Retirement Money Management and Bankruptcy

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 could cost tens of thousands of dollars. You may find yourself stressed, overwhelmed, and considered bankruptcy at times. Some choices cover current consumption (the amounts you spend on food, housing, and transportation), and some involve investments to increase accumulated savings.

Financial Planning

Almost everyone’s fundamental question regarding financial planning is whether there will be sufficient money throughout the retirement years to maintain the wanted standard of living. Taking into account a future that might involve a severe period of inflation, uncertain market, variable rates, and escalating 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.

• How much will be my income at the time of retirement?
• How much can I spend per year during retirement to retain a comfortable standard of living?
• Where will the money come from (pension plans, Social Security, accumulated personal savings)?

If after all of your careful planning you find that you are struggling to pay your bills when you are in your retirement years, or nearing them, you may want to consider bankruptcy. Some seniors make the choice to cash in their retirement funds to make payments on their debt. The problem with this is that it leaves them little money to live on and no income from a job to bring in more money. By filing bankruptcy, your qualifying debt will be eliminated and you can keep your retirement account money.

Contact a Rio Grande bankruptcy attorney to find out how you can get financial relief.