Between covering their kids’ education and funding schooling for new careers, many face a threat to their retirement savings – and bankruptcy isn’t an option
The popular idea of what retirement involves, as long as you’re healthy enough to enjoy it, can sound a bit like an extended vacation: golfing, fishing, sitting around drinking iced tea while discussing the latest books with a group of like-minded friends, traveling to visit the grandchildren or places you’ve always yearned to see.
Nowhere in those scenarios is there any mention of writing a monthly check to pay off a student loan.
Here’s a reality check. Over the last 10 years, it is Americans over the age of 60 who have seen their student loan debt grow at the fastest rate of any demographic group, according to data from the Federal Reserve Bank of New York.