National debt is a massive problem in our country and there’s no shortage of advertising reminding us that we need to pay off our personal debts. Sadly, statistics clearly indicate that the numbers of individuals who are retiring in debt are on the increase, so much so that over half of those who retire are in the red.
Earlier this year Newsweek reported that the golden years have been severely tarnished with mounting medical expenses, rising credit card debt, and little or no savings. Newsweek stated that a law professor at the University of Michigan found that individuals over the age of 55 now account for more than 20 percent of all bankruptcies in the U.S. CESI Debt Solutions, a nonprofit personal-finance firm, conducted a study and discovered that 56 percent of retirees carried outstanding debts with them as they left the workforce.
[Read more…] about Steps to Take to Avoid Retiring in Debt