Minion & Sherman
Call Us Today for a Free Confidential Consultation
973-559-5791

Planning for retirement after a bankruptcy late in life

The financial ramifications of the recent recession could be felt for years by many New Jersey residents that are either approaching or over the age of 50. Many people lost their savings and retirement accounts, lost their homes and/or incurred a great deal of debt in order to survive. As a result, some individuals filed for bankruptcy protection or otherwise started over financially.

The good news is that it is never too late to begin building, or rebuilding, for retirement. Even the IRS allows for people over the age of 50 to save more tax-deferred funds after 50. Starting to save for retirement right away could go a long way to providing the monies necessary to retire comfortably.

However, it is possible this will not be enough for a person to retire completely in 15 to 20 years. There are other ways to maintain an income and lower one's expenses in preparing for retirement. Learning a new skill that will carry a person through retirement may help. In addition, many people relocate in order to rein in expenses as they approach retirement.

Each individual will need to determine the best course of action for his or her family. A good time to contemplate what to do next and how to start saving for the retirement is during bankruptcy. Hopefully, with the debts that were discharged in bankruptcy gone, New Jersey residents would have more discretionary income to put toward retirement. Coming out of a trying financial situation and turning it into an opportunity is just one of the many benefits filing for bankruptcy can provide for forward thinking individuals that choose to tackle their financial problems head on .

Source: Forbes, Financial Planning For Late Starters In Five Steps, Mitch Tuchman, Nov. 21, 2013

No Comments

Leave a comment
Comment Information

Articles

At the law offices of Minion & Sherman, our New Jersey bankruptcy attorneys have been providing families with real solutions for more than 20 years.

Email Us For A Response

Contact Us Today for a Free Consultation

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

West Caldwell Office
33 Clinton Road
Suite 105
West Caldwell, NJ 07006

Toll Free: 866-915-1839
Phone: 973-559-5791
Fax: 973-882-0856
Map & Directions

Newark Office
201 Washington Street
Newark, NJ 07102

Toll Free: 866-915-1839
Phone: 973-559-5791
Fax: 973-882-0856
Map & Directions