If you are a San Antonio resident who is putting off retirement – perhaps, indefinitely – you are not alone. The average age at which Americans retire is continuing to rise, and it has been reported that many Baby Boomers will wait until at least the age of 66 to leave the workforce. And, as many as 10 percent of Baby Boomers do not see how they will ever retire; they cannot afford it.
Of course, many Baby Boomers who put off retirement for financial reasons may end up retiring unwillingly. That is to say, they may not be able to find work due to age discrimination. Although age discrimination is illegal, it is actually on the rise.
This predicament is a difficult one for many Texas residents. Many of those who are approaching retirement age still have mortgages and credit card debt. Some of them even have student loans or are putting their children through college. And, they are dealing with all of this while their medical expenses and the cost of living rises, and the average monthly Social Security retirement check is of little help at under $1,300.
All of these factors can result in serious financial problems for some Baby Boomers. Those who are approaching their retirement years while being weighed down with loads of debt may want to consider talking to a bankruptcy attorney about their options. In some cases, it may be possible to reduce and reorganize debts, or even discharge debts. The most suitable debt relief option depends on the individual’s income and financial circumstances.
Source: NY Times, “Average retirement age creeping ever higher,” Abby Ellin, Feb. 2, 2014