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The Hidden Retirement Crisis: Older Americans’ Debt

August 16, 2019

From the nextavenue website

Swelling numbers of Americans these days are working in retirement, taking part-time jobs and launching businesses. And retirees are increasingly staying in their homes rather than moving to retirement communities. They’re also, however, breaking the mold in a potentially worrisome direction: embracing debt.

The median total consumer debt of households headed by someone 65 or older in 2016 ($31,300) was 2 ½ times what it was in 2001 and nearly 4 ½ times the level in 1989. Some 60% of 65+ households carried debt in 2016, up markedly from about 42% in 1992. Credit card debt and student loans have increased, too.

The rising debt levels among older Americans is not only problematic for their finances, it’s bad for their mental health.

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