A retirement paycheck is a practical way to think about how you will pay yourself during your retirement years.

Click below to learn how each factor works together to optimize your retirement paycheck.

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Can I Pay Off My Credit Cards and Other Debts Before Retirement?

  • Try to pay off credit cards and consumer debts before you retire.
  • If possible, pay off your entire mortgage by retirement.
  • Aim to spend less than you earn. Avoid taking on new debt prior to or during retirement without a realistic plan to pay it off.
  • Consider the 10 years before retirement as your debt-reduction decade.
    • Track your spending, and pay your bills on time.
    • If you think you may fall behind on monthly payments, talk with creditors early — not after you are late on your payments.
  • Build an emergency fund of at least three months of living expenses to avoid relying on credit for unplanned costs.