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bad debt pension

Can Bad Debt Put A Dent In My Pension?

By: Michael Millington


After spending most of your adult life working and saving (or trying to save), you’re finally ready to call it quits. You’re ready to relax and enjoy your golden years. You’ve spent enough time working for others and now you’re ready to focus on yourself. It’s entirely possible that you’re overlooking one thing as dreams of sandy beaches and ignoring your alarm clock swim through your head. Is bad debt something that will hinder your ability to enjoy your retired years? In short, it can, but there are also actions you can take to reduce or potentially eliminate the impact bad debt can have on your pension, your savings or your investments.

 

How Does Retirement Change Your Life?

Debt doesn’t change or alter the way it affects you when you go into retirement. Regardless of what kind of fixed income you have coming in, payments are still going to be required. Creditors don’t care about the fact that you’re retired or have a finite amount of funds you’re drawing from. Generally, when retirement comes into play, the amount you receive each month is only just enough to get by. Fixed income payments don’t account for debt and often leave the retiree struggling between basic needs, home and utilities, and creditor debts. Many times the burden of bad debt can force individuals out of retirement and back into the workforce just to keep up with monthly payments, effectively ruining those plans for sleeping past 9am.

 

Should Bad Debt Keep You From Retiring?

Absolutely not. Unlike some who retire at early ages with a substantial amount of funds available to them, the majority of people who retire are going to only have just enough to survive on with the exception of investments and personal savings. Adding considerable debt would not only keep you from retiring comfortably, it might eliminate the option altogether. While there are many barriers that can cause bad debt to keep you from enjoying retirement, there are also options to save yourself a massive headache once you’re done with the working world.

 

Protect Your Retirement Funds

Consider the option of using professional debt settlement services through Guardian Debt Relief upon reaching retirement. The amount of debt we carry with us throughout our lives forms a constant barrier between the way we live and the way we want to live. Retirement should always be about the latter. Guardian Debt relief can make that a reality by lowering the amount of bad debt you owe and simplifying the payment process. In taking the first step and contacting a professional debt settlement company you can ease the fears of not having your retirement to yourself. All you will have to do is deposit monthly amounts into an escrow account for your debt settlement company to use once a settlement is reached with your creditors. Let Guardian Debt Relief handle your creditors and bad debt, while you enjoy your retirement.  With regular payments your bad debt will shrink and eventually disappear and in many cases it’s free to get started. Make sure your retirement funds stay where they belong. Contact Guardian Debt Relief today!

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