Can Debt Relief Make Your Retirement Plans a Reality?
For as long as you can remember, your future plans have not extended beyond the next payday. You spend every pay period scrambling to make the next installment payment on your debts. If you are among the lucky few, you signed up years ago to have your employer deposit a small portion of each paycheck into a retirement account, but if not, the few dollars that remain in your checking account before payday, and whatever equity you have in your home if you are lucky enough to afford a mortgage, are all you own. You are probably going to work until you are no longer young enough and healthy enough to do so. Millions of Americans are in a similar situation, but few of them talk about it with their coworkers and friends. You have devoted decades of your life to making payments on debts, and even if you keep working until you are 100 years old, you may never be debt free. To find out about your realistic options for retirement if you have been living on a tight budget for as long as you can remember, contact a Miami bankruptcy and retirement lawyer.
Your Job Is Not the Only Thing That Gives Your Life Meaning
As of 2024, the average age of retirement in the United States is 64, and it is only increasing. If you ask seniors who are still in the workforce why they have not retired yet, they will tell you that their work is enjoyable and gives them a sense of identity. They also say that they fear that, if they retire, they will lose their connection to their social circle of coworkers and the larger network of colleagues in their profession.
Upon closer inspection, though, these reasons, by themselves, are not compelling reasons to avoid retirement. If you retire, you will spend less time with your coworkers, but you will be able to spend more time with your family and with friends you know from outside of work, even if this involves travel. Furthermore, plenty of retirees stay in contact with their friends from work and continue to mentor younger colleagues. If you attend a professional conference in virtually any professional field, you will find retirees well represented among the participants. Behind most people’s hesitation to retire is a fear of financial uncertainty.
You Are Old Enough Not to Worry About Keeping Up With the Joneses
You are free to ignore the advice that says that you can’t retire unless you have $1 million in retirement savings. It is possible to survive on Social Security income alone, especially if you own your house. Filing for bankruptcy may enable you to discharge the consumer debts you incurred before you were old enough to realize that life is too short to spend it keeping up with the Joneses. A reverse mortgage may also enable you to pay off your debts.
Work With a Debt Lawyer About Facing Your Debt Before Retirement
A South Florida debt lawyer can help you think realistically about your debts and your retirement plans. Contact Nowack & Olson, PLLC in Miami, Florida to discuss your case.
Source:
hbr.org/2024/07/why-people-resist-retirement
