Fewer Seniors Paying Off Debts Before Retirement

According to a survey from CESI Debt Solutions, a majority of retirees retired with debts and most didn’t delay retirement in order to pay them off. The survey found 56 percent of respondents had debt when they retired and 59 percent said they’d saved less than $50,000 toward their retirement. Neil Ellington, executive vice president of CESI, said we’ve become more comfortable with indebtedness than previous generations. Among the types of debt, 35 percent had credit-card debts while 30 percent cited mortgage debt. Auto and student loans made up an additional 23 percent. More than two-thirds of participants said they used money borrowed after retirement for medical and funeral expenses, while fewer listed leisure activity, clothing, vacation and travel. More here.

This entry was posted in Healthy Living. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s