While stepping into retirement might mean walking away from a job, many Americans are dragging financial baggage into this next stage: debt.

In recent years, the amount of debt retirees carry has grown, and the numbers are troubling from both a monetary and emotional standpoint. In 2016, 60% of 65+ households had debt, up significantly from 1992 when just 42% did, as Next Avenue has noted.

“Consider refinancing the debt to obtain better terms for your situation,” says James Curry, vice president and assistant director of wealth management at Greenleaf Trust in Kalamazoo, Mich. The move could lead to lower payments or a shorter term, making it more manageable to pay off the new loan.

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