Financial Problems After Retirement

A dream many young people have is to become a professional athlete. As you probably know, it is extremely rare for someone to actually achieve this dream. While you may think these athletes are set financially, a recent study revealed that about 15% of NFL players file for bankruptcy protection within twelve years of retirement.

If you follow sports, you know that the top players are paid well while they are playing. However, once they are no longer able to play, their income decreases significantly. At this time, it is nearly impossible to continue their lifestyle to which they have grown so accustomed.

While this may seem like an isolated issue, it is actually quite similar to many people who retire with outstanding debt obligations. I commonly see the recently retired find themselves in a situation where they can no longer pay for that camper they are finally able to use, their car loan, or even their mortgage. Whether they saved and retired with the expectation of paying the debt off, or they were forced into retirement due to health reasons, the inability to stay current on payments is not something exclusive to the previously rich and famous.

The financial crisis of recent years has not helped matters. People who invested for years in order to have a leisurely retirement are now in a situation where they are unable to retire at the planned age, if at all. Some people in retirement are finding that they have to at least find a part time job to make ends meet.

Regardless of the reason, there is help out there for people in financial trouble. If you find yourself falling behind on payments, being harassed by creditors, or even just worried about how you will pay your bills going forward, please call our office nearest you to set up a free consultation with one of our experienced attorneys. Retirement can be a stressful time financially, but it doesn't have to be.