For baby boomers, this is a banner year. They’re hitting their mid-60s in droves. An average of 11,000 Americans a day will turn 65 in 2024. That’s a record.
At 65, they face big decisions like when to take Social Security and choosing the details of their Medicare enrollment. They also confront other financial issues that tend to fly under the radar.
Managing debt also merits consideration as you approach 65, says Stephen Barns, an adviser in Little Rock, Ark. Segueing into retirement without owing money on credit cards, personal loans or auto loans puts you at a distinct advantage, especially because these types of debt can carry high interest rates and shrink your nest egg.
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