Today's college grads won't be able to retire until they're 73

Matt Zalaznick's picture
Thursday, October 24, 2013

Sorry, recent college grads: That mountain of student loan debt you have to scale is going to delay your retirement by more than a decade.

That's the conclusion of an analysis by personal finance site NerdWallet, which looked at the dismal financial state of today's average college graduate. With a median debt load of $23,300, a 10-year repayment plan and an unemployment rate of 18 percent upon graduation, new grads aren't exactly set up to start socking away retirement funds. It all translates to about $115,000 less in your retirement fund by the time you hit the typical retirement age.

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