Everybody has made or will make plenty of financial decisions. Between renting a home or buying one, buying a new or a pre-owned car, thinking about the best way to protect yourself from a health care problem that may cost tens of thousands of dollars. You may find yourself stressed, overwhelmed, and to have even considered bankruptcy at some point. Some choices cover current consumption (the amounts spent on food, housing, and transportation), and some involve investments to increase accumulated savings.
The fundamental issue of financial planning is how to accumulate and save enough money in the years before retirement to maintain the standard of living desired once retirement occurs. Estimating the amount of money necessary must consider future events that may include an uncertain market, severe inflation, variable interest rates, and rising healthcare costs.
The choice lies between starting early and safeguarding a modest amount of the income or starting late and being forced to economize more to attain the same target. Future retirees must consider their income at the time of retirement, the amount they want to spend annually during retirement to maintain a comfortable standard of living, and the source of the money, whether a pension, Social Security or accumulated personal savings.
One course of action that some retirees take when faced with financial problems at the end of their working lives is to cash in retirement funds and repay debts. However, this action leaves these individuals, once they do retire, with insufficient funds to maintain an acceptable standard of living during their retirement years.
Any senior who is struggling to pay their bills, even after careful financial planning, may find bankruptcy a viable option. A bankruptcy filing traditionally gives an individual a fresh start in their financial life. In the case of someone approaching retirement, it will allow them to enter retirement with a clean slate of being entirely debt-free. More importantly, it will allow them to keep the retirement funds desperately needed to sustain an acceptable quality of life.
If you approaching retirement and have several unpaid debts, discuss your situation with an experienced bankruptcy attorney at the Morrison Law Group. You can discuss your situation at a free consultation to determine whether filing a bankruptcy case is your best option. Theron Morrison has helped 8,000 people file bankruptcy and gain a fresh start. Call 801.456.9933 to schedule a FREE consultation. We have locations in Ogden, Logan, Sandy, and St. George to serve the residents of the counties of Weber, Cache, Salt Lake, Utah, Morgan, Davis, Washington, and surrounding areas.