Older Americans are struggling with mortgage debt and is likely to only get worse as the coronavirus spreads. We see a growing number of older Americans struggling to carry their mortgage debt hurting their retirement accounts. Those who are roughly 65 and over owe a median of $72,000. Three decades ago about 20% of 65 and over had mortgage debt, today about 40% have debt with the median amount quadrupled. Some plan to sell their home but it is currently difficult to sell during the pandemic.
It is interesting how the numbers have changed over time. Over the years the number have only gone higher and higher and this is something that should be taken into consideration to prevent those numbers to continue going up. Peoples retirement plans are going out the back leaving these folks struggling.
https://www.wsj.com/articles/over-60-with-decades-left-on-the-mortgage-the-new-retirement-math-11586556588?mod=searchresults&page=1&pos=9
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