“Retirement” and “student loans” are two terms you might not hear often in the same sentence. But in fact, student loans are growing rapidly among people in or approaching retirement age. Education loans held by people 50 and over have increased 30% since 2005, according to the Federal Reserve Bank of New York, and now constitute 17% of $1.2 trillion in outstanding student loan debt.Continue reading
Retiring early is a dream for many people in their fifties or early sixties. People want to retire early because they’d prefer to do something else than work at their jobs. Maybe they find their jobs boring, too stressful, or just unpleasant, or maybe there’s a hobby, volunteer position, or even another career they’d rather pursue instead.
Can early retirement be more than just a dream? Here are some things to consider before you make the jump.Continue reading
More than 70% of retirees have less than a million dollars in net worth. This will come as comforting news to many people who fear they are behind in their retirement savings. Furthermore, two-thirds have less than $100,000 in annual income, and four-fifths have Social Security retirement benefits, averaging $1,294 per month, as their main source of income.