These oppressive loans are impacting retirement.
As we get older, it becomes increasingly popular to profess being young at heart and say things like “60 is the new 30.” Who wouldn’t want to feel and act younger? Unfortunately, the latest trend in turning back the clock isn’t quite so enjoyable.
•The rise in the number of adults over the age of 25 going back for further education to bolster their job prospects in a challenging market. Student debt affects financial wellness in retirement The consequences of this mushrooming debt burden are significant. Defaults on student loans have resulted in an increasing number of older Americans having their Social Security benefits garnished. When you fall behind on payments for federal student loans, the government can make up what you owe by taking automatic deductions from your Social Security check.
Student debt reduces the ability of millennials to save for the day decades from now when they stop working. Unfortunately, we already see the retirement of today’s workers being threatened because of rising debt burdens they are carrying into old age. American consumers have a long history of acquiring debt and failing to save. Whether buying a first home or a new car, borrowing today and worrying about paying it back tomorrow is not new. What is new, however, is the volume of debt, the share held by older Americans, and the increasingly dominant role of student loan debt.
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