Saturday, 3 October 2009

How to Avoid Debt in Retirement

Life post retirement is completely different than it was before retirement. You are put into a sudden fixed-income lifestyle. Many of us also plan to travel extensively, pursue our long cherished hobbies or engage in some other leisure activities post retirement. But the financial constraints often push many senior citizens to approach financers and creditors and before they could realize they found themselves in heavy debt.

It’s easy to get credit from financers. Many credit card companies even offer unsecured credit to seniors with a lifetime of good credit account. But usually these credit amounts have higher interest rates. Often when you fail to payoff the credit will land yourself in financial mess, it will lead to serious debt condition which can lead to stress, anxiety and might even force you to set aside your retirement dreams and get back to work.

For many senior citizens, the primary source of income post-retirement is typically the interest received from a lifetime of savings. If the interest income is not sufficient to meet all your needs, you can try new ways to bring in more income even at retirement. There are many avenues like electronic gadget workshop, Internet business, gaming parlor and many others like this. You need to find something as per your interest level, something you will enjoying doing. In this way you can increase your income and avoid getting into the debt trap. Plus, this additional work will keep you occupied.

1 comment:

  1. Hi,
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