A 60-year-old woman has found herself placed in a situation that means she will likely not retire any time soon.
When Nancie Eichengreen was 58, she lost her job. She had hoped to live off of her unemployment and her 401(k) but quickly found that she was running out of money, Yahoo reports. Eichengreen had to make a choice that many her age would never consider: Go back to school.
Eichengreen’s fresh start gained her two things: a Masters degree in social work and a $200,000 bill. She isn’t alone, however, as many Americans over 60 still have students loans left to pay.
“I don’t think social workers make much money so I’ll probably be dead before I pay that off,” Eichengreen said.
It is not an uncommon story due to the economy. According to The Washington Times 4 out of 5 Americans have a low expectation of retiring any time soon. The reasoning is due to a lack of funds to support retirement.