/Do This to Prevent Elder Bankruptcy

Do This to Prevent Elder Bankruptcy

Financial advisers can help us experience retirement the way it’s meant to be: full of happiness and leisure, instead of being plagued by anxiety and hardship.

While the number of elderly Americans filing for bankruptcy relief has increased, here are tangible steps to ensure you won’t be among them. (InvestmentNews)

Helping seniors pay down debt

Advisers can confer with clients to establish plans for paying off their debt before and after retirement. For example, working to fully pay down credit card debt with the card with the highest interest rate first is a wise strategy, and advisers can work with clients to improve saving and spending habits in order to reach that goal.

Making sense of government benefits

During financial planning discussions, advisers can seize the opportunity to help clients calculate how much Social Security and other benefit income they can expect in their circumstances after taxes — and incorporate that information into detailed plans outlining what steps can be taken to make up for less income from benefits as needed.