Don’t be the Average Baby Boomer
Retirement is a blessing that gives hard-working seniors a break for their dedication to the 9-to-5 routine for so many decades. It’s troubling to think some baby boomers may never be able to retire because of runaway credit card debt and student loan obligations. Receiving credit counseling before retiring or even as part of a retirement-in-progress, can bring hope.
According to one U.S.A. Today article that cited a TD Ameritrade survey, the average baby boomer is a half a million dollars short on what they need for retirement. Experts say a growing number of older Americans are also declaring bankruptcy in retirement. For older folks who think they should just “live it up” because life is short, credit counseling is a must.
Living longer than ever
People are living longer than ever before. If you have financial problems when you enter retirement, you may be in danger of outliving your retirement funds. Most retirees want to be able to leave some inheritance for their children or grandchildren. Retirees can benefit from a counseling session aimed at understanding behaviors that lead to debt.
Working out a plan
An experienced credit counselor who has your best interest at heart can help you work out a debt repayment plan that works even on a fixed income. It’s a challenge to pay debts when you are living on Social Security, but it can be done.
Some older folks don’t think they need help repairing their credit, especially if a perfect credit score won’t happen overnight. However, it’s never too late to be an example to children and grandchildren who might also be struggling with finances. Also, every senior deserves to retire with dignity and no annoying bill collectors on the line.
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