 TITLE: How Much Should I Save for Retirement? CONTENT: Types of Debt to Consider When Planning for Retirement\n------------------------------------------------------\nAs you work through the numbers of what you'll need to save to retire when and how you want, it's a good idea to work on paying down debt. Not only will it give you more freedom with your cash flow, but it can also reduce the amount of income you'll need each month.\nSpecifically, there are three types of debt to consider paying down as you work to plan your retirement.\n### Mortgage Loan\nBaby boomers—those between ages 55 and 73—have the second-highest debt burden of any generation, according to Experian data, and mortgage debt makes up a big chunk of it.\nBy owning your home free and clear before you enter retirement, you can save yourself hundreds, if not thousands, of dollars every month—that's money you can use to fund travel and other activities, or just not have to save for.\n### Student Loans\nThe student loan debt crisis is getting worse, and recent college graduates aren't the only ones suffering. According to Experian data, baby boomers saw a 7% increase in their student loan balances in the past year, at least some of which is attributable to parents taking out loans to fund their children's education.\nStudent loan debt can be tricky because it's more difficult to get rid of than other types of debt. It's virtually impossible to get it discharged in a bankruptcy, and defaulting can cause significant financial problems and result in garnishment of your Social Security benefits.\n### Credit Card Debt\nThe biggest threat credit card debt poses to your retirement is its high cost. According to the Federal Reserve, the average credit card interest rate is 17.14%, and with no set repayment period, it's easy to rack up a balance and carry it from month to month for years.\nBy eliminating credit card debt, you can avoid unnecessary interest charges that can linger far too long. END