Working Retirement
Non-Mortgage Debt and Working in Retirement
The US News article The Number One Obstacle to Retirement points out that non-mortgage debt is a significant problem for many Americans. According to the article, debt payments are interfering with retirement savings for 63% of Americans.
The article’s suggestions on how to fix this are pretty straight forward – their number 1 suggestion is to stop borrowing. Hard to argue with that advice.
But the point they make – many Americans are not saving enough for retirement – is a good one.
We’ve long forecasted that many baby boomers will continue to work past traditional retirement age. We posted on Tim Berry’s un-retirement last week. He is an example of someone who is working in retirement because he wants to. And a lot of baby boomers feel the same way Tim does.
But another group will work because they have to.
When you combine the two groups, we believe you get a majority of baby boomers.
The workforce participation rate for those 65 and older starting moving up in the early 90′s. We expect this trend to continue and accelerate as aging boomers continue working both by choice and necessity.
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