Debt Can Get You At Any Age...

Check out this article by New Haven Register about how many people aren't able to reach retirement because of DEBT! While most would think debt is an issue of younger generations ..perhaps the school of thought that the older wiser you are the better you are with money. Well, a new survey says otherwise:
63% of respondents said debt was an obstacle to saving for retirement in 2009; and this year, 61% expect debt to cause them to save less for retirement.
Additionally, the number of Americans paying down debt is at a four-year low - 42% in 2010, down from 55% in 2007. The percentage of people concerned about having too much debt also fell, from 42% in 2007 to 37% in 2010.
"The survey revealed that Americans are feeling less worried about finances overall," Craig Hogan, director of customer intelligence for Scottrade, said in a statement. "For many, this may be a false sense of security. Allowing debt to impede retirement investing is a big concern because it will likely result in Americans having to work longer and retire later, or not at all."
In addition, Gen X and boomers have the most debt, with 47% of boomers spending more than 20% of household income toward mortgage and non-mortgage debt each month. Read the whole piece, it's an eye-opener.

Search AARP Blogs