How Badly Will Debt Wreck Your Retirement?

It's no secret that Americans aren't afraid of debt. The average credit card balance among U.S. households is currently $5,700, but when we break down that data by age group, we see that many adults carry much more.

It's not surprising, therefore, to learn that debt prevents a large number of Americans from saving for retirement each year. In fact, 42% of workers say the reason they can't contribute to a 401(k) plan boils down to a need to keep up with credit card debt payments, as per a newly released study from Schwab Retirement Plan Services. Not only that, but those who aren't currently funding a 401(k) regret having taken on so much debt, not just because of its impact on their day-to-day lives, but because it could be the one factor that ultimately destroys their retirement dreams.

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Source: Fool.com