The economy still hasn’t fully rebounded from the recession, leaving plenty of families with difficult financial decisions to be made. One question that many people find themselves asking is: Should I plan for my future retirement right now, or should I focus on paying off my current bills and other debt obligations and worry about my retirement later? The answer for you may not be clear, especially when you’ve got a mountain of debt and serious concerns about whether you may need to consider filing for bankruptcy.
The reality is that it is usually a good idea to think about planning for your future retirement, even if you are still in your forties (or younger!) and have more urgent financial concerns. That’s because the time for retirement will be here before you know it – and you don’t want to be in a bad financial position that requires you to postpone your retirement indefinitely. Far too many seniors these days are being forced to continue working as they find that they simply cannot afford to retire. Talking to a qualified debt management attorney is a good way to explore your options and determine exactly what might be needed for you to become debt-free as soon as possible, which should make it easier for you to retire when the time comes.
A recent Yahoo.com financial article provided a few helpful tips for couples who are looking to plan ahead for retirement:
· Think long, not short, when it comes to financial planning. Do not make the mistake of failing to plan for the future. Your ability to retire and enjoy your Golden Years will depend on the financial decisions you make right now. So start asking questions today about what age at which you plan to stop working, where you want to live during retirement, and how much money you think you might need to live comfortably once you have stopped working full time.
· Do not automatically put your children’s college loans ahead of your retirement savings. We all want to be there for our children, especially when they are in financial need. But your financial well-being is also extremely important. Do not deplete your retirement savings in order to cover your kids’ college tuition bills, especially when there are usually options for student loans and other types of financial aid available.
· Don’t spend too much money now. Keep track of your expenses, both large and small, and make sure that you are not outspending your current financial resources.
For additional information, view the Yahoo.com article, “4 Smart Retirement Moves Couples in Their 40s Should Make Now.”
If you are struggling with debt and need some help preparing for the future, you should speak with a qualified debt management attorney as soon as possible. Joel R. Spivack, Esq., is an experienced debt relief lawyer who will help you explore all of your available options. Contact Mr. Spivack anytime to schedule a free initial consultation.