Covington, Kentucky
40 West 5th Street
Covington, KY 41011
(513) 784-9150

Financial Consultants Talk Debt Payoff During or Near Retirement November 21, 2017

Covington, Kenton
Financial Consultants Talk Debt Payoff During or Near Retirement, Covington, Kentucky
Getting in the way of saving for retirement is the day-to-day reality of bills and paying down debt. The encouraging news is there are ways to manage both scenarios. The team of experienced financial consultants at Evergreen Advisors in Covington, KY, is in the business of developing strategies designed to accommodate different financial lifestyles. 
As clients get closer to retirement, one of the main priorities is shifting debt management into high gear. While every personal situation is unique, here, the firm's wealth advisors share some general guidelines for crafting a customized plan. 

Factors for Retirees & Debt Payoff

Continuing to Work

For some retirees, maintaining some form of employment can help sustain their financial livelihood. This may mean transitioning to a part-time job. Others might also consider becoming an independent contractor offering expertise based on their career experiences. The bottom line is keeping a steady stream of income can chip away at outstanding loan balances close to and while in retirement.

Mortgage Payofffinancial consultants

Housing costs are typically the highest expense among a person's monthly bills. Unfortunately, mortgage payments may continue to follow you into retirement, all on top of annual insurance and property taxes. Deciding whether to ramp up home loan payments is a highly personal decision that could have potential tax implications. Having a discussion with a licensed financial consultant can help clients weigh the pros and cons, including whether speeding up payments is beneficial.

Paying Down Other Debt

Ideally, by the time a person is near retirement, car loans, credit card balances, and other debts are either paid off or close to it. If there's still a large amount of outstanding debt, creating a financial plan to minimize or eliminate those bills becomes a pressing priority.

These are just a few of the considerations that financial consultants examine in assisting clients with retirement and debt management goals. If you are close to retirement or have just retired but are seeking ways to pay off debt, let Evergreen Advisors help you establish realistic priorities. Call (513) 784-9150 to schedule a friendly, no-obligation consultation. Visit the website to learn more about their other financial planner services.


“This material is intended for informational purposes only and should not be construed as legal or tax advice and is not intended to replace the advice of a qualified attorney or tax advisor.”

File #1805-2017

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