Baby boomers debt is having an effect on baby boomers who wish to get married, but won’t. Shacking up is not exclusively for young people bucking societal traditions. About 33% of Baby Boomers are unmarried today and many are opting to live together instead of getting married, according to a survey done by the National Center for Family and Marriage Research at Bowling Green State University in Ohio. In fact, the number of Baby Boomers living together has more than doubled in 10 years – about 2.75 million people over the age of 50 were cohabiting in the United States in 2010 compared to 1.2 million a decade earlier, according to the research. U.S. Census Bureau data shows adults older than 50 are among the fastest growing segment of unmarried couples in the U.S.
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Why are Baby Boomers choosing to cohabitate instead of tying the knot? The most common reason cited is money – debt, benefits, taxes and cash flow are preventing couples from saying I Do. Many Baby Boomers have assumed a heavy debt load as a result of:
- Supporting children and/or aging parents
- Grey divorce
- Paying for children’s post secondary education
- Pay off children’s student loans
- Mortgage
- Credit card debt
Debt has hit the Baby Boomers hard and many are reluctant to enter into a marriage where they may be assuming additional debt as a result of the marriage. Others are reluctant after having suffered financially as a result of grey divorce. There are many reasons that Baby Boomers are in debt and we have explored them in several blogs – Baby Boomers Debt: Reasons Why It Is So High, Baby Boomers Debt Crisis: Waiting For An Inheritance To Bail You Out, and Grey Divorce Can Create Serious Debt For Boomer Retirees.
If you’re experiencing serious debt issues, then you already know that debt doesn’t miraculously disappear on its own. You need professional help and a solid plan for moving forward with your life Starting Over, Starting Now. Don’t let debt prevent you from doing the things that are important to you. Contact Ira Smith Trustee & Receiver Inc. today and take the first step towards living a debt free life.
