Debt and retirement
For Reese, who signed a reported $1.6 million in NIL (Name, Image, Likeness) deals before even stepping onto a WNBA court, financial independence has come early. Now she’s investing in her mother’s financial independence as well.
“That was my biggest goal in life, to retire you and to pay your mortgage,” Reese told her mother. "Obviously, you're a hardworking woman, you don’t need me for no money."
People are used to hearing retirement described as their “golden years”: a time to finally kick back, relax and enjoy the fruits of decades of hard work. But stepping away from the workforce isn’t just about reaching a certain age — it’s about figuring out how to survive on a reduced income.
The median retirement age in the U.S. is 62, but full Social Security benefits don’t kick in until 67. Retirees who start collecting Social Security at 62 receive 30% less in benefits for the rest of their lives. For those without a substantial nest egg or alternative income streams, that reduction can be a make-or-break factor in deciding when to retire.
Beyond Social Security, a growing number of Americans are delaying retirement due to financial insecurity. A 2024 survey by Allianz Life found that 63% of Americans are more worried about outliving their savings than they are about death itself.
And for some, the biggest roadblock isn’t just saving enough — it’s debt. For Reese’s mother, the burden of mortgage payments stood in the way of retirement.
Retirement itself doesn’t eliminate debt. The Center for Retirement Research at Boston College reveals that more older Americans are carrying debt into retirement than ever.
The Nationwide Retirement Institute reports that over a quarter of retirees are carrying mortgages or credit card debt. Paying off medical expenses and student loans add to the pressure, particularly for single-parent families like Reese’s own. Her mother raised two children on her own.
“My mom wouldn’t have been able to pay for college for me and my brother without me being able to get an athletic scholarship,” she told CNN.
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One way for retirees to get ahead is to tackle high-interest debt and explore consolidation options. By rolling multiple debts into a single payment — ideally with a lower interest rate — retirees can simplify their finances and make their income stretch further.
With a fixed budget, it’s also crucial to make every dollar count. Cutting unnecessary expenses, such as frequent dining out can help retirees avoid depleting their savings too quickly. While these adjustments may not be easy, they can be necessary to ensure long-term financial security.
“This shift can impact their quality of life and emotional well-being. For many, the retirement dream includes the freedom to enjoy these kinds of experiences, so scaling back can feel like a big sacrifice,” Mike Morrone, Nationwide’s vice president of business development, told Yahoo Finance.
However, by making small but intentional changes — whether through budgeting, debt management, or adjusting lifestyle habits — retirees can regain financial control.
The goal isn’t just to survive retirement but to celebrate it as a gift, like Angel Reese’s mom.
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