How to Manage Post Retirement Cash Flow
What’s more troubling is that those approaching retirement — between 50 and 65 years old — had a monthly debt obligation in 2010 equivalent to 22% of their earnings, up 69% from 1992, according to the analysis. The typical worker in this age range has saved enough to replace just two years of working income, though the median post-retirement life span is about 17 years.
Mortgages account for the largest portion of that debt, according to CRR. Older Americans are not only more likely to have mortgages than in previous years, they also are taking longer to pay them off.
What you can do
To keep debt from derailing your retirement plans, Henn recommends consulting with a financial adviser to draw up a plan for managing your post-retirement cash flow.
You may have big dreams for your retirement: sailing around the world, starting a new business, spoiling the grandkids. But if you’re piling up more debt than savings, those retirement dreams may have to be deferred. It turns out the majority of people who contribute to retirement plans, such […]
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