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• W2915707991 abstract "When predicting the future income security of retirees, researchers typically focus on measures concerned with retirees’ accumulated financial assets, particularly within tax-qualified retirement plans (e.g., 401(k) plans and individual retirement accounts (IRAs)), and coverage by supplemental health insurance to Medicare provided through a former employer. However, any debt that a near-elderly or elderly family has accrued going into retirement or during retirement is likely to offset its asset accumulations, resulting in a lower level of retirement income security. This paper focuses on the trends in debt levels among those age 55 and older who are approaching or are in retirement, as financial liabilities are a vital but often ignored component of retirement income security. The Federal Reserve’s Survey of Consumer Finances (SCF) is used to determine the level of debt in this paper. Debt is examined in two ways: 1) debt payments relative to income, and 2) debt relative to assets. Each measure provides some insight into the ability of these families to cover their debt before or during retirement. For example, higher debt-to-income ratios may be acceptable for younger families with long working careers ahead of them, since their incomes are likely to rise and their debt (related to housing or children) is likely to fall in the future. But a higher debt-to-income ratio may be more serious for older families, as they could be forced to reduce their accumulated assets to service the debt when their earning years are ending. However, if these high debt-to-income older families have low debt-to-asset ratios, the effect of paying off the debts may not be as financially difficult as it would be for those with high debt-to-income and debt-to-asset ratios. As described in this paper, debt levels of the elderly and near-elderly are heading up: Among elderly families - and especially among the lower-income elderly - both housing debt and consumer debt levels are rising. For some cohorts, a significant percentage have debt levels well beyond the threshold considered problematic. Although rising debt levels are not necessarily a sign of danger for all elderly or near-elderly families (especially if they are also high-income), rising housing debt is of particular concern, since housing typically is the major asset elderly families have, and leveraging it at this point in their lives may leave them without a major resource to finance an adequate retirement, especially after the downturn in the housing market during 2008-2009. The PDF for the above title, published in the October 2009 issue of EBRI Notes, also contains the full text of another October 2009 EBRI Notes article abstracted on SSRN: The Relationship Between Union Status and Employment-Based Health Benefits." @default.
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• W2915707991 date "2009-10-01" @default.
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• W2915707991 title "Debt of the Elderly and Near Elderly, 1992-2007" @default.
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