Retirement is a goal many work toward for decades, but for a growing number of older Americans, debt is making that goal harder to reach. A recent survey conducted by National Debt Relief highlights just how common this challenge has become.
The findings, as reported by GoBankingRates, show that 72% of Gen X and Baby Boomer respondents are carrying debt. More than half said the burden feels overwhelming, and 67% of those who haven’t yet retired said they won’t be able to retire as planned because of their financial obligations.
The survey identified four main types of debt that are delaying retirement plans:
1. Credit Card Debt
This was the most common form of debt reported. Nearly half of all respondents (45%) said they’re carrying credit card balances, with an average balance close to $9,000 and monthly payments around $418. High interest is a major barrier—30% of people said it’s keeping them from making progress, while 26% said they can only afford the minimum payment. That often leads to growing balances and years-long payoff timelines.
2. Mortgage Debt
About 30% of respondents said they still owe on their homes. The average balance is around $72,000, and typical monthly payments are about $797. For many older adults approaching retirement, that kind of ongoing housing cost is too high to sustain on a fixed income.
3. Medical Debt
Seventeen percent of respondents said they’re managing medical debt, with average balances of just over $9,000 and monthly payments around $222. As healthcare needs increase with age, this debt can become even more difficult to manage.
4. Auto Loan Debt
Roughly 22% of respondents still have auto loans. The average balance is $17,000, and the average monthly payment is $446. When added to other debts, this can put additional strain on someone’s ability to retire.
Why These Findings Matter
Many people in the survey are facing more than one kind of debt, which adds up quickly and makes retirement feel out of reach. These overlapping payments can prevent older adults from saving, reduce their financial flexibility, and delay retirement for years.
The survey results underline how important it is to have access to real support. For older Americans trying to manage debt and plan for the future, working with a trusted debt relief partner like National Debt Relief can help create a more stable path forward.
To read the full article, visit GoBankingRates.
