BI spoke to Gen X and boomer student-loan borrowers nearing retirement with six figures in debt. The student loans have prevented each of them from saving sufficiently for retirement. It’s part of a larger retirement crisis and could put Social Security benefits at risk. Diane Shelton, 58, has been working as a clinical psychologist for
Millions of Americans are at risk of losing their Social Security benefits as student debt follows them into their golden years. According to a report from the New School Schwartz Center for Economic Policy Analysis, roughly 2.2 million Americans over the age of 55 have outstanding student loans. And if your loans fall into default,
Dear Liz: My husband and I are in our 80s, living in a retirement community. Our investment account is valued at $550,000. This has to see us through till we die. We have no pension, no other assets. Social Security provides $2,760 a month and we are in the lowest tax bracket. Our financial advisor
Vladimir Vladimirov / Getty Images Regulation around crypto is still evolving, and understanding how these assets can impact your finances — such as Social Security payments — can be tricky to understand. Check Out: In 5 Years, These 2 Stocks Will Be More Valuable Than Apple Read Next: 5 Unusual Ways To Make Extra Money
Michael Reynolds / UPI / Shutterstock.com Polls indicate many Americans are not happy with President Biden’s handling of the economy compared with his former and current rival, Donald Trump. If the past is used as a predictor of the future, a second Biden term could mean continued financial trouble — like inflation — for senior
Smiling elderly mature family couple putting signature on agreement with real estate agent getty It feels like everything costs more these days—and some homeowners are looking for ways to increase cash flow without invading retirement assets. One way to do that? Reverse mortgages. Reverse mortgages are a creature of federal law. As part of the
fizkes / iStock.com Retirement — is it a destination that’s just on the horizon, or does it feel like it’s decades away? Either way, it’s important to make sure that you have enough savings in place, some passive income and a few other financial matters in order before you clock out of work for good.
Political pressure will almost surely force Washington to shore up the Social Security program before the social safety net program faces reduced monthly checks as soon as 2033. But the question is when. Will lawmakers mobilize in the next few years, or will they wait until the proverbial last minute — and pay increased costs
There’s been a big shift in how people think about their later years: New data from the Federal Reserve Bank of New York shows that most Americans don’t expect to work beyond their early 60s. The number of workers who plan to work full time beyond age 62 has fallen to 46%, down from 55%
Image Point Fr / Shutterstock.com By the time you reach your mid-fifties you might already be looking ahead to that wonderful day when you can retire, even if it’s a decade away. Learn More: Retirement Planning — Here’s How Much Money You Actually Need To Age in Place Check Out: 4 Genius Things All Wealthy