We all knew it was coming and it’s really no surprise at all. According to a CareerBuilder study 53% of American workers over 60 are planning to postpone retirement.
The reason, of course is due to lack of funds and debt. Studies show the average American has less than $500 in savings.
The research also broke the findings down by region, with the Northeast leading in terms of how many people (73%) are putting money in their retirement accounts. The South had the lowest amount of savers at 67%. Sixty-nine percent are saving in the Midwest and 71% are saving in the West.
While 31% of women and 17% of men say they don’t know how much money to save for retirement, the numbers also show how many older people aren’t prepared for their Golden Years: 23% of workers age 55 and older don’t have a retirement plan, such as an IRA or 401(k).
Here’s a break down of debt by age group
Under 35: $67,400
75 and up: $34,500
The biggest chunks of debt are student loans, mortgages, and credit cards. The good news is there is a good way to get out of unsecured debt. If you have more than $10,000 in unsecured debt then you should consider debt settlement. It’s basically where your creditors agree to take less than what is owed.
Usually about 50% but of course its not that simple. Read more about debt settlement here. If you do manage to settle your debts then you can save more of that money that was going to your debt service and retire on time!