You may take a look at your bills and come to the conclusion that you are going to have to make a certain amount of money during retirement to meet these expenses. While ensuring adequate income is important, reducing debt is something that could be a big piece when you are planning for retirement.
For instance, you may want to consider taking consistent steps toward reducing your mortgage debt. Over the course of the loan, you pay a significant amount of interest which could eventually exceed the actual value of the home itself.
Paying off the loan reduces the amount of interest that you wind up paying. And at the same time you are getting closer and closer to retiring that monthly payment as your own retirement from work starts to become less of a dream and more of a reality.
Credit cards carry even higher rates of interest and without question it is never a good idea to carry high credit card balances. You could also pay something extra each month above the required payments on your vehicles to satisfy that debt early.
Debt reduction can go a long way toward simplifying things as you enter your golden years. To find out how such an effort can fit into a holistic plan for the future, take action right now to arrange for a consultation with a seasoned and savvy Covington KY retirement planning attorney.
John’s practice focuses on the use of Wills and Living Trusts in Estate Planning to help individuals protect their families and preserve their legacies after their deaths, but his practice also focuses on the critical issues of protecting individuals with dementia or other diminished capacity, assisting individuals in qualifying for Medicaid and other government benefits to offset the costs of long-term care, and providing special needs planning.
John is admitted to practice law in North Carolina, South Carolina, Kentucky, and Ohio, and he is accredited by the Department of Veterans Affairs.
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