When it comes to managing expenses during retirement years, most people do not consider student loans to be among the items to account for paying. Yet, more and more seniors are finding themselves with debt from student loans – their children’s, grandchildren’s or even their own.
From a Marketplace article
, 706,000 senior citizen households carry student debt, according to a report from the Government Accountability Office. As their healthcare needs come with great frequency and cost, many people are realizing they can’t manage those expenses in addition to paying back education loans.
It’s important for everyone to know and fully understand federal student loans have no statute of limitations and defaulting on them could result in garnishment of Social Security benefits. In essence, a person could be ‘stuck’ with student debt for the rest of his or her life. Saving and investing for the future has never been more important.
Don’t wait until you find yourself in this situation. Schedule a free, no-obligation one-on-one IRA checkup with a Senior Account Executive and review your account options for retirement.