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Everyone hopes for a smooth flight in retirement, saidPaul Tyler, host of That Annuity Show.
But sometimes the oxygen masks do drop from the ceiling.
About 6% of American adults (14 million people) owe over $1,000 in medical debt.
Of those, three million (1%) have medical debt totaling more than $10,000.
For most Americans, their home is their largest asset in retirement next to Social Security, Tyler said.
Consumers carry an average of over $6,500 in credit card debt,Experian reported.
You may be treading financial waters if you are tapping into your retirement savings to pay off debt.
Skipping a few too many payments can quickly create debt you cant outrun.
Look for ways to pay off balances sooner rather than later.
Experian recommended starting by calculating your owe and listing the balance and interest rate for each card.
You Have Risky Investments
The riskiest investments have the greatest potential for gains and losses.
According to Nationwide,stocks statistically outperformother investment vehicles over time.
In addition, Tyler recommended diversifying your investments to buffer yourself against the downturn of risky investments.
A big dip in the market can have an enormous impact in future years.
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