By: Darrell Castle
As we grow older, we need to become real with ourselves and our position in life. We need to change our values and become more practical with our finances because we have less time to recover. Basically what I’m saying is – we don’t need to spend the end of our life in debt.
This week’s Miller’s Money Weekly was a good piece on our society’s obsession with having a nice car. Having the newest and nicest car is fine and all, but if you’re facing retirement and want to do so richly and comfortably, it’s probably time to give up that obsession.
What is a car really other than the object that transports you from point A to point B? Do you really want to spend the majority of your retirement checks on a luxury vehicle and have less money to enjoy? Or, would you rather have a serviceable vehicle and have all of the money you want to finish off your life in rest and relaxation without the worry of debt?
Give me the second option, please.
For some, this isn’t an easy proposition though. If you’re in debt with bills you just don’t know how you can pay and you’re looking for a way out, you may be thinking about dipping into your retirement account. DON’T!
Instead, talk to a bankruptcy attorney. Why? Because a bankruptcy attorney can help you get out of debt and start fresh – all of this while keeping your full retirement account!
I’ve seen it time and time again – a person is in debt and thinks it’s a smart move to pull money from his or her retirement account to pay off that debt. Then, after they’ve depleted their entire retirement account, they’re still in debt and now have no money to retire on. That’s a tough boat to be in, and it could’ve all been avoided!
Before you do this, come talk to me. If you’re in debt, don’t touch your retirement account, but rather consider filing for bankruptcy.
My firm has received multiple Client Distinction Awards from Martindale-Hubbel for client satisfaction, so I promise you’re in good hands.