I read this quote the other day:
“Financial counselors find a growing number of older Americans, in or nearing retirement, mired in debt and seeking debt counseling with little or no money set aside for retirement.”
How can you possibly save for retirement if you have a mountain of debt to pay off that takes up most of your current income?
There are several ways to get out of debt. You can talk to a debt management company like Credit Solutions which is one the biggest debt settlement companies around. They can help you reduce your debt and have you debt free in 12-36 months. And then once you have all your credit card debt paid off, you can work to getting your house paid off and fully funding your retirement plan.
The best scenario is for you to be debt free when you retire. You want to have as little expenses as possible so your money will last you for 20-30 years.
Most people have not save up anything for their retirement and expect the government to bail them out. Unfortunately, we don’t get bailed out like Bear Stearns by the Fed if we make some financial mistakes worth billions. We have to make do with a small Social Security check and live on a fixed income.
You need to get out of debt in order to save for your retirement.
The future will not look so rosy if you still have to make credit card payments when you turn 100 years old.
Get help paying off your debt and start saving for retirement.