Economy Breaking Many American’s Nest Egg

: Chris Lee Law Firm

  Filed under: Economy

debt and retirementIt doesn’t seem like too long ago people were building great retirement funds and buying second homes on the beach to live out their “Golden Years”. Although the American Dream is still very much alive, making it come true has become out of reach for so many.

Between the fate of Social Security becoming darker each month and the horrendous struggle to stay out of debt each day, many Americans are finding themselves dipping into, what once was, their nest egg. More people have become pushed into using their retirement fund just to keep their home out of foreclosure and many economists are predicting the idea of relaxing away your retirement may not be achievable anytime soon.

Aging Population Facing New Challenges

Mom always said to work hard and save money so you can have a stress-free retirement. Not only are more elderly finding themselves having to work through their retirement to cover the costs of poor healthcare coverage and dwindling Social Security funds, but the elderly population has become a large demographic for bankruptcy filers.

Many are turning to refinancing and reverse mortgages in efforts to keep their nest egg safe from the effects of the economy. Unfortunately, what once may have proved to be a helpful solution is costing many people more money in out of pocket expenses. With the lending industry also fighting the effects of the economy, people are finding getting a good deal isn’t as easy as once thought.

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