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Carrying Debt Into Retirement…a “Generational Time Bomb” - The Street
Noted entrepreneur Kevin O’Leary offers sobering thoughts on a trend emerging in the retirement world: seniors moving into that life phase with a heavy debt load. In a recent post on thestreet.com, O’Leary observes: “Nearly two-thirds of families led by individuals aged 65 to 74 carry some form of debt. Among them, more than half have debt exceeding $40,000.” He cites the obvious problem of servicing debt for those existing on Social Security, and notes that “Older Americans are believed to be the fastest-growing demographic facing the risk of bankruptcy.”
For those facing this type of scenario, O’Leary suggests that looking back on the circumstances leading to this financial state, take steps to look ahead and develop a plan to deal with the problem realistically. In is article, which you can access in full here, he provides a formula for resolving the dilemma and working toward a more comfortable retirement life.