Monthly Archives: April 2013
Playing on the beach with grandchildren, fishing in mountain streams, and perfecting golf scores…those are fading dreams of retirement for scores of older people in the US. Many have changed or postponed their retirement plans due to job losses, reduced home values, and decimated 401k assets. Some now believe they’ll never retire. Even more alarming is the lack of savings among those of retirement age. According to a survey conducted by the Employee Benefit Research Institute (EBRI), most workers questioned say they have virtually no savings or investments. And 37% of those surveyed think they will have to wait until after age 65 to retire.
When they can least afford it, many seniors are also carrying mortgages and credit card debt. Others have made loans to adult children that have not yet been repaid. AARP comments that 34% of older Americans have used credit cards for basic expenses such as mortgage payments, healthcare, groceries, and utilities. As a result, their average household credit card debt stands at approximately $8,248.