The Growing Problem of Consumer Debt for Baby Boomers and Senior Citizens
It’s becoming more and more common for senior citizens to struggle with debt, even when they’re at or near retirement age. Why is this happening? What can seniors do to get out of debt without decimating their retirement funds? How can younger people avoid ending up in debt as senior citizens?
Today’s podcast will address some of these questions. We’ll look at some of the main reasons that seniors wind up in debt, and examine a case study that shows an example of what the financial position of a senior in debt looks like. Even people who aren’t yet senior citizens can benefit from this discussion as we look at some ways younger people can avoid becoming seniors who are in debt.
Topics Discussed in This Episode:
- Some of the major reasons why more and more seniors are finding themselves in debt
- A case study of senior debt
- Options for seniors dealing with debt
- When bankruptcy is an option
- Protecting a retirement fund
- Importance of talking to elderly family members about debt
- How you can avoid debt as a senior citizen
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