Woohoo! You have finally made it to retirement, which is what so many people look forward to over the years of building their career. What many people may not consider is that upon entering retirement, it is best that you try to ensure that you are as debt free as possible. If you find yourself going into retirement with a good amount of debt, there are some tips that you can keep in mind to help you pay off your debt efficiently. Here are some ways that you can pay off your lingering bills in retirement: 

• Don’t dig yourself into more debt. First and foremost, make sure that you are not digging yourself deeper into the “debt hole.” If you are working on paying off your bills, be more mindful of your spending and make sure that you are only making smart purchases until your debt is paid down.
• Find an extra stream of income to pay off debt quicker. If you have the time, try and find an extra stream of income to help you pay off your debt faster. Perhaps this is a good time to take up one of your passions, or something you have always dreamed to be your “side hustle!”
• Consider downsizing. Downsizing is a great way to make some extra money and pay off your debt, especially if you have a family and your children have moved out into their own apartments or homes. If the market is good and you are able to sell your home for a great cost, this is an awesome way to pay your bills quickly.
• If needed, declare bankruptcy. If it is necessary and you are having trouble getting yourself out of debt, consider declaring bankruptcy. At this point, it is best to bring in a financial advisor to help guide you on what the best decision is for your personal financial situation.