Business, Management and Accounting
4 years ago

Approaching retirement with more debt: Baby boomers facing financial insecurity.

Retiring in debt? An update on the 2007 near-retiree cohort.
Chris E. Anguelov, Christopher R. Tamborini

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The study looked at how much debt people close to retirement had in 2007 compared to 2004. They found that near-retirees in 2007 had slightly more debt than in 2004, including baby boomers. This means that many people approaching retirement are carrying more debt than before, which could impact their ability to save for retirement and may require them to work longer to pay off their debts. The researchers expect that future trends will be different due to the financial crisis that started in 2007.