New findings from National Debt Relief highlight a troubling financial reality for older adults: many are approaching retirement still burdened by debt. The recent survey, featured in The U.S. Sun, found that 72% of people nearing or already in retirement carry outstanding debts, and many are uncertain they’ll ever be able to pay them off.
This burden is especially concerning when combined with anxiety around Social Security. Nearly three-quarters of older adults with debt said they’re not sure how they’ll cover basic expenses in retirement, especially as monthly benefits are set to average just $1,978 in 2025. With inflation outpacing cost-of-living adjustments, the pressure continues to mount.
How Debt Is Reshaping Retirement
“The nation’s consumer debt epidemic is impacting millions of older Americans’ financial futures and threatening to put the retirement they’ve worked toward for decades out of reach,” says Natalia Brown, chief compliance and consumer affairs officer at National Debt Relief. The impact goes well beyond individual households. According to the survey, 67% of older adults who haven’t yet retired expect they’ll need to keep working longer just to manage their debt.
Credit card debt is the most common challenge, affecting 45% of those surveyed. Many respondents reflected on their financial journeys and said they would advise their younger selves to save more and avoid relying on credit cards. These insights are reminders of how early financial habits can have long-term consequences.
A Growing Concern With Lasting Effects
More than half of older adults surveyed said their debt has held them back in life. This sentiment reflects a broader concern that debt in retirement isn’t just a private matter. It’s a growing social issue. As Dr. Kaylee Ranck of the American College of Financial Services points out, this kind of financial strain has ripple effects on families, communities, and public systems already facing growing demands.
To explore the full set of findings and expert commentary, read the complete article in The U.S. Sun. The piece offers deeper insights into how debt is shaping retirement and what it may take to shift the outlook for America’s aging population.
