardson\/\" class=\"byline__author__link\" data-invalid-url-rewritten-http=\"\">Matt  Richardson<\/a>\n                      <\/p>\n<\/section>\n<section class=\"content__body--footer\">\n      <!-- tags --><br \/>\n    <\/section>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/paying-debt-before-retirement-balances-need-different-treatment\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It makes sense to get rid of debt before retirement, but some balances deserve more urgency than others. Pakawadee Wongjinda\/Getty<\/p>\n","protected":false},"author":1,"featured_media":102974,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[],"class_list":["post-102973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-stories"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Prioritizing paying off debt before retirement? These balances may need different treatment. - World News<\/title>\n<meta name=\"description\" content=\"Rushing to wipe out every debt balance before retirement could come with some surprising tradeoffs. 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