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Fact of the Week: 31 March 2014

7 in 10 Adults Age 56-61 Are with Debt

"The percentage of people age 56-61 arriving on the verge of retirement with debt rose from 64% in 1992, to 71% by 2008". The median amount of debt quadrupled during that period, according to a 2013 analysis of data from the Health and Retirement study.
       
Lusardi, A., & Mitchell, O. S. (2103). Older adult debt and financial frailty. (Working Paper No. 201 3- 291). Ann Arbor, MI: University of Michigan Retirement Research Center. Retrieved from www.mrrc.isr.umich.edu.
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