Seniors cope with the reality that is harsh of

Seniors cope with the reality that is harsh of

Brand brand NEW YORK(Reuters) – Allen Lomax understands just just just how your your retirement is meant to get: by the golden years, you need to have paid down your home, accumulated a big cooking pot of savings, and then face many years ahead without fear.

The long run just isn’t quite shaping up like this for him.

Years ago, the 69-year-old from Sylva, new york took down about $130,000 in federal loans for grad college. Their hopes of ultimately wiping that bill clean were dashed as he destroyed their well-paying task in their belated 50s; your debt ballooned to $170,000, and remained with him even with he declared bankruptcy.

Now semi-retired as well as on Social Security, “there’s no chance that cash is going to be be repaid, ever” Lomax stated.

Lomax is barely alone in their plight to be past 50 as well as in a deep hole that is financial.

The debt that is median older Us citizens shot up 400% between 1989 and 2016, based on the Federal Reserve. However you try not to frequently learn about it, maybe as a result of psychological facets like pity and embarrassment.

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