Seniors and Saving Through The Golden Years

By: Daniel Rattanamahattana on September 24, 2012

Managing personal finance is one of the toughest jobs you'll do in your life. With so many different credit cards on the market and advertisers reaching the public through multiple media channels both on and offline, it’s very easy to fall into the habit of sticking all of your purchases onto one card.

But there's nothing worse than realizing down the road that you credit card has reached its max and your finances won't allow you to pay your debts on a regular basis. For senior citizens and professionals approaching retirement, preparing for comfortable life throughout the golden years can be a serious challenge. But proper savings techniques can soften this financial blow and planning ahead is always a great place to start!

It’s a sad situation to end up in severe debt as you reach the close to your career. And the impending credit crisis over the last decade has done much disservice to senior citizens both in the private and government sectors. Layoffs have become a regular occurrance that in many ways are targeting seniors citizens without any notice and time to prepare for unemployment. According to bankruptcy trustee Sands & Associates, the number of ‘grandpa debtors’ has grown over 200% since 2009. Blair Mantin, Senior Vice President with Sands, says that a combination of layoffs, costly medical troubles, unregulated debt consultants, and the easy access to credit cards are the highest contributors to these rising statistics.

Unfortunately the more debt we take on, the more trouble we can end up in down the road. Consequently, the more you spend, the more difficult it can be to buckle down and manage your personal finances. For seniors and professionals approaching retirement, it’s time to take back control and enjoy comfort and stability during this exciting transition in your life. There are ways of managing your debts and finding rates for credit cards that can save you more money every month is a great place to start! The savings may not seem like a lot at first but it will start to make a difference for your credit in no time. Act now and you'll be sure to save later!