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Home » General » Reducing Debt Can Be A “Big Piece”

Reducing Debt Can Be A “Big Piece”

December 19, 2018 by John Potter

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.

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Filed Under: General Tagged With: Debt Reduction, Long-Term Planning, Retirement Planning

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Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.

DKS & KMS Client Review August 28, 2020

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John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.

David J. Client Review August 28, 2020

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My husband and I selected Ms. Potter to assist with our small business. She responsive and attentive every time I have a question or need assistance, and is extremely knowledgeable and able to answer any legal question I have had. I know I can count on Ms. Potter for all of my business legal needs and I would highly recommend her to anyone needing legal assistance with such.

Jillian Client Review August 28, 2020

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