When you think “debt”, you think a broke college student on a ramen noodle diet.

However, increasingly, more folks in their 50s and 60s or even older are finding themselves deeper in debt.

If your mortgage is paid off and you choose to take out a new mortgage on a new house, you may find yourself in debt through your golden years.

When applying for a 30-year loan later in life, you may be looking at a reality where you will be passing that home (and the loan) onto your heirs when you die.

Also, if you decide to go back to school, be careful about taking on student loan debt. You’ll want to carefully evaluate the value of your education or re-training and weigh it against the desire to go back to school.

Ideally, once you retire, you will choose to scale back on expenses while still maintaining an enjoyable way of life.