"Baby Boomers are retiring with substantial debt, affecting their financial stability and retirement ease. They face challenges paying off high-interest debt, which should ideally be cleared before retirement."
"In 2024, Baby Boomers collectively held $4.50 trillion in debt, down slightly from $4.58 trillion in 2023. Challenges remain as many Boomers hold more debt compared to prior generations."
Baby Boomers are facing retirement while carrying substantial debt, particularly medical debt. A recent ruling struck down a CFPB rule that would have removed medical debts from credit reports, hindering financial relief. In 2024, Boomers held $4.50 trillion in debt, showing a slight decrease from the previous year. Traditional views suggest paying off debt before retirement; however, many Boomers might not meet this goal. Strategies such as the debt snowball method or refinancing could assist in managing and reducing their financial obligations before retiring.
Read at 24/7 Wall St.
Unable to calculate read time
Collection
[
|
...
]