Business

Retirees Have More Education Debt than Ever

17075-an-african-american-woman-looking-out-a-window-pv

Hadley Malcolm, USA TODAY

 
(USA Today) — Retirees are bringing unprecedented levels of student loan debt into their later years, according to a new report that shows Baby Boomers may be woefully unprepared for retirement.

The result of helping their kids or grandkids pay for college, those ages 65-74 have nearly six times the amount of education debt now than they did two and a half decades ago, when they had almost none, according to an analysis of government data by LIMRA Secure Retirement Institute. The burden is leaving them vulnerable to financial hardship because they have less available for saving or covering unexpected expenses, LIMRA data show.

For retirees in this age group, education debt has grown from less than 1% in 1989 to 15% of the overall “installment” debt they have in retirement. LIMRA analyzed data from the government’s triennial Survey of Consumer Finances; the most recent one, out last fall, pertains to 2013.

 

READ MORE

###

Tags
Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *


By submitting this form, you are consenting to receive marketing emails from: Washington Informer Newspaper, 3117 Martin Luther King Jr. Ave SE, Washington, DC, 20032, http://www.washingtoninformer.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Back to top button

My News Matters to me - Washington Informer Donations

Be a Part of The Washington Informer Legacy

A donation of your choice empowers our journalists to continue the work to better inform, educate and empower you through technology and resources that you use.

Click Here Today to Support Black Press and be a part of the Legacy!

Subscribe today for free and be the first to have news and information delivered directly to your inbox.

Select list(s) to subscribe to


By submitting this form, you are consenting to receive marketing emails from: Washington Informer Newspaper, 3117 Martin Luther King Jr. Ave SE, Washington, DC, 20032, http://www.washingtoninformer.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact
Close

Adblock Detected

Please consider supporting us by disabling your ad blocker