The Finance Blogger


Most consumers will not retire debt free

Most consumers will not retire debt freeOver 51% of homeowners are confident that they will retire with some kind of debt including a mortgage payment, even though they feel it is an important goal to retire with no debt payments.  The reality is that Most consumers will not retire debt free. Most people are not happy with how they are managing their debt and have not sought the assistance of a financial planner. Consumers are generally unhappy about how they’ve managed debt. They have failed to develop a financial plan, a plan that they can follow through life and as a result they have no idea whether they will have sufficient funds available to support them during retirement.

They come from all walks of life and income levels as well. They are worried about their quality of life during retirement and they are worried about whether they can enjoy themselves. will they have enough money for travel, for visiting the grand kids or even buying the food etc that they need. For some,  it means they have to continue working well past the age where they expected to retire.

Most Consumers Will Not Retire Debt Free

Increasingly people as they get closer to retirement are realizing that they will have to work longer just to maintain their quality of life during their older years. They do not have the savings to rely on and they must work to ensure the income levels they need to maintain the quality of life they are used to.

Develop a Financial Plan Now

Developing a financial plan, consolidating your debt into one low-interest loan, focusing on reducing your debt, and discussing your retirement plan and savings plan with a financial adviser are key attributes for people who would like to retire debt free. Spend a few hours a month to get your financial plan in order. It could mean a huge difference for you and your family later on in life.

Discuss your plans with your spouse and write them down. Focus on meeting whatever objectives you set. Make sure your investments are diversified so that if one investment suffers a loss, you are only partially impacted. Ask for advice from several people, read about financial planning and do not follow advice blindly without testing the advice with other people.

If it sounds too good to be true, it probably is too  good to be true.

For more posts about debt freedom, click here.

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