NEW YORK (CNN/Money) - Money problems plague every age category. We've been focusing on debt problems at different life stages, and today we're looking at how seniors get in trouble.

Once a generation known for its thriftiness, today's seniors are taking on more debt than ever before. Bankruptcies among seniors have tripled in the past 10 years. More than a million people age 55 or older filed for bankruptcy since 1997, according to National Association of Consumer Bankruptcy Attorneys.

If you're a senior, what can you do to prevent your debts from spiraling out of control? Here are today's five tips.

Eighty percent of older persons own their own home, according to the AARP, and for many, that house is their biggest asset, with a median value of $123,000.

That's the good news. The bad news is that retirees can't access the asset to pay down debt or monthly bills.

One solution? The reverse mortgage, sometimes called an equity conversion mortgage loan. These loans allow homeowners 62 years or older to borrow against the equity in their home without having to sell it or take on a new monthly payment.

Sally Hurme, an attorney at the AARP, says these loans allow seniors to tap into the equity of their home and get paid either in a lump sum or monthly. You don't have to pay the money back unless you sell or move. However, when you die, the principal and accrued interest on the loan are generally paid back by your heirs using the proceeds from the sale of the house.

There are no credit standards to be met by the borrower although the house does have to be appraised. For more check out www.reversemortgage.org, which has a state by state list of lenders plus a reverse mortgage calculator.

Another option is to relocate to a less expensive area, such as Florida, Texas or New Hampshire where there is no state income tax. By doing that, you get can realize the gains in your home over the years, and lower your costs at the same time.

For many seniors, retirement age may be close at hand, but retirement is not. When cash is scarce, many seniors turn to credit cards to fill the gaps in their budget. Average household credit card debt among seniors has more than doubled to $4,000 dollars from '92 to '01, according to Demos, a public policy research group.

CNNfn's Gerri Willis shares five tips on how seniors can prevent their debt from ruining their golden years. Play video (Real or Windows Media)

Unfortunately, loading up on installment debt, makes it even more difficult to stretch the retirement dollars you do have saved.

Hurme says, "The more debt you have, the less opportunity you have to save and we need savings in addition to whatever you will get with social security or pension or other investments, so reducing your debt before you get into active retirement is going to be probably the wisest thing you could do."

A big part of the debt is adjusting to a new lifestyle in retirement. Pran Tiku, a Certified Financial Planner at Peak Financial Management, says that you have to mentally prepare yourself to go from big-spender with unlimited resources to a more limited and finite budget.

Before you even think about stepping into retirement, make a realistic assessment of your monthly costs. Check out the retirement calculator at www.aarp.org.

Health care is expensive for all Americans, but it particularly weighs down folks on fixed incomes. The new Medicare drug cards can only go so far in cutting your drug costs, so you'll want to do more to get the very best deals.

Start by making sure you use the cheapest pharmacy for the drugs you need. Costs can vary dramatically depending on where you buy.

Go generic -- it can save you 30 to 60 percent. As much as $30 billion in brand name drugs are scheduled to go off patent in the next three years. The blockbuster anti-depressant Celexa is coming off patent in 2005. Duragesic, the very popular pain patch is also coming off patent next year. And in 2006, the 3 Z's -- Zoloft (anti-depressant), Zocor (cholesterol drug), Zithromax (antibiotic) get their turn. To track monthly generic drug approvals, go to www.fda.gov.

Another move that can save you big time, if you move early enough, is buying long-term care insurance. Long-term coverage pays for nursing homes and at-home health aides.

Premiums have been rising recently, so it pays to shop carefully. Generally, though, the most cost effective time to buy long-term coverage is when you hit your late 50s or early 60s, after which the costs escalate. Comprehensive coverage -- that is, a policy that covers your costs of care at home -- is particularly expensive.

Financial advisor Pran Tiku says that many seniors have difficulty managing their money in retirement. Part of the problem is that many seniors aren't planning to underwrite the costs of what may be a multi-decade retirement.

Let's face it, seniors are living longer and they want to be more active in retirement. For that reason, you'll want to make sure that you aren't too conservative with your retirement dollars. An 80 percent fixed income allocation for someone who's just entered retirement and wants to cruise the world won't cut it.

On the other hand, if you're too aggressive with your portfolio you could jeopardize your retirement with just one bear market. To find the right allocation, check out the portfolio calculators at here at CNN/Money or at www.aarp.org.

For many seniors, getting together enough money to truly feel comfortable retiring is out of the question. According to a recent survey by the AARP, 7 in 10 pre-retirees plan to work past the traditional retirement age. Nearly half expect to work well into their 70s and even 80s.

It's not just economic need that is driving many people back to work, it's a desire to keep active and live well. Most AARP members are not retired, says Hurme. They have scaled down the hours but often they're still generating income.

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Full retirement age for social security is now 65 years and 4 months, but if you wish to stay active and have spending money, you can opt to work and not lose your social security benefits. For this year the income limit is $11,000 for those younger than 65 and for those 65 and older the income limit is $31,000.

You may think that companies are prejudiced against hiring older workers, but the reality is that more and more employers are attracted to the work ethic and experience of people who've spent a lifetime in the workforce already. Home Depot, CVS and Cigna, among others, recruit retirees to take on jobs.

For information on job opportunities check out www.experienceworks.com or www.notretiredyet.com.

Gerri Willis is a personal finance editor for CNN Business News. Willis also is the host of CNNfn's Open House, weekdays from Noon to 12:30 p.m. (ET). E-mail comments to 5tips@cnn.com.