Seniors without steady incomes or pensions need to have enough money in savings to cover their Golden Years. However, far too many people simply aren’t putting away the cash needed to live comfortably as they get older, according to a recent survey by financial experts. This can ultimately lead to significant debt problems and even bankruptcy.

A GOBankingRates survey found that more than half of all adult Americans are currently unprepared for Retirement, with 56 percent of survey respondents indicating that they do not have at least $10,000 in retirement savings. Worse yet, approximately 75 percent of those participating in the survey stated that they are behind on their retirement savings plans.

Seniors at Great Risk of Going Bankrupt

While older adults are doing a little better, many people above the age of 55 aren’t doing enough to ensure a secure retirement. In fact, a whopping 28 percent of people who are at least 55 years old do not have any savings at all. If you hope to continue with your current lifestyle, you will probably need at least 70 percent of your former income, according to some financial experts. These same experts suggest saving at least 15 percent of your pre-tax annual income for retirement.

You may want to ask yourself: Am I prepared to live 20 or even 30 years after retirement with minimal income? Do I really have the savings needed to stop working for good when I turn 65? Will I be able to afford my medical bills, and other unforeseen expenses, as I get older?

Without a regular paycheck, people over the age of 65 could struggle to pay their monthly bills and survive on their own. This means that anyone without the necessary financial resources might end up delaying retirement – or even foregoing it altogether.

For further information, access the Yahoo.com article, “Here’s How Much of Your Income to Save Every Year So You’ll Have Enough Money in Retirement.”

If you are struggling with crippling debt, it may be time to think about bankruptcy or debt consolidation options. The McDowell Posternock Apell & Detrick, PC legal team helps clients in Cherry Hill, Moorestown, Maple Shade, Browns Mills and the rest of South Jersey, as well as the Philadelphia region. We can guide you through your best options for getting out of debt and avoiding financial problems in the future. Contact us today to schedule a free consultation.

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