Getting from debt to retirement can be simple
By: Darrell Castle
The age of 65 is widely-regarded as the retirement age, or very close to it. That means if you’re 60 years old, you should have a pretty comfortable nest egg and should begin brainstorming how much golf or volunteering you can fit into your napping and reading schedule once you retire.
However, for many people, 60 years old doesn’t feel that way. Many 60 year olds are still in debt and don’t have a sustainable savings or retirement account.
Is it too late then? NO!
Actually, 60 is the new 40, and there’s a process to gain wealth in a relatively short amount of time if you’re 60 and in debt.
The first thing you should do is obvious – get out out of debt. And, since we’re racing the clock here, you want to do this quickly.
There’s a quick and extremely-effective way to get out of debt – file for bankruptcy. By filing for bankruptcy, you can discharge all of your dischargeable debt through a Chapter 7, or lump your debt into an affordable and longer repayment plan.
Once the bankruptcy process is complete, you have a fresh start to begin spending correctly, improve your credit score and gain wealth.
The second step would be to create more income to begin investing in your retirement. How do you do that? Well, there’s a few things you need to do all-in-one.
1. Use this fresh start you’ve been given through the bankruptcy to begin spending more efficiently. Don’t waste your money on things you don’t need.
2. Make a more-focused effort to save money. Practice putting the first 10% of your paycheck into savings – it’ll pay off over time, and sooner than you think.
3. Spend the last years of working before retirement WORKING MORE. By working more, you create more income that you can save and invest.
Ladies and gentlemen, 60 is not too late to start over and create a good retirement for yourself.
Harland “Colonel” Sanders created KFC at 65 years old. Laura Ingalls Wilder began writing Little House on the Prairie when she was 65 years old. Ray Kroc began what would later become McDonald’s when he was 52 years old. Henry Ford created the first car assembly line was he was 60 years old. Golda Meir became the fourth prime minister of Israel (and first woman) when she was 70 years old. Robert Galvin started Galvin Electricity Initiative when he was 82 years young.
It’s not too late. Follow these steps and you can create a nice retirement for yourself.
Let Darrell Castle & Associates help you take that first step. Call (901) 327-2100 today to schedule a free consultation with an experienced bankruptcy attorney, or fill out one of the contact forms on this page.