Debt

According to a study carried out by the National Council on Aging, the average debt held by people aged 65 and older keeps increasing. The overall median debt for people 65 and more was $31,100 in 2016, 2 ½ times what it was in 2001 and almost 4 ½ times the level in 1989.

The greatest risk to a financially safe and comfortable retirement is high-interest credit cards. Unfortunately, almost half of people aged 50 and older are using credit cards to cover important expenses such as medical bills, as well as groceries, utilities and sometimes even rent, as shown in a study conducted by the research and advocacy group Demos.

Financial experts advise retirees to pay off their cards with the highest rates first and look for cards providing a 0% interest rate.