This is the hidden retirement crisis:
echoed those comments. “Starting retirement with debt could exacerbate the impact of any impending negative [financial] shocks,” they noted.The debt partly reflects confidence among near-retirees and retirees that they’ll continue earning an income during retirement, allowing them to pay the interest due. The economics behind their increased borrowing also largely mirrors the broader debt binge by consumers of all ages to pay for the rising cost of big-ticket items like cars, homes and college.
No one, of course, knows when a recession will arrive. But one surely will sometime, as history has shown repeatedly. That’s why near-retirees and retirees would do well to shore up their finances by reducing, not increasing, debts.After wading through a stack of scholarly studies about older Americans and debt, my read is that the researchers are plenty worried.
Ohio State University’s Donald Haurin, Cäzilla Loibl and Stephanie Moulton just released an especially fascinating paper on the relationship between debt and financial stress for older Americans. In it, they described what they found to be a hierarchy of debt, stress-wise.
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