Your money may be as tight as your skin, but the true gift of your youth is one of the most powerful tools of financial planning: time. If you are a senior in retirement and in debt, however, all you may possess is a feeling of powerlessness as time slips away. Combine that state of mind with the emotions that may have gotten you into debt in the first place, and you’ve created quite the financial quicksand.
Eleanor Blayney, 61 and a [CERTIFIED FINANCIAL PLANNER™ professional] who is Consumer Advocate at CFP Board, a nonprofit organization that advocates for professional planning, pins it on a confluence of events plaguing her whole generation. “We’re overinvested in our children,” she said. Combine that with the rough job market that young adults find themselves in now and baby boomers being much more comfortable with debt, she said, and the result is “a phenomenon.” Read more >
The New York Times
Carmen Wong Ulrich
March 25, 2013