Saving for retirement is a beneficial step that many Tennessee residents take to prepare for later in life. However, many individuals may not feel that they have extra income to put away for future use. Mounting debt and other financial issues can often contribute to this feeling, and statistics have indicated that this is a continuing problem.
According to reports, many people are accumulating debt faster than they are able to save for retirement. Attempts to have individuals place more in retirement funds by offering tax incentives and other options have apparently had little effect on the amount consumers set aside for later years. If parties do not set aside enough income, they may forfeit the ability to retire at all due to an insufficient amount of money to live off of if income stops being generated.
Research is reportedly indicating that Americans could be nearing a retirement crisis. Statistics have also indicated that more consumers who are nearing the age of retirement are accumulating more debt and focusing funds on paying balances. Fewer people are making wise investment choices, and many more are not dealing with their debt issues in an adequate enough manner to reduce a negative impact on retirement.
Mounting debt is an issue that should be effectively dealt with, especially for those nearing retirement age. Having insufficient retirement funds could lead to many hardships as a person ages and becomes unable to perform many of the duties that they were once able. Information on Tennessee bankruptcy laws and other debt management options could provide helpful knowledge on how to pay off balances as well as manage a stable retirement fund.
Source: The Washington Post, Many Americans accumulating debt faster than they're saving for retirement, Michael A. Fletcher, Oct. 23, 2013