It is imperative to have a healthy portfolio before you
retire. However, it may not look as healthy as it should due to a
falling economy and downsizing. Many individuals have had to make
concessions with their 401(k) plans and pension plans. Moreover, who
knows what Social Security will look like a few years or even one year
from now.
However, one of the things you can control is how much debt you have
going into retirement. There are many tips you can use to minimize and
even eliminate debt altogether - even before you retire.
Consolidate Debt
By consolidating debt, you eliminate multiple payments and reduce the
accumulation of multiple interest rates. Make sure that you shop around
before consolidating credit card debt from one card to another. The
terms and agreements are almost always in fine print and you need to
know what the penalties, fees, surcharges, and time frame are before
signing on the dotted line.
By consolidating debt, you now have the opportunity for one low
monthly payment and one interest rate. This will open up the opportunity
for you to pay off your credit card debt faster and eventually become
credit card free.
Eliminate Future Debt
The only sure-fire way to eliminate future debt is to live within
your means. If you purchase something and use the thought process of
figuring out how to pay for it later, you are already automatically in
the danger zone.
Eliminating future debt is achieved by not creating it in the first
place. Take a class on how to budget or attend a budget workshop. Seek
the expertise of a financial planner. Do not leave your finances to
chance. By learning how to create and stick to a budget, you can
guarantee yourself being free of future debt.
Refinance, Home Equity Lines of Credit, Reverse Mortgages
There are many finance-related workshops and seminars that are free
of charge, and it would be a wise choice indeed to attend as many of
them as you possibly can. This will help you to learn about whether or
not it is in your best financial interest to refinance, purchase a home
equity line of credit or not, and even the do's and don�ts of a reverse
mortgage.
As with everything else, an informed consumer is a wise consumer.
When it comes to matters of your money, seeking out wise counsel is the
best choice to make. Find estate planners, eldercare attorneys, and
other legal professionals who are willing to give you a free one-hour
consultation. Gather as much information as you can from these free
one-hour sessions before consulting a financial advisor.
Reducing your debt before retiring and learning how not to recreate
it are two sure-fire ways to enjoy retirement more with fewer financial
woes.
To Your Success
Perzina Munroe
http://www.12path.com/HBC/