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A recent study from the Employee Benefit Research Institute found
that over 70% of Americans between the ages of 65 and 74 are
carrying debt. In 1998, this figure was 52%. In households headed by
someone 75 or older, nearly 50% have debt.
Section 9
Retiring with Too Much Debt
Credit card debt, consumer debt, and mortgage debt are
notably on the rise among retirees. Carrying a debt load into
retirement is a dangerous path to take with the absence of a
paycheck. It can quickly eat up your monthly cash-flow, causing
major limitations on your lifestyle and basic ability to make
ends meet.
Credit card debt, consumer debt, and mortgage debt are
notably on the rise among retirees. Carrying a debt load into
retirement is a dangerous path to take with the absence of a
paycheck. It can quickly eat up your monthly cash-flow, causing
major limitations on your lifestyle and basic ability to make
ends meet.
One troubling trend relates to older homeowners and
mortgage debt. According to a 2018 study from Harvard
University, approximately 41% of Americans age 65 and over
still had a mortgage on their home in 2016. In 1989, only about
20% of Americans over 65 still were still carrying mortgage debt.
Chapter 5: Things That Can Wreck Your Retirement
