Guarding your Retirement

by Hermin Dowe on October 22, 2012

You’ve been a hard worker all your life and you have even been conscientiously contributing to your company’s 401k or 403b plan. You have a pot of gold you can rely on when you’re no longer able to work.  Unfortunately, through no fault of your own, disaster strikes – a major illness, a loss of job, a divorce, or something else that now puts you in a financial bind.

You can’t pay the credit card bills for a month and you watch as your 5% interest rate skyrockets to 29% and your credit limit is cut to below what you currently owe.  Now, you’re unable to make the monthly payment.  You have always been good about paying your bills on time and you want the card companies to stop calling you, so you decide to borrow from your retirement money to pay the credit cards off.  Even though it’s your own money that you are borrowing, do not do this!

Whether you pay the credit card companies or not, they cannot touch your retirement savings account, so why choose to give it to them? How are you going to survive in your later years? The credit card companies certainly are not going to come to your rescue.

Before you draw from your retirement funds, call a bankruptcy attorney! They have the tools to help you get out of debt while keeping your retirement savings intact for your later years.

If you or someone you know is interested in finding answers to your financial problems, call us at 510 233-7700.   The attorney and staff of the Dowe Law Firm will get you on the path to financial stability.

For more information you can also visit us at www.DoweBankruptcyLaw.com

 

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