Don't retire in the red
The economic downturn left many baby boomers struggling with their finances and savings, which means that debt has become a worrisome part of their lives. A survey conducted by CESI Debt Solutions has found that 56 percent of Americans have already retired with outstanding debts.
"That's the fastest-growing segment of clients we counsel right now," Todd Mark, vice president of education at Consumer Credit Counseling Service of Greater Dallas, told The Bellingham Herald. "We're seeing people at or near retirement and they're coming to us."
So what should you do if your nest egg is at risk of being in the red? Mark advises retirees to try and pay it away. He says that debts can hold retirees back and "sink you from achieving your goals."
Speaking of goals, he also believes that looking at your retirement plans may be an important first step. Mark claims that it may be necessary to alter your savings strategy or try to diversify your portfolio.
Overall, Mark states that one of the best solutions may be to keep working past retirement age. Even having a small income to supplement living expenses can go a long way in paying away debt.
Want to work but hesitant to leave the comfort of a retirement community? AARP.org reports that the internet has made it easier than ever for retirees to work without the commute. If you enjoy talking to people on the phone, you could consider becoming a customer service representative, which many companies allow you to do remotely. Interested in law? Try becoming an online juror, a position in which you help lawyers with test trials.
If you have some experience as an administrative assistant, try looking into virtual assistant positions. Companies looking to cut costs have lately started seeking the services of office help outside of the office itself.
There are plenty of opportunities available for retirees who need a part-time position, and the decades of experience that they can offer is attractive to many employers. Even better, the extra income can be a boon for savings accounts and debt repayment plans.
"If their goal is to retire at age 65, and say if [retirees] work three more years, that means three years of more income, three less years to have to draw down from your retirement and other resources," Mark told the Herald. "It's three more years of building that nest egg up."
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