Six tips for managing financial risks in middle age (Forbes)
Sep 27, 2018
According to a 2016 survey by the Transamerica Center for Retirement Studies, those in Generation X currently have an average household retirement savings of just $69,000. Of course, this data could be concerning: How will this generation effectively move toward a comfortable retirement? Additionally, multiple financial risks can further reduce their retirement options, so it’s important for middle-aged Americans to be aware of them.
“It can be hard to get a 30-year mortgage past age 40,” said Kyle Kamrooz, Co-founder of Cloudvirga. “Many lenders now consider not just a borrower’s current income, but his or her projected income throughout the life of the loan, which tends to drop significantly post-retirement. To avoid being turned down, middle-aged consumers can improve their income outlook by paying down debts and building up retirement savings.”