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But everybody deserves to retire comfortably.
However, debt almost always incurs interest, making it extremely expensive to carry.
Sometimes, debt is unavoidable, like if youre getting a degree or buying a house.
But a lot of debtisavoidable, especially high-interest debt like credit cards.
Thats a huge and very avoidable issue.
Making sure you pay your credit card balance in full every month will help you avoid high-interest debt.
If you’re gonna wanna set limits on yourself, use a debit card.
Ultimately, by limiting your debt, youre keeping more to put towards retirement savings.
But the two are more related than you might think.
Many financial institutions today offerhigh-yield savings accountsthat have real returns.
(No more .02 monthly interest gains!)
With some banks, you may even find average percentage yields (APYs) of 5% or higher.
Every American has many banks and credit unions to choose from.
Many Americans automatically deposit some of each paycheck into a retirement account.
If youre not doing that, its never too late to start.
Even $25 each month will likely turn into several thousand after a decade or two.
But they have the most time to make up that ground.
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