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Student Loans, Debt, and Retirement

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Student Loans, Debt, and Retirement

Letter the Editor on Student loans, Debt, and Retirement
I am writing in response to an article written by Mason Braswell’s “Generation W(on’t be Able to Retire” featured in On Wall Street. It is clear that generation “X” will face a new set of challenges with their future plans of retirement. The large amount of student debt they accumulate will have worse affect’s on their financial future’s than the baby boomers before them It is noted that students now should see student loan repayments as a part of their financial obligations after receiving their degree in the same manner as buying a car or a house. It is questionable if this generation will even be able to retire with such costly commitments they have incurred. Supporting this authors position research reflects the impact of these high debts will collide with financial futures reaching even into the retirement plans of generation “X”. This letter will present some facts on the financial issues they will encounter as they plan for their “golden years”.
First, student debt has become a huge problem for many individuals. For generation “X” student debt is one of life’s realities that will end with an unpleasant consequences. Studies are showing the boomer’s children will be the first generation of individuals to experience the perils of debt and its effect on their lives and retirement plans. Mason writes that “80 is the new 65” (Braswell, para 2). Retirement planning is going to involve either spending less in your retirement years or only partial retirement options if at all.
Many millennial’s, or individuals ages 22 to 37, are discovering that the debt they incurred for that desired career choice needs to have a plan to pay back the money borrowed. Paying back the debt as soon as studies are completed or planning for that debt will better prepare students to pay

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