Student debt is draining our retirement income
Last updated 2/7/2019 at 5:59pm
Lots is written about students exiting college saddled with hefty student loans; however, the impact on retired parents went largely unnoticed.
Recently, Wall Street Journal writer AnnaMaria Andriotis reported Americans over 60 years old are coming out of retirement and going back to work just to pay for their children’s education.
On average, student borrowers in their 60s owed $33,800 in 2017, up 44 percent from 2010. Student loan debt for seniors rose 161 percent between 2010 and 2017. It was the largest increase of any group.
Why the shift to parents? In 2008, lenders started requirin...