Why Retire with Debt?
Retirement is a time of life during which your household income is not as likely to rise as it might during other periods of life. Retirement income is often based on fixed income benefits with relatively small cost of living increases. Retirement can be a lot more comfortable if you maximize your retirement income and shed debt as part of your retirement planning.
Please call for a consultation with us before you cash out any retirement accounts to pay debts as part of your retirement planning. It may be a good goal to enter retirement with as little debt as possible, but how you shed the debt can have great impact on the quality of the rest of your life.
The Market Watch website page of The Wall Street Journal has the following information:
According to the Federal Reserve’s Survey of Consumer Finances, in 2010 54% of pre-retirees and 41% of those 65-74 had a mortgage on their home. And the median amounts of these mortgages were not trivial – $97,000 for pre-retirees and $70,000 for new retirees. About 41% of pre-retirees and 32% of new retirees also had outstanding credit card balances (median balance about $2,200) and installment loans (median balance about $11,000). About 9% of pre-retirees and retirees faced debt payments that exceeded 40% of family income.
If you are approaching retirement with a significant amount of debt and you want to protect your retirement savings, come talk with us about how you can maximize your quality of life in your retirement years.
Call us at (360) 943-6200 to schedule a free consultation on personal bankruptcy. We would like to help you make the most of your retirement years.
We are a debt relief agency.
We help people file for bankruptcy relief under the bankruptcy code.