Boomers’ Retirement Hopes Dimmed by Debt

According to a new report, 6 in 10 baby boomers who are still working are spending as much or more than what they bring in. Even more troubling is that while a majority – 53% – of those who took part in the study believe that they’ll pay off their debts before retirement, only 23% of current retirees say they’re debt free.

Why is This Such a Big Deal?

Simply put, ongoing debts make it even harder for people to save like they should for retirement. It also increases their need for more income after they retire. In fact, participants in the study mentioned above said they were forced to significantly adjust their spending to offset the financial shortfall in their retirement years. With the average life expectancy for Americans now at 85, 69% of boomers admit they don’t believe they’ll have enough money to live comfortably to that age. Some are even being forced to tap into home equity to pay for the college education of their children and deferring their saving for their own retirement.

How to Get Back on Track

The best way to right the ship is to begin paying down your debt and developing an action plan for securing retirement. It may also be advantageous to wait until full retirement age or later so that you’ll get a much bigger paycheck for the rest of your life. For those born from 1946 – 1954, the full retirement age is 66; for those born in 1960 and later, the age for full retirement will gradually increase to 67.

Call The Oswalt Law Group if You’re Suffering from Crippling Debt

Our team here at The Oswalt Law Group has a wealth of experience in helping individuals, families, and businesses regain control of their finances. We know the laws and procedures that will help you in areas including debt settlement and collections defense. Call The Oswalt Law Group today for a free consultation. Our number is 602-225-2222.