Debt is Threatening Retirement Dreams

Published August 23, 2021 | By Robert S. Simonian

Many Americans are bringing more than just their bucket list with them into retirement. According to a recent analysis by MagnifyMoney, a growing number of Americans are carrying burdensome debt into their 50s and beyond and debt is threatening retirement dreams.

The biennial MRRC study surveys more than 20,000 Americans 50 and older on a range of financial topics. MagnifyMoney found the latest results revealed a number of debt trends that threaten to undermine the retirement goals of many older Americans.

Debt On the Rise

Both the percentage of older Americans carrying debt and the amount of debt they’re carrying are on the rise. As recently as 1998, roughly 37 percent of Americans age 56 to 61 carried debt, with an average debt load of $3,634 in 2012 dollars, according to MRRC research. By comparison, today, 42 percent of Americans that age carry debt and with an average debt load of $17, 623.00 and debt is threatening retirement dreams.

The trend isn’t explained away by higher mortgage costs, either.

According to MagnifyMoney’s analysis, almost one-third (32 percent) of older Americans carry non-mortgage debt on a month-to-month basis, with an average of $12,490. Of that, $4,786.00, on average, is credit card debt, represents its own significant challenge for Americans as they near retirement.

Credit Card Debt Weighs Heavily

Some 40 percent of older Americans have at least $5,000 in credit card debt,; 22 percent owe more than $10,000 — an amount exceeding what most of them have in their checking accounts.

Saving For Retirement

When you are caught in the trap of using your paycheck to pay credit cards or debt minimum payment and they find yourself using the available credit to buy essentials like food, gas and medicine you start to get on an endless treadmill and accumulate no saving for your retirement. Many American stop contributing to their 401(K) plans and retirement plans so they can have extra money in their pay check and make minimum payments on debts that never seem to go down.

Consider Filing for Bankruptcy

If you are approaching retirement within 15 to 20 years and find yourself on the endless treadmill of paying minimum payments and not saving for your retirement you may want to consider filing bankruptcy. You can get a fresh financial start in life, get you feet on the ground and your head above water. Call us today for a free, confidential, no obligation bankruptcy consultation today.

BANKRUPTCY – UNDECIDED OR UNSURE WHAT TO DO?

Talk To Us About Your Options:

We always tell potential clients to talk to us first to see if bankruptcy is in their best interest. The consultation is always free. Talk with Attorney Robert Simonian or Attorney Anthony Bucacci in private and in total confidentiality to see if filing bankruptcy in Massachusetts is right for you.

We can almost always come up with a solution to your financial problem. We have filed over 10,000 cases in the past 26 years and there are very few scenarios that we have not seen. We are known for our hard work, diligence, creativity and problem solving abilities. Often we are the bankruptcy attorneys other attorneys come to with difficult cases. Call today to see what we can do for you and what options are available. Often people believe they are the only ones with financial problems and are embarrassed of their situation. This is simply not true and many famous people have had to file for bankruptcy to get a fresh start and not let debt is threatening retirement dreams.

Why Call Bucacci & Simonian:

We are known as one of the best bankruptcy attorneys in Southeastern Massachusetts serving the Bristol County and Plymouth County areas. Please inquire with anyone as to our reputation. Reputation is everything and we are very proud of ours. We have received numerous awards from various agencies and courts including the Bankruptcy Court in Boston, Massachusetts.

Using our knowledge and skill we have had several clients complete their five year Chapter 13 bankruptcy plans where they own their home FREE & CLEAR OF MORTGAGES. We understand how important it is to save clients’ homes from foreclosure, keep their cars from being repossessed and stop creditors from suing them and attaching their wages or attempting to seize their assets. This can be stopped almost instantly and we make every effort to be very available to your clients and can accommodate emergency situations. One of our most famous cases involved saving a clients’s multi-family home. https://www.courtlistener.com/opinion/1863802/in-re-brizida/

What to Avoid:

Do not attempt to file for bankruptcy on your own. You can make your situation much, much worse. If the bankruptcy petition is not correct you could lose your home, your car or possessions or you could be asked to file a different kind of bankruptcy where you have to make monthly payments when it could have been avoided. If you are not properly represented a bankruptcy trustee may foreclose on your house, allow your car to be repossessed, seize a tax refund or other assets. You could file under the wrong chapter, apply the wrong exemptions, fail to file all of the necessary forms or not understand the significance of important forms.

Protect Yourself:

Call us today for a free and complete bankruptcy consultation. We can protect you from your creditors and protect your home, cars, jewelry and other assets. Creditors and collection lawyers have a job to do and it may seem that they are heartless and will take anything they can from you. They are represented and you should be too. Call us today. The Federal Bankruptcy Court indicated that seeking the advice of a qualified attorney is strongly recommended. https://www.uscourts.gov/services-forms/bankruptcy/filing-without-attorney