Several reports have shown that the retirement prospects of older Americans is looking rather bleak. A recent report for the AARP has shown that older Americans have more credit card debt on average than younger people. This is a change from past surveys, which suggest that it is a reflection of the difficult economic times we face. Additionally, a survey from the EBRI also found that the amount of debt that elderly Americans own has increased and so has “the percentage with debt payments greater than 40% of their income in 2010, the latest year in which numbers were available.” The EBRI also found that at least one-in-five retirees outspend their income by 50%. The results of the report also revealed that the primary source of income for retirees is Social Security.
See John Sullivan, No Country For Old People, Advisor One, Feb. 21, 2013.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
