Many individuals in Georgia and across the nation spend years planning and saving for retirement. Unfortunately, it might not be uncommon for some to enter this stage of life in debt, and they may worry that similar concerns could affect their plans. Knowing some of the ways issues with debt could affect retirement plans and the options to help seek relief from debts could help many individuals prepare to protect their futures.
Upon entering retirement age, many may already have plans as to how they wish to live out their remaining years. Studies indicate that the presence of debt could force a person to alter these plans in various ways. In some cases, such concerns may leave a person facing a need to downsize living arrangements or modify spending habits, which can be an intimidating concept for those who have planned for this part of life for years.
Studies also suggest that individuals who enter retirement in debt may also encounter a need to revisit their plans and create new financial goals. When high levels of debt exist, the prospect of exploring options to consolidate or refinance obligations could also be a possible outcome. Although finding additional sources of income could help in some cases, for those entering the golden years of life, this might not always be preferable, or even possible.
While high levels of debt may pose a threat to retirement plans, such issues do not have to derail one’s plans altogether. Those in search of advice on the available options to reduce or eliminate debts and safeguard their plans for retirement could benefit from consulting with a bankruptcy attorney before choosing a path. An attorney in Georgia can address a client’s situation, provide insight on making informed choices and assist him or her in seeking the necessary relief through the available outlets.