The Growing Debt Burden in Retirement
Retirees are expressing regret over insufficient savings, with a majority wishing they had saved more, according to Wharton professor Olivia Mitchell's research. Many also regret not working longer, delaying Social Security claims, or securing lifetime income through annuities. Additionally, retirees are now taking on debt in retirement, including mortgages, credit card debt, and student loans, which is causing financial stress.
- The increasing burden of debt in retirement highlights the need for more comprehensive financial planning and education, especially for those nearing retirement age.
- How can policymakers and financial advisors help address the growing concern of retirement debt, particularly among low- and middle-income households?