Deeply in Debt?
Realizing Debt Burden
Many people live from pay check to pay check. Over the years in my family law practice, I have learned that no matter how high an income, couples often find themselves deeply in dept.
The National Council on Aging reports that 'seniors are carrying debt into retirement more than ever before, and the amount of debt burden has skyrocketed over the past decade. For many, just keeping pace with the cost of daily living is a challenge.' Read the entire article for more information. For those of us who are approaching or thinking about retirement, it is critical to look at our income and debts, as well as our savings and investments. Do we have enough money and savings to retire? Do we have too many credit card debts? What about a mortgage, car loans or lease payments? These should all be examined. It is also a good time to talk to a financial expert to evaluate our current financial status, and what we may need in order to retire.
Planning ahead is important. Studies have shown that most people need a substantial portion of their pre-retirement income to maintain a reasonable life style. It is important to have money set aside for that rainy day as well, as one medical emergency can eat up savings rapidly. Careful planning and seeking guidance from a financial expert are important steps to take.