What’s Most Hurting the Financial Security of Older Americans?
December 30, 2020 by Ginger Szala
Adults age 70 and older have increased their debt since the Great Recession — largely due to mortgage payments — and this hampers their ability to overcome “negative events” as they age, according to a recent study by the Center for Retirement Research of Boston College.
Researchers Barbara A. Butrica and Stipica Mudrazija looked at how financial security changes as people near retirement, outlining reasons for debt and noting that “substantial debt burdens can make retirees less financially resilient to various shocks common at [older ages], such as catastrophic health events or death of a spouse.”
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