What's So Bad About Debt in Retirement?
Debt is a reality for many of today's retirees, notes contributor John Wasik. Should they be worried about it?
Debt used to be the devil for retirees. Mortgage notes were supposed to be paid off before the last day of work. My father was proud of the fact that he could "retire" his mortgage note before he retired--which was a common practice for his generation.
Today, though, carrying debt is a fact of life for nearly everyone, even retirees. Many are still paying off their mortgage and student loans during retirement.