Each week, Consumer Advocate and Founder of The Exclusive Crash Proof Retirement System Phil Cannella reports on the retirement landscape in the United States, which broadcasts on Talk Radio 1210 WPHT in Philadelphia, PA as well as Legends Radio 100.3 in West Palm Beach, FL.
These reports are developed through Phil Cannella’s in-depth research and produced by his media company, Retirement Media, Inc., who’s goal is to bring the Truth to The American Retiree that mainstream media outlets choose to ignore.
In the report below, Phil Cannella covers shocking statistics regarding the growing student loan debt in our country and the long term ramifications this growing trend will have on the U.S. Economy, and thus all retirees invested on Wall Street.
Phil Cannella explains:
According to the Pew Research Center, America’s soon to be largest population is millennials. Millennials will overtake baby boomers this year, with numbers swelling to 73 million, while baby boomers dropped to 72 million. Now what does this mean for the economic health of our country? I’ll break it down in three simple words: Student loan debt.
In the United States, a college degree is viewed as a launching point for successful careers and a path to financial stability. However, 70% of students who go to college either drop out or do not take a position in the industry in which they received their degree. Most college students are burdened with significant debt. Colleges frequently disregarded ill-prepared graduates. Why? Because the next stream of revenue is already in line. The federal reserve estimates that Americans owe roughly $1.56 trillion in student loan debt – the largest source of personal debt besides mortgages. The delinquency or default rate is around 11%, and that cannot be erased by bankruptcy. Millennial’s carry $461 billion in student loans, the largest share of student loan debt; an increase of almost 30.2% just five years. The cost of a four-year degree has far outpaced starting salaries most young people will be offered. An average annual tuition to a four-year private college is more than $34,000. Yet, the median annual salary for a graduate in the social sciences is only $28,000. Markers that indicate financial stability, such as home ownership, childbirths, and marriages are down among millennial’s caused by their student debts. They don’t have the expendable income baby boomers did to stimulate the economy because every extra penny is needed to pay off student loan debt. Little is being done to fix this problem, which has massive implications for a variety of sectors and of course directly affects the stock market’s performance.
To hear more news stories that will impact your retirement future and to get educated on solutions to the risk and fees of Wall Street, tune in to The Crash Proof Retirement Show, heard Saturdays at 11 AM and Sundays at 1 PM following The Sounds of Sinatra with The Legendary Sid Mark on Talk Radio 1210 WPHT in Philadelphia, and on Sundays at 8 AM on Legends 100.3 FM in West Palm Beach. You can also listen online from anywhere in the country, at www.crashproofretirement.com. Learn more about Phil Cannella’s story and how he is changing the retirement industry.