How to Get out of Debt

Money
Many Americans have taken on debt during the pandemic, and understandably so. It’s hard to make ends meet when you’re unemployed or underemployed. The challenge then becomes digging yourself out of debt before you get completely snowed under. Financial advisors warn against bringing credit card debt into retirement, since there’s little wiggle room to pay rising interest costs on a fixed income. Two popular methods of debt repayment include the “snowball” and the “avalanche.” The former involves paying off the smallest debt first for a confidence booster, while the latter involves tackling the highest interest-rate debt first for the biggest savings. Learn more about paying down debt in today’s edition. And metaphors aside, I hope this message finds you and yours safe as much of the country grapples with real snow and ice conditions.

Best wishes,
Elizabeth

P.S. If you got this newsletter from a friend, sign up
here for email delivery to make sure you don't miss the next issue.

TIMELY RETIREMENT NEWS, INSIGHTS, AND ADVICE

How to Pay off Debt: 5 Expert-Approved Strategies That Work


Debt management is a big factor in your credit score.

RETIRE WITH MONEY COMMUNITY INSIGHTS
This week in our Retire with Money Facebook group, one poster asked, “How do I overcome the fear of running out of money in retirement? We received the thumbs up from our financial planner that we can retire. But, all of a sudden I have a fear that we might run out of money.” It’s a common concern. If she hadn’t already been to an advisor, I would have suggested that. An advisor can run simulations and predict how long your nest egg will last under various estimates for market performance and your own longevity. But when that fails to reassure, what else? A few posters mentioned guaranteed income in the form of an annuity, and I think that’s smart. Research has shown that guaranteed income increases retirees’ peace of mind. But annuities come in many flavors — you generally want to avoid the high-cost options and stick with plain vanilla fixed income annuities.  Learn more about these insurance products here.
RETIREMENT NEWS FROM AROUND THE WEB
Required Minimum Distributions: Why All the Tinkering?
Congress’ tweaks to RMDs won’t improve retirement security, a columnist argues. MORNINGSTAR
Big Picture Helps With Retirement Financing
Researchers created a tool to educate people about retirement income. SQUARED AWAY BLOG
Pointers on Booking a COVID-19 Vaccination
Older adults share how they did it. NEXT AVENUE
What You Gain When You Give Things Up
During this season of Lent, a writer reflects on the benefits of sacrifice. THE ATLANTIC
Elizabeth O'Brien is deputy editor at Money. She has covered retirement and health care for nearly a decade. A Brooklyn resident and mom of two boys, she navigates the alphabet soup of Medicare and the New York City subway system with equal ease. You can email her at elizabeth.obrien@money.com and follow her on Twitter at @elizobrien.

Older messages

The Math Is Changing on Whether It’s Better to Buy or Rent a Home

Friday, February 19, 2021

Daily Money Mortgages The Math Is Changing on Whether It's Better to Buy or Rent a Home Pre-pandemic buying was more affordable in just over half of the country. Family Finance Surprise! Filing for

Why Investors Need to Look Beyond the S&P 500

Thursday, February 18, 2021

Daily Money Investing Why Investors Need to Look Beyond the S&P 500 You know the drill: don't put all your eggs into one basket. Everyday Money How to Pay off Debt: 5 Expert-Approved Strategies

I may break Kindles, but I CAN fix your bad credit

Wednesday, February 17, 2021

plus a guitar smash + clever dog February 17, 2021 // ISSUE #81 Dollar Scholar Hi y'all — Whenever I buy an ebook on Amazon, I'm confronted with a choice. Upon checking out, a drop-down window

More Than 3 Million College Students Who Can’t Afford Food May Be Eligible for Expanded SNAP Benefits

Wednesday, February 17, 2021

Daily Money Family Finance More Than 3 Million College Students Who Can't Afford Food May Be Eligible for Expanded SNAP Benefits The federal benefits add to growing food pantries and other

The Best Places to Live for Singles

Tuesday, February 16, 2021

3 common pet insurance exclusions Retire with Money Fidelity Here's a stat that might surprise: 36% of Americans who identify as single are over age 65. In today's edition, Money rounded up the

Longreads + Open Thread

Saturday, July 24, 2021

Spreadsheets, Piracy, Owning Data, GDP-Linked Bonds, Climate Catastrophe-Linked Bonds, Young Adult Fiction, Griddles, War, Fracking, Code ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

7 Things That Are Getting More Expensive in 2021

Saturday, July 24, 2021

It's not your imagination. You really are paying more. July 24, 2021 EVERYDAY MONEY 7 Things That Are Getting More Expensive in 2021 It's not your imagination. You really are paying more. READ

Near the tipping point

Saturday, July 24, 2021

Bloomberg Follow Us Get the newsletter The world can be a dangerous place. Natural forms of destruction have blighted the Earth since the dawn of time. But thanks to human intervention, the planet may

About those sky high home prices …

Saturday, July 24, 2021

Plus swimming pools for rent + an update on mortgage rates July 24, 2021 | Issue #1 Good morning! I'm Sam, the real estate editor at Money and I am so excited to offer you a sneak peak of our

Weekly Wrapup: Bills and Gambles

Saturday, July 24, 2021

Finshots Weekly Wrapup: Bills and Gambles In this week's wrapup we talk about the Monsoon Session of Parliament, Reliance's acquisition of Just Dial, the new drone regulations, and finally

Dangerous games

Friday, July 23, 2021

Bloomberg After a yearlong delay due to Covid-19, and some scandals and high profile resignations, the 2020 Tokyo Olympics are finally underway. The Games, the first ever without spectators, promise to

FTT Update: This Newsletter Requires Vaccination

Friday, July 23, 2021

​ ​ Hi all, Julie here. Happy Summer Friday all! Jordan and I close on our new home IN ONE WEEK! Ahhh! Keep us in your prayers as we hope that all goes well with that as well as the move itself. In the

Not Your Parents’ Mutual Funds: How Gen Z Is Investing

Friday, July 23, 2021

Why you should worry about the next crypto crash July 23, 2021 So much for babysitting or busing tables. Today's young adults are using the internet to make money, and not chump change either.

Ever Grande

Friday, July 23, 2021

Plus: Simply not Fintechery, Circle, Equity Research, Finally ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Taking Strategy Seriously

Friday, July 23, 2021

Plus! Errata, Streaming as Instant Gratification; Batteries; Shrinking Analyst Teams; Diffident Voters; Oil; Recapitalized ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌