Debt is often a big point of contention for many people. However, not all debt is bad debt. Used appropriately, debt can be a vehicle used to grow your wealth. But should it still be looked at this way as you approach retirement?
In this video, Derek talks about how debt should be looked at in retirement.
Even if you are comfortable with debt and it makes sense given your financial position, it still may not be best for you. Debt decreases your ability to control your cash flow.
This creates less flexibility with your money. That may not seem important now, but when poor economic conditions hit, it could make a huge difference.
Ultimately, being debt free in retirement leads to more contentment and happiness. It creates a bigger sense of freedom and independence in retirement. It also creates a mindset of abundance. So being debt free in retirement should always be a hire priority if possible.