Huge Threats to Retirement Security Today

| May 18, 2014 | 0 Comments | Email This Post Email This Post

2 Huge Threats to Retirement Security Today

The baby boomer generation is worried about retirement, and with good cause. Not only are they the demographic that has begun aging into that part of life, but they also carry a heavier load of debt than this age group did 10 years ago.

When the folks at Gallup asked boomers if they thought they had “enough money to do everything they want(ed) to do”, the respondents who disagreed heartily also expected to delay retirement until age 73. Gallup noted that the financial crisis derailed many boomers who previously planned to retire earlier.

Mortgage debt burdens older boomers The Consumer Finance Protection Board has released a study of older Americans and retirement security – and it’s disconcerting, to say the least.

The CFPB notes that older baby boomers are shouldering more debt than ever as they approach retirement, and a big portion of that burden is mortgage debt. The report shows that mortgage debt had risen 8% between 2001 and 2010 for those aged 65 to 74 years, and 10% for persons aged 75 and older. The rate of homeownership among those over age 65 is 80%, and the median amount of debt held by this age group is now $79,000 — compared with only $43,400 of similarly aged persons 10 years ago.

 

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