“It was different back in the day. You worked 30 years, got a watch and a pension. Your health care was probably provided by your company’s retiree insurance plan, or even your union.
And a highlight of retirement was the ceremonial burning of the mortgage as mom and dad began retirement debt-free.
That’s how our parents did it. But there’s no chance we’ll see anything like that. As they say, it’s not your father’s retirement anymore.
Today, your pension has likely been replaced by a company-sponsored 401(k) plan that, mostly, you fund yourself. Few companies offer health insurance for retirees anymore, and those who still do are eliminating or scaling back.
And your mortgage? Increasingly Americans are going into retirement with big debt, especially mortgage debt.
“More people are carrying mortgages into retirement,” says Katherine Dean, senior vice president of wealth planning at Wells Fargo Private Bank.”
To read the full article, please click here.
Click here and LIKE us on Facebook to be entered in our monthly prize drawing
Refer a Friend and be Entered in our monthly prize Drawing