Much has been said about how to not get in a Financial Hole or Bind when you retire. Let’s focus a bit on How to get out of the financial hole or bind you may find yourself in.
First of all, you must admit and recognize that you are indeed in financial straits, and not panic.
Once you face the reality, now comes the real deal of Working your way out of the Financial Hole. You must then began to determine why you are in the situation you find yourself. What are the root causes of your financial decline? Was it lack of a realistic financial plan before you retire? Was it lack of sufficient savings during your working years? Was it a combination of both, and perhaps a myriad of other reasons.
The key is to begin making step-by-step plans of how to solve your financial problems. Determine what resources you have currently at your immediate
These resources might be what’s left of your finances: Assistance from family and friends, taking out a home equity loan, a reverse mortgage or the like. The most distressing thing is; you might not have anyone to help at the time. At the least, find someone you trust who has the capability to help you get completely out of the financial ditch – like a competent financial advisor.
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