Listen up, my 60-something friends (and those of you heading to that milestone soon) we need to have a talk about your retirement planning.
I know from my many conversations with you that you have worked hard to save more. Great. And I know many of you are now aware that delaying when you start to take Social Security to age 70 (at least for the higher earning spouse) is a fantastic way to boost your retirement income. Great again.
But where so many of you trip up is that you are heading into retirement still in debt. A recent report from TransUnion found that nearly one in three Americans at least 60 years old has debt and the average balance is more than $60,000. That's up sharply from 2005 when 22 percent of the 60+ crowd had debt and the average balance was $40,000. That $40,000 adjusted for inflation would still be less than $49,000 in today's dollars, so the sad fact is that older Americans are indeed living with more debt as they reach retirement.