Entering that last decade before retirement? I bet these folks are doing their best to keep their debt from building, take care of all their own necessities and be the support for family. This generation is feeling the financial stress as they work to rid themselves of credit card and cash advance debt. Why all the stress for this age group? It isn’t necessarily because they are making too many trips to the mall.
Those in their 50’s are looking towards their retirement, hoping to be free of debt. Who wouldn’t want to be debt free and live the American retirement dream of sandy beaches, golf courses and friendly game nights? We all would love to enjoy our senior years, but there are a few stresses holding many of these folks back.
- The younger generation has had such a difficult time getting out into the now “lacking” job force, which many have parents still helping them out with either cost of living, student loans or both. Guess who these parents are? The 50 something’s are not only taking care of their own finances, but they are also supporting their children. This doesn’t mean that their offspring are still living with them; many have their own homes and have started raising their own families. Parents supporting their kids rather than paying off their own debt or contributing to their upcoming retirement.
- Taking care of the older generation is also an income burden. Elderly parents often live with their baby boomer children or require additional financial support as their own retirement keeps their everyday costs. Between living expenses and medical costs, there are many elderly racking up their own debt just trying to get by.
- How about being sandwiched? There are many 50 something’s who are not only helping out their grown children, but also their elderly parents. When do these folks have time to work on their debt and plan for their financial future?
- Some people in this age group are still paying for their own student loans. These loans are typically paid off in ten years, but can be extended up to 30. Not earning the expected salary, marriage and family added to the income burden or changing career direction all can contribute to reasons why someone in their 50’s may still be paying towards their student loans. Don’t forget those folks who waited after their children were school age before heading off to college. These student loans are fresh and threaten retirement income.
- Don’t think that all their personal debt is just about fun. With all the financial support towards the children and parents, there are also they have their own cost of living expenses which fall behind. They divide their income between themselves and helping others that regular living expenses are often times paid for by credit cards and/or cash advances.
Cash Advance help is not a cure for debt problems.
The American dream of retirement is not one which carries heavy financial burdens. We are supposed to enjoy ourselves and be free to spend our days living life to the fullest. The last thing we need is any reliance on credit cards or cash advances in order to just keep up with the cost of living. If you are nearing the age of retirement, take a good hard look at your finances and focus on improvement.
