Average Retirement Debt for Older Americans is Higher than Ever Before
What to Do if You Fear Your Debt Will Get in the Way of Your Retirement Plans
When it comes to retirement, the most common worry among workers tends to be whether they’re saving enough. However, with new reports showing that the average retirement debt is on the rise, many workers nearing retirement have an added concern to consider. According to the Federal Reserve Bank, Baby Boomers are carrying more debt into retirement than ever before.
Debt is often a serious source of contention and stress and carrying debt into retirement could be quite detrimental to achieving retirement dreams and goals. It can affect a retiree’s ability to pay necessary living expenses, keep their home, and even influence whether or not they can afford independent- or assisted-living facilities, should their health prevent them from living alone.
If you’re concerned about bringing debt with you into retirement, here’s how to tackle it ahead of time so that your retirement dreams can become your retirement reality.