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Retirement Debt on the Rise

Faith & Finance (formerly MoneyWise)

Christian talk radio with Rob West

March 9, 2020

Retirement and debt share one trait, they can sneak up on you if you're not careful. So what happens when you combine the two? Well, if retirement is like a day at the park, going there with debt, is no picnic. Retirement means living on less income, sometimes significantly less. But disturbing new data shows that will be more difficult for many. Kingdom Advisors President Rob West has the numbers. The median household income in the U.S. is around $63,000. But for retirees, that drops to around $48,000. New research shows that the number of people about to retire, but still carrying debt, is on the rise - Data compiled by the National Bureau of Economic Research shows that 64-percent of Americans born between 1931 and 1941 still had debt when they reached their retirement years. Debt is a major obstacle to retirement. Even with reduced expenses, more and more people are finding that they won't be able to pay their bills if they stop working. If you are still in your working years, overhaul your budget to find any discretionary income you can and put it toward paying down your debt, especially before retirement. In today's show we also answer your questions: My husband and I are debt free and have saved about 30K. Where should we start with investing it? What is the best place to seek investing advice? Does applying for a credit card negatively affect your credit score? Ask your questions at (800) 525-7000 or email them at [email protected] Visit our website at moneywise.org where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion! Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

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