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Student Loans in Retirement
There is a growing trend of seniors becoming indebted due to student loans. Since 2013 there has been an 886% growth in student loan debt in those 65 and older. This is causing a hardship in retirement for these people that have to pay off the debt on a fixed income. Student debt is also one of the few reasons that a Social Security benefit can be garnished before reaching your bank account. This debt is not always incurred for personal education, but many times it is the parents taking on some of the cost of their children’s education. For more information on this topic, visit this article by Jillian Berman with MarketWatch.