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Possible challenges of entering retirement in debt

On Behalf of | Dec 6, 2023 | Bankruptcy

There are many individuals who may put significant effort into planning and saving retirement. While individuals in Ohio who are approaching retirement might not want to let anything disrupt their plans for the golden years, this might not always be so simple. The topic of debt remains a relevant concern for many individuals in this position and there are various reasons why entering retirement in debt can be a daunting concept. 

The challenges involved 

According to recent studies, one of the most daunting aspects of entering retirement in debt could pertain to data suggesting the average person saves less for retirement than in previous years. As such, the impact of debt on income sources could be much greater. Experts say data from recent studies shows that almost 90% of individuals enter retirement with around 25% of the recommended retirement funds. 

Another factor to consider may involve increases to average life expectancies. With many individuals saving less and living longer, the presence of debt may only add to the strain of an already stressful situation. Recent issues such as the rise of inflation may also give many cause for concern and those who struggle to keep up with financial obligations and needs might not know what steps they can take to protect their futures. 

A strategy for financial relief 

Issues with debt can take a significant toll on retirement plans but sometimes it can be challenging to know how to stave off similar concerns. Individuals in Ohio who have concerns about how debt might affect their lives could consider speaking with a bankruptcy attorney for guidance in carefully evaluating their situations. An attorney can work with a client in creating a strategy with which to seek the relief required via the proper channels and guide him or her through every step of this process.