Women Challenged With Finances, Debt Should Consider Atlanta Bankruptcy

A recent article in U.S. News & World report surmises that women should manage their own money, given that retirement isn't typically as cozy as their male counterparts.

The article points out that lower pay over their lifetime and a longer lifespan are reasons why women should take control of their finances in an effort to ensure they have enough money to survive after working age.
Combine a poor economy, high unemployment and mounting debt for some to be the incentives they need to get their financial house in order. For women struggling to pay back loans and get by on a lower salary, bankruptcy in Atlanta will eliminate the debt and allow them to move forward with a better plan to avoid staggering debt in the future.

Atlanta bankruptcy lawyers have seen many consumers who are widowed or who are divorced later in life and are left in shambles, with outstanding debts carrying them down. Rather than live by making minimum payments and being buried in loans and credit card bills, it can be refreshing to put the debt behind you and move on with life without dealing with the debt on a daily basis.

Filing for bankruptcy stops annoying automated calls from banks and constant letters from lenders complaining that payments are late. You don't have to deal with the embarrassment of having employers ask why they are being contacted about wage garnishments and other frustrations.

In the U.S. News & World report article, the author suggests that older women are in a tough spot financially. A Government Accountability Office report states that 12 percent of women over 65 are living in poverty, compared with 7 percent of men. For those who are divorced or widowed, the numbers are 21 and 15 percent, respectively.

Because of longer life, there are expensive expenses that crop up later in life, such as nursing homes or assisted living facilities that many women must consider if they are unable to take care of themselves. But here are some strategies to consider:

Save up:
Social Security, a pension or 401(k) plan and individual savings should be a three-pronged plan for storing up money to get you through the retirement years.

Start early:
Don't wait until the middle of your life to save. If you save starting in your 20s, you can store up a nice amount of money by the time you retire.

Manage your money well:
In marriages, finances are typically handled by one spouse, but since the woman is expected to live longer, it would be smart for her to hone her skills now.

Consider an IRA for the couple:
Jobless spouses can still contribute to a retirement account. In a divorce or death, the surviving spouse is typically entitled to a pension, but rules and circumstances can dictate that amount changes.

Overestimate how much you'll need to retire:
Between longer life and inflation, it's best to contribute more now and assume you'll need more money in the future to live comfortably.

Manage your own money:
Studies show that couples who split financial duties -- such as one handling day-to-day bills and the other looking at investment opportunities -- work out better than those who let one spouse do everything.

If you need to speak to an Atlanta bankruptcy attorney call the DebtStoppers Bankruptcy Law Firm at 800-440-7235 today for a free debt analysis.

More Blog Entries:

Atlanta Bankruptcy an Option as Georgia Jobless Rate Increases: October 11, 2011

Medical Bills Increasing Factor in Atlanta Bankruptcy: August 30, 2011

Additional Resources:

Why Women Should Manage Their Own Money, by Kimberly Palmer, US News & World Report

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