Though seniors often spend a lot of time daydreaming about their retirement living plans, they might also worry about their financial situation or their ability to maintain a comfortable lifestyle after they stop working.
However, with the right financial planning, active living seniors can look forward to years of leisure.
Barbara Camaglia, a financial planner, told CBS Money Watch that one of the best ways Americans can prepare for their retirement is by paying down their credit card debts, mortgages and other loans.
"If you need to generate income in retirement to cover your debt payments, it becomes harder to maintain your standard of living," she told the news source. "Do you want to carry another brick on your back? Unequivocally, the answer is ‘no.’ "
However, the news source suggests that while quickly paying down debts is ideal, it’s also not wise to completely deplete savings to pay off loans, because that can lead to more debt.
In the coming years, it is likely to that many Americans will begin to plan for their golden years. The 65-and-over population will rise from 38.7 million in 2008 to 88.5 million by 2050, according to the Census Bureau.
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