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Don’t Let Debt Sabotage Your Retirement

May 13, 2018

From the nextavenue website

Borrowing money can enable opportunities otherwise out of reach financially, such as pursuing an education that can lead to employment, buying a car and facilitating a home purchase. However, if not managed effectively, it can undermine your financial well-being. As a retirement researcher, I am worried that debt may be eroding the long-term financial security of many workers who are nearing retirement.

According to a 2017 study by Experian, boomers have an average of $188,828 in mortgage debt and $27,513 in non-mortgage debt. Generation Xers, now entering their fifties, have even higher balances — including $231,774 in mortgage debt and $30,334 in non-mortgage debt.

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