A retirement and aging crisis continues to go from bad to worse.
Up until about ten years ago, the vast majority of retirees (or nearing retirement) I saw in our financial planning group, had little or no debt.
Now, a truly “debt epidemic grips millions of older Americans”, and it’s set to get even worse:
- Debt reality: 72% of older Americans have accumulated debt, with more than half feeling overwhelmed and fearing they’ll never pay it off.
- Savings shortfall: 22% of indebted older Americans have zero savings, while 49% have $20,000 or less set aside for retirement.
- Working longer: 67% of non-retired respondents with debt say they must continue working past their planned retirement age to support themselves and their families.
- 72% of older adults are carrying debt, and over half report feeling so overwhelmed they doubt they’ll ever escape it.
- Credit cards top the list of financial burdens, with 45% of older Americans carrying card debt.
- Health problems bring additional financial strain. About 17% are working to pay off medical debt.
This retirement and aging crisis are but two of “Ten Factors I’m Most Concerned About.”
