{"id":168749,"date":"2025-08-23T09:01:14","date_gmt":"2025-08-23T09:01:14","guid":{"rendered":"https:\/\/www.europesays.com\/us\/168749\/"},"modified":"2025-08-23T09:01:14","modified_gmt":"2025-08-23T09:01:14","slug":"heres-how-its-delaying-retirement","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/168749\/","title":{"rendered":"Here\u2019s How It\u2019s Delaying Retirement"},"content":{"rendered":"\n

According to a 2025 study by LendEDU<\/a>, a worrying 41.5% of baby boomers live paycheck to paycheck.<\/p>\n

Compounding the problem, many of these older adults carry consumer debt. A survey of older Americans by National Debt Relief<\/a> found that 72% carry debt. Overall, respondents estimate needing an average of 12 more years to reach their retirement<\/a> goals, despite having an average age of 61.<\/p>\n

Read More: I Asked ChatGPT When I\u2019ll Be Able To Retire Based on My Current Finances \u2014 Here\u2019s What It Said<\/a><\/strong><\/p>\n

Check Out: 5 Cities You Need To Consider If You’re Retiring in 2025<\/a><\/strong><\/p>\n

The following challenges are keeping many stuck in a rut of continuing to work and live paycheck to paycheck<\/a>.<\/p>\n

The National Debt Relief study found that nearly half (49%) of older adults have less than $20,000 in savings. A full 22% have no savings whatsoever.<\/p>\n

\u201cWithout short-term savings, people tap their retirement savings<\/a> for everyday emergencies and sabotage their long-term plans,\u201d explained Devin Miller, CEO of SecureSave<\/a>. \u201cAnd once you hit your 50s or 60s, the timeline to recover shrinks. That\u2019s exactly why more boomers are stuck working longer than they expected.\u201d<\/p>\n

Be Aware: 6 Key Signs You\u2019ll Run Out of Retirement Funds Too Early<\/a><\/strong><\/p>\n

In the National Debt Relief study, nearly three-quarters (72%) of respondents blamed the economy as the primary reason they can\u2019t save. The next most frequently cited reason was debt, at 36%.<\/p>\n

Among the 72% of older respondents in debt, they averaged retirement savings of just $29,186. With little time remaining to save and invest \u2014 and for those investments to compound<\/a> \u2014 they face a lean retirement.<\/p>\n

Credit card debt made up the most common debt among those carrying some kind of consumer debt. These older adults carried an average balance of nearly $9,000, with a monthly payment averaging $418, per the National Debt Relief survey.<\/p>\n

Melanie Musson, personal finance expert with Quote.com<\/a>, observes that many parents have also taken on student loan debt<\/a> or added to their own credit card balances while helping their children with college tuition. \u201cThese debts set back retirement savings. Baby boomers are working longer as they try to pay off these debts before retiring,\u201d she said.<\/p>\n

A troubling number of older Americans also carry crushing medical debt. The National Debt Relief study found nearly 1 in 5 respondents carry medical debt<\/a>, at an average balance of $9,144.<\/p>\n

\u201cHealthcare costs are the top financial worry in retirement among Americans,\u201d said Whitney Stidom of health insurance marketplace eHealth<\/a>. \u201cPeople looking to save money entering retirement must better understand their insurance options to slash their healthcare bills.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"According to a 2025 study by LendEDU, a worrying 41.5% of baby boomers live paycheck to paycheck. Compounding…\n","protected":false},"author":3,"featured_media":168750,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[658,64,34062,24517,33030,96656,255,9334,696,67,132,68],"class_list":{"0":"post-168749","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-baby-boomers","9":"tag-business","10":"tag-consumer-debt","11":"tag-older-adults","12":"tag-older-americans","13":"tag-paycheck-to-paycheck","14":"tag-personal-finance","15":"tag-respondents","16":"tag-retirement-savings","17":"tag-united-states","18":"tag-unitedstates","19":"tag-us"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115077269771609136","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/168749","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=168749"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/168749\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/168750"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=168749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=168749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=168749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}