Retirement, the “golden years” in the ideal world, is when all Americans want to kick back in their own home, count dollars from their passive income, and get back to their hobbies.
But, this dream for many remains a hyperbole due to a lack of financial planning, adequate investment, and debt.
A Congressional Research Service report issued in August 2021 found that 62.1 percent of households headed by someone age 65 or older held some debt in 2019. That was up dramatically from 43 percent in 1992.
The median debt for those older households was $31,050, and the average debt was $86,797. The report said these numbers are roughly three times the 1989 amount, even when factoring in inflation….