Retirees are found to be carrying a lot more debt these days than they were in previous years. Retirees are also taking on part time jobs or opening small businesses and staying in their homes longer instead of moving into a retirement community. This large amount of debt they carry could be from credit cards, students loans, or maybe their mortgage still isn’t paid off yet. The stress related to this debt is a growing concern for people nearing retirement.
Key Takeaways:
- Americans in retirement are starting their own small businesses, and staying in their homes.
- Debt is also another concern and this concern is growing among older adults looking to retire.
- It is best to decrease, not increase debt when you retire because of possible recession.
“The rising debt levels among older Americans is not only problematic for their finances, it’s bad for their mental health.”
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