Returning to Where its Safe to Retire

Submitted by Jen Jones on Wed, 08/15/2012 - 2:09pm

Returning to Where its Safe to Retire

Returning to Where its Safe to Retire

The recent economic downturn left many average Americans thinking they’d have to work well into their 80s to escape the tough realities of living and working in the United States. That means that instead of retiring at the ripe “young” age of 60 or 65, or, even earlier, as was the reality even a decade ago, many debtors feel forced to work an additional decade or more to enjoy any of the fruits of their life labors.

Fortunately, there are ways to avoid these types of untimely retirement woes.

Now, investor guidance blog “The Better Investor” offers several things you can do to get your retirement on track—even if you’re in your 50s—including:

#1 – Try to move your retirement age…a little.
Can’t retire at 65? The blog recommends planning for an additional five years of your working life (until 70), to pay higher retirement dividends. “This will provide you with some extra time to accumulate additional funds and can help you achieve your target for retirement savings.”

#2 - Reduce expensive debt
If you’re reading this blog, retirement’s biggest enemy is mountains of debt with no respite in sight. And as such, as a mature American, paying down debt is incredibly vital to your financial life. Paying off credit card and other debt will improve cash flow and, dollar for dollar, is better than keeping your cash in low yielding savings accounts. To put it simply, you’re better off paying credit card debt at 10% interest than earning 1% interest in a savings account.” See option #5 for a simple way to help.

#3 – Don’t short your savings.

Your mother always told you: a penny saved is a penny earned. Even if you’re older, “[a]though your time horizon is much shorter, it’s never too late to start saving what you can to provide some extra cash flow during retirement.”

# 4 - Consider Annuities.

“Annuities are products designed to pay a set monthly payment for a specified period of time and may work well for somebody behind on their retirement savings. Because annuities are often insurance products, they may come with high fees and commissions.” Look for a low fee options that best addresses where you want to be in the years to come.

#5 – Deal With Your Debt via Bankruptcy Options.
In a final (but frequently-used) step to turning lemons into lemonade later in life, many mature Americans are turning to bankruptcy to dispense with credit card debt, medical costs and even their own real estate wrinkles in order to end their careers on better financial footing, without depleting much-needed savings and retirement funds. Instead, of working for the rest of their lives, they’re taking their financial lives into their own hands, and dispensing with untenable expenses in order to spend the twilight years in the black.

If you’re an older American who is facing unemployment or underemployment, and are already finding yourself in dire straits, knowing a qualified bankruptcy attorney is the first best step to help you regain your power, savings and retirement—all with the right kinds of support, information and insights—at a low cost— for a more secure future.  The bankruptcy attorneys at the Law Offices of John T. Orcutt offer a totally FREE debt consultation and now, more than ever, it’s time to take them up on their offer. Just call toll free to +1-919-646-2654, or during the off hours, you can make your own appointment right online at www.billsbills.com.

Source:

http://www.jemstep.com/blog/2012/05/5-things-you-can-do-to-get-your-reti...

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