Assuming that as a couple, you are looking up the road, happily, at the day you plan to put the work years behind you and retire, can you make that work? One couple with 200K in assets accrued asked themselves that critical question. They realized, quite quickly, that even with the assets in place, the math to getting to a successful retirement only worked if they could figure out how to start right away syphoning down their remaining debt. The pair reviewed what they had to work with in their golden years, including a pension plan and saved monies. They realized they wanted a monthly income of 6000 to proceed as they had been doing, comfortably. This is important. Without a target goal, it becomes difficult to know how to proceed. Equally necessary, the couple totted up what they still owed, vis a vis outstanding loans and mortgage monies, so too credit card debt. They realized their savings could be included in their budget once they retire. Insurances can also prove redundant and unneeded at this point. They can be cashed out. With these changes to consider, it is merely a choice and the lack of a budgetary plan that can keep them from paying down their debt and claiming a debt-free retirement.
Key Takeaways:
- Even couples with dual incomes and no children are finding it difficult to make inroads on debt that will ensure they can stop working when they wish to.
- It’s wise to hone in on a reasonable and reachable figure that can be maintained overtime as the monthly income. Once couple aimed for 6000.
- By recognizing this goal figure, the couple can make other goals to syphon off debt, for example, in a timely way that will allow them to reach the bigger goal.
“They fear ending their work years with their present $184,410 sum of debts and no way of being debt-free.”
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