Springboard in the Media: Chicago Tribune
Melinda Opperman, Springboard’s Senior Vice President of Community Outreach and Industry Relations, was quoted in the print edition of the Chicago Tribune.
Melinda Opperman, senior vice president for Springboard Nonprofit Consumer Credit Management, Inc., works with people in their 50s and 60s who have far below all the averages mentioned above.
“Most of them have under $100,000 in their 401(k) plans and a lot of them have been draining the accounts to make up for income drops” as they lost jobs and replaced them with lower-paying ones during the recession, she said.
It’s not easy, she said, but she’s trying to get clients to start working on saving strategies as they also repair their damaged credit.
For clients already in some debt trouble, she’s telling them to forget about taking on more for kids’ college expenses. Let students take on their own loans, she advises, echoing financial advisers’ mantra that there are no student loans for retirement. Some students with education debt can qualify for income-based repayment plans, which cap monthly payments at a manageable percentage of the students’ salaries. That’s better than saddling Mom and Dad with the payments just as they head into retirement, she said.
“We’re saying to them that if they can start some serious savings now, within a decade they can accumulate a pretty large 401(k) balance,” she said.
To read the entire article, look for a print copy of the Sunday, Nov. 25th Chicago Tribune.