Are Seniors Debt Free and Ready for Financial Independence?

September 24th, 2007 | Stacey | Debt Management, Financial Freedom, Financial Independence

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Are today’s seniors debt free and ready for financial independence and retirement. The unfortunate statistics reveal that 4 out of 100 people are financially independent by the time they are 65 years old. The rest have to keep working just to get by.

Here are ways to get ahead now so you can retire later:

1. Learn the value of numbers. Get past that math thing and be a smart consumer who can properly budget and recognize a good deal.

1. Avoid debt. Use credit cards only for convenience, never hoping that your higher future income may speculatively pay them off. If you are already overwhelmed by debt, get free debt help.

1. Have a plan. Dreams can only become a reality with specific goals and a plan to get there.

1. Get insurance. Homeowners insurance, automobile insurance, health insurance and life insurance are essential expenses to take care of potential crisis.

1. Avoid risky investments. Trying to get rich quick through investments can be risky and you could loose everything you have. Stick to stable investments.

1. Consider taxes. Taxes come out of your income and must be accounted for in the big financial planning picture.

1. Remember inflation. Your dollar tomorrow will not mean as much as it does today, so keep that in mind when planning for retirement.

1. Don’t put off until tomorrow what you should do today. A good day never comes so now is the time to plan for your future.

By becoming debt free and having a solid plan, you can achieve the financial independence you want in your senior years.