Student loan debt could destroy your retirement - Student loan debt could destroy your retirement - Scot Hanson, June 8, 2015

As problems in retirement go, this could become a big one.

People saving for retirement (those ages 55 to 64), and retirees (ages 65 to 74) are carrying unprecedented amounts of student loan debt, according to a new LIMRA Secure Retirement Institute study.

First, avoid it if possible
Most financial planners recommend avoiding any type of debt, including student loans for your children, if you’re close to retirement or already retired. “Don’t do it,” said Scott Hanson, a certified financial planner with Educators Financial Services, in Shoreview, Minn. “Do not take on loans for your children. If you love your kids, show it by taking care of yourself first. You cannot borrow for retirement. You can for college.”

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