Steven Stark, COO of the Florida not-for-profit organization said, “Historically, people approaching retirement have already paid off most of their debt.
Fort Lauderdale, FL (PRWEB) February 23, 2012
With more Americans approaching retirement age than ever before they are discovering that the promise of a comfortable retirement is not an option. A New Horizon Credit Counseling Services, Inc., a national credit counseling agency, recognizing that this is a growing problem has dedicated its resources to identifying citizens who are approaching the age of retirement and are in need of getting their finances structured and their debts paid off in time to take advantage of that elusive retirement dream. Steven Stark, COO of the Florida not-for-profit organization said, “Historically, people approaching retirement have already paid off most of their debt. Home mortgages are paid, children’s educational loans are paid and the retiree can concentrate on enjoying their later years without the burden of debt. However, with high unemployment, wages lagging behind inflation, a lack of home equity due to the housing crash, most Americans have not been able to pay off their debts.”
The new initiative is designed to reach the retiree through increased community outreach and awareness, and public education, offering free budget planning and counseling. Key to the effort is to identify the consumer 5-6 years before retirement and to establish a budget to reduce the debt in time for retirement. Stark said, “Education, credit counseling, budgeting and a debt management plan are essential in order to accomplish retirement in the short time remaining.” The other major problem facing retirees is that they are not saving enough to supplement their retirement benefits. The typical American household nearing retirement with a 401k retirement account has less than one-quarter of what it needs in that account to maintain its standard of living in retirement, according to a recent Wall Street Journal Article. “The Debt Management Plan offered by A New Horizon allows debtors to pay off their debt and have some additional money to save or invest,” said Stephen Marcus, President of A New Horizon.
A New Horizon Credit Counseling Services is a nonprofit credit counseling organization that has been helping consumers since 1978. For more information about their programs, contact 1-800-556-1548. They can also be found on the web at http://www.anewhorizon.org, or reached via email at csmanager(at)anewhorizon(dot)org