Indianapolis retirement planning attorneys are going to emphasize how important it is to accumulate sufficient financial resources as you prepare for retirement. Social Security is a basic safety net but it alone is probably not going to be enough to provide you with a solid financial underpinning.
With the above having been emphasized, having some savings and a decent stream of income is going to be bittersweet if you have large debts to pay down every month after you retire. So, what we are suggesting here is to consider the value of debt reduction when you are making preparations for the future.
In many cases interest earned on savings and investments is quite modest these days. On the other hand, the interest that is charged on your debt may be considerable. If you do the math, it could be a better idea to pay down a credit card balance with money that you may have otherwise placed into a low interest savings account.
Paying your mortgage in advance is another thing to consider. You can add something to be applied to the principal each month over an extended period of time and pay off your mortgage early as a result. This could be a huge benefit to you as your retirement years approach.
Sometimes addition by subtraction is a very fruitful concept. If you would like to discuss a well-rounded long-term financial strategy with an expert, simply call or e-mail a good Indianapolis financial planning lawyer to set up an informative consultation.
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.