Nearly 50% of Americans make a big Social Security mistake
Dave Ramsey warns that many Americans over 55 are making serious retirement mistakes.
One major issue is carrying too much debt into retirement, with the average debt burden for households headed by people aged 65 to 74 quadrupling between 1992 and 2022.
This cohort now carries $45,000 in debt on average, while households 75 and up have seen their debt burden jump sevenfold to $36,000, from under $5,000.
Ramsey advises attacking debt with intensity before retirement, using strategies like the avalanche method to pay down debt