All bankruptcy attorneys are not created equal. Schedule A Free Case Evaluation
Nowack & Olson, PLLC
Let’s do this together.
Speak with one of our professionals.
888-813-4737

Lack of retirement savings compounds financial challenges

Major financial issues often originate from a series of minor difficulties that quickly escalate out of control. In fact, many Miami residents currently considering their debt relief options may concede that their debt became unmanageable before they had the opportunity to properly address it. Personal savings is often the first thing that people rely on to cover their expenses, and retirement savings may be the thing that takes one of the largest hits as a result.

In its efforts to stabilize the national economy following the recent recession, the Federal Reserve lowered interest rates. And while doing so is believed to have had a positive impact on some aspects of the economy, it is also negatively affecting some people attempting to save for retirement. The issue is compounded by the fact that there is evidence to suggest that a huge number of Americans do not have any retirement savings at all, according to a recent study.

Bankrate.com estimates that of people between that ages 50 to 64, a little over 25 percent do not have retirement savings. And only a little over 30 percent of adults under the age of 30 are beginning to save for retirement. The study involved around 1,000 adults and ultimately concluded that over one third of people are not accounting for their future retirement-related financial needs.

The survey did suggest that some positive factors are playing into retirement savings rates as well. For one thing, more 20-something people are estimated to have begun saving for retirement, and 401(k) plans have increased in value in recent years. Addressing serious financial challenges early can help to safeguard retirement savings later on. An experienced attorney can help clients understand their debt relief options and opportunities.

Source: The Los Angeles Times, “36% of adults lack retirement savings – 14% of them 65 or over,” Jim Puzzanghera, Aug. 18, 2014

No Comments

Leave a comment
Comment Information

We take your situation as seriously as you do.

Start with a Free Case Evaluation

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

What Our Clients Say:

Back
  • "Maria please let Attorney Olson know how pleased I am with the results of my home loan modification with Bank of America. I am so grateful for all of their hard work, especially since my house was a gift from my parents, I prayed not to lose it to foreclosure....."

    Cassandra M.
  • "We received last Friday our bankruptcy discharged letter for the trustee.
    We want to thank you very much for your services in our bankruptcy file.
    We are very pleased and happy with your service, you are so professional, courteous, organized and fast.

    We will recommend you every time we can.
    God Bless You!"

    Yazmin & Ricardo D.
  • "MY EXPERIENCE WITH MITCH AND CHRIS AND U WERE JUST A GREAT EXPERIENCE I WANTED TO GIVE UP PRIOR TO U GUYS.. DON'T WANT TO FORGET ABOUT LEO, HE'S ALSO GREAT PERSON..COMMUNICATE REALLY GREAT WITH ME,,ACTUALLY ALL OF U ....I CAN EMAIL OR CALL .U ALL ALWAYS REPLY TO ME....."

    Tonya C.
  • "I was very pleased with work of Nowack & Olson, and way you guide me through all process of bankruptcy and loan modification. I received good care and was informed on every step of it. Thank You very much. You save my life!"

    Kasia D.
  • "Just wanted to thank you again for helping my wife and family through a tough time. We are finally starting to get back on our feet and building back our nest egg. We have stabilized our income again, and see the light at the end of the tunnel. I remember one of your tag lines was helping good people through bad times... That always rang true with us....."

    Peter R.
  • "After a rather distasteful experience with a Foreclosure Attorney I was apprehensive to say the least to hire an Attorney to handle our Bankruptcy. After some internet searches and research I found Christian Olsen, and after our initial consultation my wife and I retained his services....."

    Bobby and Tanya
  • "I am a teacher who reaped the rewards of a profitable side business until shortly after the recession. I struggled to keep my business afloat until I finally threw in the towel. Between personal and business debt, I was suffocating in bills....."

    Richard C.
Read More Testimonials

Privacy Policy | Business Development Solutions by FindLaw, a Thomson Reuters business.