It is important to look over the horizon if you want to be able to enjoy your retirement years with the financial resources that you need to have a good time and meet your expenses. Retirement can be a rather long journey of 20 years or more, and you never want to embark on a trek of any type without making the proper preparations.
Putting away some financial resources for your retirement years is key. But at the same time, if you have a certain amount of savings but a large amount of debt, some of the money that you put aside may have been better utilized paying down your debts.
Most people have a 30 year mortgage. If you were to make an effort to pay something into the principal each month over and above your required payment for an extended period of time, you could pay off your mortgage early. Removing this expense from your retirement budget could be an enormous relief, and the overall amount that you laid out would be reduced as you paid less interest.
Doing everything possible to pay down your credit card balances is another thing to consider, especially in light of the fact that the interest rates are rather high even if you have good credit.
Addition by subtraction is something to consider when you are planning for the future. If you would like to sit down and discuss a comprehensive long-term financial strategy with an expert, don’t hesitate to pick up the phone to arrange for a consultation with an experienced San Jose retirement planning attorney.