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Older Americans are Delaying Retirement to Pay Off Mortgages
Older Americans who have debt typically put off retirement, find researchers out of Boston College’s Center for Retirement Research, but may need to turn to a reverse mortgage eventually if their age and health preclude them from working while they still owe money on a mortgage or credit card. “Americans’ indebtedness has increased dramatically since the 1980s—a trend likely to have important implications for retirement security,” write Barbara Butrica and Nadia Karamcheva. “…Not only does the presence of debt influence older adults’ behavior, but so do the amount and type of debt—particularly outstanding mortgages.” Read more…