Life after 60 can revolve around retirement – but thats not the only financial challenge thats likely to come up.
Many older consumers also have problems coping with debt payments, understanding their loans and recovering from financial scams, among other issues, according to a new report from the Consumer Financial Protection Bureau. The federal consumer watchdog analyzed the 103,000 consumer complaints it has received from people 62 and older since the bureau was created in 2011 to highlight some of the most common complaints.
Here are some of the most common financial struggles affecting older consumers, according to the report and discussions with financial experts.
1. Trouble keeping up with debt payments.
The move to fixed income in general can make it more difficult for retirees to cope with debt payments, be it a mortgage, student loans or credit card debt, says Mike Sullivan, a personal finance consultant with Take Charge America, a national nonprofit credit counseling and debt management agency. Debt puts a huge strain on the budget, he says, adding that some seniors are carrying more debt into retirement after years of helping children and grandchildren.