As seniors near their retirement years, it is important to have more financial freedom in order to have a worry-free retirement. Unfortunately, this is not the case for many especially with the current state of the economy. There are a significant amount of seniors who are currently struggling with all types of debt that turns retirement into a concern rather than something to look forward to. As most would agree, this is a period in one's life that should be enjoyable and stress-free.

Here are simple strategies to help you save more and owe less:

1. Live within your means. Do not spend on non-essential items if you can't afford it. The reason why a lot people are in debt is that most people live beyond their means. Some are even spending their money even before receiving it.

2. Higher priority on higher interest rate credit cards. Be sure to prioritize paying off your credit card balances, starting with the one with the highest interest rate. Even though the balance is relatively small, all the interest will add-up and you might end up paying more on interest than your original balance.

3. Pay more than the minimum. Credit card companies will require you to pay only the minimum amount due. If you follow this, it will not only take you a longer time to pay-off the entire balance, but you will also end up paying a large amount in interest.

4. Reverse Mortgage. If your age is 62 years or older, you might want to consider this type of mortgage rather than using a standard home loan or a home equity line of credit. For seniors, incurring more debt with a conventional loan may not be the best option, as you one will be required to make payments to the bank every month.

A reverse mortgage is a special type of loan that allows seniors to convert a portion of the equity of their home into cash. As a result, you will you have the option of getting the money monthly or in lump sum without having to repay the loan. The debt will be paid upon death or when you sell or move to another house. To learn more about this, read 10 Things to Know About Reverse Mortgage. We highly suggest that you talk to your Financial Adviser or a Reverse Mortgage specialist for more information.

5. Downsize. This can be another realistic option. You can sell your current house and move to a smaller house that is less expensive. This will also allow you to use the money from the sale of your current home to pay off your debts.

You might also be interested to read Downsizing Tips for Seniors.

6. Life Insurance Settlement. If you are in financial distress and seriously need money, you might want to consider a Life Insurance Settlement. It is a financial transaction, which allows you, the insured, to receive an immediate payout higher than the cash surrender value offered by your life insurance company. You can do this by selling your life insurance policy to a third party at fair market value. To explore this option, please be sure to talk to your financial advisor that has a good understanding of life insurance policy options.

7. Use Generic Drugs. As we all know, prescription drugs are not cheap and the prices have been increasing significantly over the past years. You will be surprised that you can actually save anywhere from 30 to 60 percent compared to buying brand name drugs. To learn more about Generic Drugs, read 10 Things to Know About Generic Drugs. Click here to check generic drug approvals.

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