Older Americans Are More Likely to Be in Debt

It’s not uncommon for seniors to enter retirement with debt on their hands. In fact, one in three over the age of 50 claims to still shoulder non-mortgage debts according to a University of Michigan Retirement Research Center Health and Retirement Study. It’s likely that any savings they have accumulated are used to pay them off rather than to supplement their retirement costs. 

Other surveys have found that, on average, Americans who are 65 and older have credit card debts of around $1,755 to worry about too.