"Most people used to pay off their debts before retiring. But as wages have barely kept up with rising prices over the past 35 years Americans have pushed debt higher, living beyond their means. Now, people are postponing retirement, cutting living standards or both. All kinds of debt held by this age group have risen, but the big problem is mortgages. Thirty-nine percent of households with heads aged 60 through 64 had primary mortgages in 2010 and 20% had secondary mortgages, including home-equity lines, according to research group Strategic Business Insights’ MacroMonitor. That was up from just 22% and 12%, respectively, in 1994."
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Older Americans Held Hostage by Mortgages - WSJ.com
Explain to me again why we haven’t adjusted the retirement age of 65 in the US to keep up with average life expectancy inflation?
(Source: webcache.googleusercontent.com)
