As you begin to age, a great deal of focus is put on living for the moment. While that’s great advice when you’re spending time with your family and friends, seniors should always live with an eye toward the future. By making positive changes in their lives, seniors can make their futures brighter.

Though eating healthy and staying active are often cited as ways to improve the aging process, there is a subject that is often overlooked: Finances.

Sometimes uncomfortable to talk about and daunting to manage, financial management is an essential part of the aging process. As Americans reach the age of retirement, they are finding themselves in debt and unable to fully enjoy their golden years. The Employee Benefit Research Institute reports that 65.4 percent of families, in which the head of the household is 55 or older, are in debt.

The average amount of debt in a senior household is $50,000. Typically, this debt is not a new thing. It is frequently carried over from their working life into retirement. A debt that was manageable when one was working can easily become unwieldy after retirement.

Financial hardships are often a product of the unexpected: Medical bills and home repairs are the most frequent reasons for debt accruement. The rise in property tax and mortgage rates mean that many seniors are facing bills their retirement budgets didn’t account for. Credit card debt is also up among seniors. Many Americans who wish to age in place are finding that maintaining and upgrading their homes is quickly eating away at their savings.

If you find yourself approaching retirement with debt, the time to take action is now. Speak to a consolidation company and work out a payment plan that will allow you to live on your retirement money while reducing your debt. If you fear your parents or loved ones are accruing debt, don’t wait to find out. Start the conversation with them and seek professional financial counseling if needed.

At Capital City Nurses, we believe that seniors should enjoy the moment, but think of the future. Start your planning today.