ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Retirement Planning and Bankruptcy

Updated on March 4, 2014

Retirement Planning and Bankruptcy

As you progress through your bankruptcy proceedings you’ll probably spend a lot of time thinking about your current expenses, your financial future, and the fact that you currently have no savings. As you move forward, however, you’ll find yourself preparing a new budget – one that keeps you within your means – and, as such, you’ll need to learn how to save again. So while you’re preparing to save again, what actions will you take to ensure you’re also preparing not just for a financial emergency but for your future retirement?


How Will Live be Different after Retirement?

After you retire you will experience a number of life changes. You may not need to spend a ton of money on business attire and dining out with colleagues but maybe you plan to spend more time with the grandchildren or traveling the world. Will these changes balance out, end up costing you less, or require you to somehow accumulate more money than you’re currently earning.

Don’t forget to think about your living situation as well. Will you own your home, still have mortgage payments, or will you be renting? Maybe you’ll be lucky and get to live rent free with your own children (don’t hold your breath).


What Will I Really Need?

After you think about how your life might change you can start considering exactly how much money you’ll need per year to live a comfortable life. A lot of experts claim you’ll need approximately 70% of your current salary to continue living the same lifestyle you had before retirement.

What Income Can You Expect to Receive?

Not every penny you need to live after retirement will come from your personal savings. Some employers offer pensions for long-time employees and many will go on to collect social security benefits.

Maybe you are someone who bores easily and needs to keep moving. In that case you might want to consider getting a part-time job after retirement in order to supplement your pension or social security benefits. If that is the case then you should still continue to save but may not need to put as much aside as you originally thought necessary.


Bankruptcy & Retirement Resources

How Will I Save for Retirement?

Including your retirement in the budget planning process after bankruptcy, regardless of your age, is incredibly important. Start by checking with your current employer to see if they have a retirement account plan. Many employers will match your contributions up to a certain percentage each year. If your employer has a plan like this than you should contribute the maximum percentage that he is willing to match. For example, if you get paid $1,000 per month and your employer states he will match your contribution up to 5% of your salary than you should contribute 5% (or $50) to the plan each month. Your employer will automatically add another $50 to the plan, meaning your retirement savings will virtually double – for free!

You don’t have to save through your employer, either. Ask your bankruptcy attorney to refer you to a financial advisor as well. You might be able to open another type of retirement savings account and make contributions, based on your new post-bankruptcy budget, as you see fit.

Planning for retirement is just as important now as ever. The advantage you have now is the clean slate that bankruptcy has afforded you. Include retirement in your budget now and you’ll never have to worry about the future.

Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)