Debt is the one thing that threatens many peoples retirement fund. It can be hard to not have debt, so it’s imagined that people will have debt for their retirement. According to the Federal Reserve the average debt for people 56-74 is $96,984 and for those over 75 it is $40,925 of total debt. If you are retiring with some debt you do not need to worry as there are many management systems that you can use to make sure you don’t have to worry about it.
Key Takeaways:
- Having too much debt is one of the greatest threats to retirement
- The average debt for people who are older than 75 is around $40,000
- A lot of debt is from medical bills and student loans with people between 40 and 69
“The Federal Reserve Bank reports that the total debt burden in various age brackets has increased dramatically for the time period between 1999 and 2019”
Read more: https://www.newretirement.com/retirement/average-retirement-debt-will-it-take-big-bite-from-future/
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