In this episode of the Friends Talk Money podcast, the topic is debt and retirement. Co-host Richard Eisenberg — the managing editor of Next Avenue, the public media website for people 50+ — leads the discussion on the rising amount of debt held by retirees compared to the past and which types of debt cause the most stress for retirees.
One is Chris Farrell, a journalist and author (Purpose and a Paycheck) who focuses on personal finance and work topics for people 50+ in media outlets including Next Avenue and public radio’s Marketplace. He has recently been studying data about retirees and debt.
The other is Ohio State University professor Stephanie Moulton, co-author of a recent study on the relationship between debt and financial stress for older Americans: Debt Stress and Mortgage Borrowing in Older Age: Implications for Economic Security in Retirement.(https://mrdrc.isr.umich.edu/publications/conference/pdf/2019RDRC%20P5%20Moulton.pdf)
The Next Avenue article, “The Hidden Retirement Crisis: Older Americans’ Debt,” https://www.nextavenue.org/retirement-older-americans-debt/) describes some of Farrell’s and Moulton’s insights.
The Friends Talk Money podcasts talk about why many of us aren't bestowing inheritances to heirs the right way and not helping our parents make inheritances properly. We also talk about how financial advisers could be more helpful to families so they handle inheritances wisely.
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Social Security is clawing back $21 billion in mistaken overpayments — impacting retirees and the disabled. Terry Savage and Larry Kotlikoff have written a new book — Social Security Horror Stories — revealing the shocking abuse. Last weekend they were featured on CBS - Sixty Minutes speaking with Anderson Cooper about this issue. In this episode, Larry joins Terry, Pam and Richard to take a deeper dive into problem and what you should do to ensure you get what’s rightfully yours.
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