Retire the Debt

Retirement should mean enjoying golden years and relaxation. It shouldn’t mean stress and sleepless nights trying to figure out a way to juggle debt. When most people retire, most live off a pension or Social Security benefits. Trying to pay debt, prescriptions and other expenses is difficult when you have other expenses.

Last year, people receiving Social Security benefits received a cost of living increase. Around the same time, the cost of Medicare and Medicaid increased, many retirees lost income. Many need to pay for supplemental insurance adding another expense to a fixed budget.

Increases in living costs can be disastrous for a fixed income. Monthly fixed expenses easy to pay when you are working are budgeted for when you retire. According to the Bureau of Labor Statistics, the cost of a gallon of milk increased 50 to 60 cents per gallon since January 2014. A gallon of milk could be a luxury for someone on a fixed income!

If you are about to retire and have debt; consider bankruptcy so you can retire debt-free! By eliminating the minimum payments on your unsecured debt, you can readjust your budget to afford the rising costs of things like milk.

Author: Elizabeth Doren Paralegal at Geraci Law L.L.C.

I am a paralegal at Geraci Law L.L.C. (the greatest consumer bankruptcy law firm that ever was or will be!) I talk to thousands of people who are struggling financially. They call because they know Peter Francis Geraci and Geraci Law staff help people through very difficult times. I write about the things I read in the news, hear from clients and general information about debt and bankruptcy I find interesting.