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Don't let debt ruin your retirement

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For most of us, our plans are to work hard and for as long as we can until we have saved enough money up that we can retire. However, what if you've been spending as you've been saving and now the years have gone by and your saving can't make up for all the spending. You don't want to work for the rest of your life, but you don't think your debt will let you retire. You're not alone, many Americans are in the same situation.

According to reports from the Consumer Financial Protection Bureau, 30 percent of homeowners age 65 or older had mortgage debt in 2011. Compare that to the year 2001, when only 22 percent of homeowners in that age bracket had mortgage debt. Meanwhile, the news was even worse for those 75 and older. Their rate jumped from just 8.4 percent to 21.2 percent.

No matter the type of debt, owing a large sum of money to one's creditors is never good. However, there are some steps one can take to remedy this problem. Debt consolidation is a good idea, as is changing from a 30-year mortgage to a 15-year loan. It's also very important to be aware of one's retirement needs. One should determine how much he or she will need and then start saving and preparing. Finding the cause of one's debt and then fixing it is also a smart move. Lastly, one should limit his or her spending and start his or her retirement plan now.

Getting out of debt can be difficult, but it's not impossible. One possible option is to file for bankruptcy. However, before you make this decision, you might want to speak with an experienced bankruptcy attorney first.

Source: USA Today, "Debt: the big threat to a happy retirement," Rodney Brooks, August 12, 2014.

  • "When I first came to the decision to file for bankruptcy, I had no idea where to start. I began researching attorneys on the internet and came across the information for Tim Sierra. Since he specialized in bankruptcy and had a lot of experience......"
  • The process of going through bankruptcy could be very overwhelming but Tim made me feel at ease and I felt that my needs were being taken care of. I truly feel that he had my best interests in mind and the lines of communication were always open....
  • "I had to file a Chapter 7 bankruptcy. I didn't know anyone who could refer someone so I took a chance and just looked on the Internet. I don't remember exactly why I chose Mr. Sierra, but I am glad I did..."
  • He was honest, straightforward, and hard-working. In my case I ended up with some extenuating circumstances and he handled the matter professionally even though I'm sure the work probably exceeded what he originally felt it would be....
  • I don't ever write reviews, and I had no prior relationship with Mr. Sierra. This review is simply being written as a service to others that Mr. Sierra is an excellent attorney and should be considered for your needs if you need one....
  • "I'm very happy to have been referred to Tim for my Chapter 7 filing. He was knowledgeable in his field and very responsive in replying to any questions or concerns I had. Tim was also very accommodating with meeting times..."
  • " I recently was in need of Mr. Sierra's services and I found him to be very understanding and helpful in my particular circumstance. He met with me and explained everything in full detail and also answered every question that I had....."
  • " I recommend Timothy Sierra a loyal and dependable lawyer. When you talk to him you feel that you are with a friend or a member of your family. Timothy is able to lead you in every step of the process. Good job Timothy."
  • " Bankruptcy is a private and personally devastating life event. Timothy Sierra and his assistant, Nancy, made the process as painless as possible. They kept in close contact via phone and email so I always knew what was happening in my case...."
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Fax: 813-258-4746
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