America’s Seniors In Debt: A Growing Problem

This article, published in Forbes, discusses America’s Seniors In Debt: A Growing Problem. If you or your loved ones are concerned about this scenario, please contact me.

Seniors in America are carrying more debt than ever before, and the trend is worsening the ongoing retirement crisis.

How much money are we talking about? A 2019 Congressional Research Service report found that the percentage of elderly households—those led by people aged 65 and older—with any type of debt increased from 38% in 1989 to 61% in 2016. The amount owed jumped from about $7,500 to more than $31,000 (2016 dollars).