Baby boomers are ready to retire; their debt isn’t

Baby boomers are ready to retire; their debt isn’t

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Many seniors are carrying a bigger debt burden into retirement, according to this article on Nasdaq. The article cited stats from the Federal Reserve Bank of New York that shows per-capita debt among 65-year-olds increasing by 48% between 2003 and 2015. They are advised to evaluate their debts to curb the impact of their loans on their nest egg by checking the interest rate and tax treatment of their loans, as well as the reason why they incurred the debt. “Once you’ve evaluated your debts, you can identify which balances need to be paid down first, or whether it’s better to invest your money instead,” states the article.

Read more at Financial Planning

 

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