Did you know…?
- Approximately one in three Americans aged 62 or older is expected to have debt in retirement1
- One-third of people over 65 rely on Social Security for 90% of their income.2
- 32% of retirees have less than $10,000 saved.
- 31% of retirees carry mortgages.3
Forty years ago the financial future for today’s senior adults radically changed. Instead of saving to make a purchase, people in the 70’s had a new option—credit cards. Unfortunately, many seniors are now experiencing the backlash.
In a recent survey people 62 and older were asked how many years it would take to pay off their debt. Here are the results:
Less than one 14%
One to less than five 41%
10 or more 12%
Those nearing or already in retirement will likely face the challenge of living on a reduced income. Additionally, many seniors do not have the benefit of pensions to supplement their income or pay for rising health costs.
While debt is not prohibited in the Bible, these statistics explain why it is strongly discouraged (Deuteronomy 28:43-45). Debt relies upon future income for repayment, and almost always comes with costly interest.
If you find yourself in this distressing situation don’t lose heart. With God’s help there is always hope. Listed are a few practical suggestions.
Source: Crosswalk | Laura & Steve Petherbridge, LauraPetherbridge.com