Student Loan Debt | Are You Spending Your Education Dollars Wisely?

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A recent student loan debt survey of 1600 employees of all ages across the U.S. found that almost one-third reported they had spent money originally set aside for retirement on student loan payments. Another group of researchers, The Center for Retirement Research at Boston College, utilized The National Retirement Risk Index, which analyzes the proportion of working-age households that risk being unable sustain their standard of living during retirement, to gauge the impact of student debt on retirement. As of 2013, it was estimated that 51.6% of households risk falling short, even when continuing to work until age 65 and drawing upon all available resources such as reverse mortgages. When the researchers factored in the average amount of student loan debt at that time ($31,000), they found that figure jumped to an alarming 56.2% Clearly, this trend may make the golden years a little less sparkly for many.

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