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Retired with Debt?


Almost everyone can admit that they have daydreamed of the day that they retire. Some plan to take trips to places they've never been to while others plan to relax day after day in the comforts of their home. What almost everyone's dreams do not include is living their retirement with a large amount of debt hanging over their heads. Unfortunately, research has found that older Americans are retiring with more debt than ever.

According to the Federal Reserve Bank of New York, "Debt held by borrowers age 50 to 80 has increased 60% since 2003, while debt held by younger borrowers has declined modestly." This is becoming a pressing issue because these Americans are at an age where they cannot work to pay off their debt. Below, you will see the most commonly held debt by older Americans.

Debt Held by Older Americans:

• Credit Cards

• Auto Loans

• Mortgages

• Home Equities

Everyone believes that the generation before them is older and therefore wiser, so how does a generation accumulate debt at a larger scale than the generation below them? Many researchers set out to find the causes of this unusual increase.

Suspected Causes:

1. The Baby Boomers are known for being a larger generation and at the moment, they account for the majority of our older Americans. With a larger population, this means that there is more room for different financial situations to take place.

2. After the Great Recession, older borrowers had higher credit scores and therefore met the tighter lending standards that were put in place at that time. This created a shift in the borrowers' ages since the older generation had the capability to borrow over the younger generation. Unfortunately, this led to greater opportunities for the older generation to fall behind on payments. Once they retired, there was a lower amount of money coming in monthly, which made it harder to keep up with their current loan payments.

Overall, the best advice is to pay off your debt before retirement. If this is not possible, then filing bankruptcy could be the best way for you to get rid of your financial burden and enjoy your retirement in peace.

We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

Source: Think Advisor | Debt Relief

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