If you are wise you will save early and often so that you have sufficient resources available to you as the typical age of retirement approaches. A lot of people find themselves unprepared because they take no steps to augment their Social Security benefits, and we are seeing more and more people say that they will never be able to retire because of financial need.
While it is clearly important to build a retirement nest egg, you must also keep a close eye on the debt that you are incurring. When you are in a lot of debt you are going to be paying interest, and this is essentially money being washed down the drain in most instances.
If you were to use some extra money to pay down high interest debt rather than saving the money your net gain may actually be greater. Paying more than the minimum on your credit cards and adding something above and beyond your required car and mortgage payments is a very useful course of action that could help facilitate a comfortable retirement.
Too much debt can wind up delaying your retirement, and this is somebody keep in mind when you are considering making a big purchase on credit, especially as a middle-aged individual.
The best way to proceed is to work within an intelligently conceived financial framework throughout your life with a clear retirement vision lying at the end of the rainbow as it were. If you would like to devise such a plan, take action right now to arrange for an informative consultation with a licensed and experienced Indianapolis retirement planning lawyer.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
- Understanding the Annual Exclusion - January 31, 2023
- Updated Federal Gift and Estate Tax Figures for 2023 - January 26, 2023
- Why Estate Planning Is Important for Multi-National Couples - January 24, 2023
