Upon closing in on the age of retirement, many individuals in Tennessee and elsewhere may consider it a priority to address outstanding financial obligations. However, with growing concerns such as credit card and medical debts, many older individuals may feel that cutting down on debt is challenging. While there may be a variety of outlets that could help a person obtain debt relief, choosing a path can be intimidating.
A recent study into the financial priorities of individuals who are closing in on retirement found that 40 percent of those surveyed cited paying down on debts to be a financial goal. This study indicated that 39 percent of older consumers were concerned with paying off medical bills, while just under 30 percent were still focusing on paying down on credit card balances. Other obligations on the list include continuing to save for retirement and paying off a home mortgage.
Although debt is a major concern for many of those closing in on the golden years, results from the study indicate their highest priority lies in covering the costs of living. The concept of living on a fixed budget while dealing with high levels of debt could prove disconcerting for many. While those who are still in the workforce might be able to form a plan to deal with debt before retiring, for those who have already reached this stage, the process could be somewhat more complex.
Individuals who are nearing retirement while dealing with substantial amounts of debt may have concerns over how these issues might affect their plans for the future. Those who encounter similar issues could benefit from speaking with an attorney for advice in understanding the available options for debt relief. An attorney in Tennessee can address a client’s financial situation and assist in forming a plan to pursue relief and protect his or her plans for retirement.