Retirees need to face their Financial Fears

it's time for retirees to face their financial fears

Older Americans need to face their financial fears

Covid-19 isn’t the only pandemic spreading across our nation. Fear and uncertainty are just as contagious. Two particular groups are especially worried- older Americans nearing retirement and those who are already entered their non-working years. Kiplinger reports that one in five Baby Boomer has retired and the pace of Boomer retirement increased during the pandemic. What keeps Boomers up at night? SeniorLiving-org found that nearly 1 in 2 adults feared not having enough money saved for retirement. 1 in 4 older adults fears they’ll never pay off their existing debt. In fact, a recent U.S. Census Bureau report found 1.7 million older homeowners were behind on their mortgages and fear eviction.

Debt not only can lead to sleepless nights, but it can also be an outright nightmare. Case in point, last August the CFPB reported, “Since April 2020, the Census Bureau has tracked the number and characteristics of homeowners struggling to make their mortgage payments. As of July 2021, an estimated 682,400 older adults, defined as adults age 65 and older, were behind on their mortgage payments.” It’s quite alarming to learn that mortgage delinquencies and homeowners with zero confidence.

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2 comments

William Krone December 15, 2021 at 2:37 pm

Hi Shannon – all right to repost your comments to Linkedin

thanks BILL KRONE

Reply
Shannon Hicks December 15, 2021 at 2:40 pm

Yessir. Thank you!

Reply

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