Key Financial Literacy Concepts for Adults in 2026

RBFCU has partnered with GreenPath Financial Health to provide financial therapy, education, and debt management services. A GreenPath counselor will describe those costs to you if you elect to utilize those services beyond your preliminary credit therapy session.

GreenPath does ask you for approval to share details with RBFCU. If you state "no," your name is kept confidential. If you start a debt management program, GreenPath will get your permission before it proposes payment plans to your creditors.

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Personal debt is a typical and complicated concern for lots of older grownups who are nearing retirement age. Low incomecombined with aspects like inflation and rising health care costsleaves some seniors with no choice however to turn to credit cards to fill out the monetary gaps. Aid is offered. Working with an experienced monetary therapist can allow you to get a clear photo of your obligationsand develop a useful plan to get out of financial obligation.

When to Seek Professional Credit Experts Today

More older grownups are carrying financial obligation into retirement today than ever previously. Nearly 65% of Americans age 65 to 74 had debt in 2022, compared to about half of senior citizens age 75 and older. For contrast: In 1989, less than half of the population age 65 to 74and just 21% of older adults age 75+had financial obligation.

These services are normally offered by a nonprofit organization and are free of charge. Your financial therapist, who is usually a certified monetary organizer, will look at your properties and liabilities and consider your earnings, savings, credit, and debt. They will produce a budget plan and action strategy as well as a financial obligation management plan, if it's pertinent to your needsall developed to assist you accomplish your objectives within a particular timeframe.

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A debt management strategy is a 3- to five-year repayment program that enables you to condense several of your credit card balances into a single month-to-month payment. The objective of this strategy is to help you fulfill your monetary commitments by entirely settling your exceptional credit card financial obligation. Financial obligation management strategies typically enable significantly lower interest and lender charges.

Success rates differ by counseling organization; you can search for reviews online. Your credit rating will normally improve as your financial obligations are paid on time every month. When you're searching for a financial therapist, it's essential to be selective. There are deceitful gamers out there aiming to fraud individuals out of their hard-earned moneyand older adults are a typical target.

If there are any costs involved, ask for this information up front. Referrals from close pals and family can be another excellent method to find a therapist you can rely on.