Student loan debt isn’t just a problem for young people, it’s also a growing concern for retirement savings, a new study shows.
LIMRA has found that retirees aged 65 to 74 are carrying what the insurance and financial services trade association calls “unprecedented” amounts of student loan debt.
“Among retirees, education loans made up less than 1 percent in 1989 but grew to 15 percent by 2013,” according to the recently released LIMRA study.
“The data suggests that parents and grandparents have acquired more student loan debt to help their children and grandchildren,” the association notes.
The association added that “with college costs increasing every year, adults under-35 have seen their education debt more than triple since 1989 when it averaged $3,000. Since then the average education debt has increased to over $19,000.”