Saturday, May 10, 2014
Are you carrying too much housing debt into retirement?
It used to be routine for Americans to pay off their mortgages before quitting the workforce, allowing people to ease financially into retirement. But money pressures made worse by the 2007-2009 recession have saddled too many retirees with significant housing burdens.
Rising mortgage balances are "threatening the retirement security of millions of older Americans," said the federal Consumer Financial Protection BureauCQ in a new report. "Older consumers are carrying more debt, including mortgage, credit card and even student loan debt, into their retirement years than in previous decades."
Read on to learn some warning signs and factors behind this unfortunate new reality:
Read more...Are you carrying too much housing debt into retirement?
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