If you are not financially ready for retirement, you are not alone. In fact, according to a Federal Reserve study as many as one quarter of all Americans have no retirement savings or pensions. Even those who have managed to set money aside may not have enough to see them through.
Seniors are the fastest growing segment of bankruptcy filers in the U.S. In fact, a 2010 study out of the University of Michigan found a threefold increase in the number of bankruptcy filers 65 and older since 1991.
Lingering credit card debt, student loans, mortgage payments and increasing healthcare costs make it difficult to make ends meet, let alone save money for retirement. Once you are there, reduced income only makes matters worse.
If retirement is still around the corner, you may have time to prepare by socking away more savings while reducing debt. No matter what, it is certainly a good idea to know what you can expect.
Start by determining the minimum you can get by on in your retirement years and be sure to differentiate between retirement needs versus wants. Consider basics such as shelter including utilities, transportation, groceries, healthcare and insurance along with any debts you will carry into retirement and compare that to what income or savings you may have to see where you stand.
If you are like many who enter retirement carrying debt and feel that your numbers are just not adding up, you may want to consider bankruptcy protection sooner than later to avoid depleting your limited retirement savings.
If you have questions regarding Chapter 7 or 13 bankruptcy, the first step is to get the information you need. Contact Peoria bankruptcy lawyer Charles E Covey to discuss your financial strategy today.