Older Americans Have More Debt Now
As you approach retirement, you are supposed to look forward to what you’re going to do with everything you’ve earned during your career. But that doesn’t seem to be happening the way it used to.
According to the latest numbers, the average 65-year old has 47% more mortgage debt than they did in 2003. Franck Cushner at Ensemble Financial told KTRH it's affecting American retirement.
“One of the biggest problems is that people who are approaching retirement age can’t retire because they haven’t paid off their house. It’s somewhere around 90 percent,” Cushner said.
Older Americans have to work longer than they were expecting to. Cushner says part of this is bad decision making that may stem from the recession of 2008.
“When you refinance that house you are starting over,” Cushner explained. “If you do a thirty year mortgage, everything you paid up until that point is starting over.”
Other contributing factors in this debt include car loans and, believe it or not, student loans, too.
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