Intelligence

How Seniors Can Keep Student Loan Debt From Threatening Their Retirement

Millennials are weighed down with student loan debt but seniors aren’t far behind. I’m looking for expert insight on why baby boomers are struggling with so much student loan debt and how they can manage it so they don’t end up wrecking their retirement. 1. Why are so many seniors still indebted with student loans and how much of a burden can that be as other expenses, such as health care, rise in retirement? 2. Many boomers may not realize that defaulting on student loan debt can lead to a garnishment of their Social Security benefits. How damaging can this be to their retirement health? What should seniors do if they’re in danger of defaulting on student debt? 3. How can/should seniors who have student debt prioritize its repayment without sacrificing their own retirement goals? 4. Women tend to carry more student loan debt than men on average and they also face more challenges with regard to retirement planning, due to lower lifetime earnings and longer life expectancies. How can older women who have student loan debt account for those obstacles as they create a roadmap for retirement while managing student loan debt? 5. What should millennials who are facing student loan debt be doing now so they don’t end up carrying those loans into their retirement years?