Spending Too Much Too Late
Today the average age of first marriage in the U.S. is 27 for women and 29 for men, compared to 20 and 22 in 1960. This means, for the most part, that couples are much older when they start families, and buy homes and mini-vans and everything else associated with having children. So late, in fact, that a poll conducted by CESI Debt Solutions found that 56% of American retirees still had outstanding debts when they retired.
We reach our peak spending age at 46, just about the same time we should be saving as much as possible. And, if you find yourself in the position where you can either pay for your child’s college tuition or fund your retirement, but not both, now is the time to be selfish. You can’t take out retirement loans, but student loans are viable options.