The dwindling economic climate has hit just about everyone. An increasing number of senior citizens are dependent on their credit cards, causing them to build up more debt than in the past, according to The Dallas Morning News.
Planning for retirement includes managing life insurance policies and planning for a financially solvent future, according to the source. A growing number of seniors are moving into retirement with credit card debt that they did not have in years past. Many retirees live on a lower income and carrying this financial burden can swallow up a lot of that cash, according to U.S. News and World Report.
"The idea of retirement is to be free of obligations so that you can have your normal living expenses, and that's all you're drawing down your funds for," Todd Mark, vice president of education at Consumer Counseling Service of Greater Dallas, told The Dallas Morning News.
Experts believe the best way to combat this problem is to work longer, according to the news source. Those extra years will allow a person to save more money while paying off any debts at their normal salary.