Sunday, May 02, 2010

Many baby boomers will retire with way too much debt

MSN Money has an important article by Liz Pulliuam Weston on seniors retiring with heavy debt loads, link here.  The title of the article is “Growing old and going broke: Lots of retirees can't make ends meet, especially if they are in debt. Here's how to know if you (or your parents) are in trouble -- and what to do about it.”

She gives the story of one baby boomer who had gotten repeated “deferments” on an old student loan debt while she tried to run a business, so now she owed much more than the original principal of $200000.

Many boomers face heavy credit card debt and upside down mortgages.

One of the simplest ways to protect wealth is to get into the habit of paying off credit card bills in full each month while still young. Doing so can save a middle class person hundreds of thousands of dollars over a lifetime, literally.

You can connect to Liz on Facebook if signed on (link in the article).

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