In a mythical American past, families took out one 30-year mortgage, worked at one company for 30 years while paying off the mortgage and sailed off into retirement free of debt.
Today, the reality is that the dream of retiring debt free is fading, and debt among older Americans is soaring. The percentage of households headed by someone aged 65 and older who held any debt increased to 61% in 2016 from 38% in 1989, according to the Federal Reservewhile real average debt increased to $86,797 from $29,918 (in 2016 dollars).
While its always been fashionable to advise old people to pay off their debts before retirement, for many people its just not realistic. And at the same time, paying down debt while in retirement can be extremely challe…
Read the full article at: https://www.forbes.com/advisor/retirement/how-to-pay-debt-in-retirement/