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Is debt free retirement possible?

Paying off all of your debt before retirement and entering your golden years debt-free comes with a certain level of comfort. Debt free retirement. Making the most out of your limited retirement income is what every retiree hopes to accomplish and becoming debt-free is the first step.

Here are a few ways you can begin to eliminate debt and be on your way to a much more relaxing, anxiety-free retirement:

Pay off your student loans. Develop a payoff timeline to eliminate your student loan debt by retirement. One way to accomplish this is through a home equity loan, which has the double benefit of paying off your debt when you downsize your home.

Cut up those credit cards. There are few quicker ways to go into debt than through the overuse of credit cards. Interest accrues on your purchases and works against you. Avoid purchasing anything you can't afford to buy with cash, and avoid the temptation to pay only the minimum balance due. If you don't want to eliminate credit cards from your life, at least swear off irresponsible use. Your investment savings will reflect your decision.

Eliminate unnecessary expenses. Get creative by finding ways to lower your expenses (buy cheaper coffee, shop discount sales, etc.) and bank the difference. Cutting out a 5 dollar latte from each day of your 40's can mean having an extra grand in your bank by the time you reach retirement age.

Stop loaning money to family members. To retire debt-free, not only must you stop borrowing money, but stop loaning money as well. Family members who are aware of your retirement nest egg may assume you're the best person to ask for a loan, so nip it in the bed well ahead of retirement. Not only will you save more retirement money, but you'll also eliminate the tension that comes when one person doesn't hold up their end of the bargain.

West Financial Group can help you make your retirement money go further and put you in the driver's seat to financial success. Contact our team today. 

Make the REST of your life
the BEST of your life.

For more than 14 years our mission at West Financial Group has been to guide our valued clients to financial security. We strive to address all of your concerns, ensure you understand the products we recommend and take pride in knowing you’re comfortable with the direction and strategy we provide you.

Our goal is to provide a “WOW” experience at every client interaction! We want every meeting, phone call and event to be an interaction worth talking about. We want our clients to be able to say, “WOW, what an experience! I can't wait to tell my friends about our financial professional.”

Whether it’s financial, retirement, legacy planning or optimizing your future wealth, our approach includes understanding your unique situation, exploring your goals and discovering the best way to make the REST of your life, the BEST of your life. By getting to know you and your family, we serve as financial guides who keep your best interests in mind throughout the entire process.

Skip West | Financial Planner | West Financial Group

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