New survey by National Debt Relief reveals how soaring costs and debt burdens are delaying retirement and reshaping the financial futures of Gen X and baby boomers
NEW YORK – April 2, 2025 – National Debt Relief, the industry leader in debt settlement known for its unique approach to debt relief, today released findings from a new survey examining the toll debt is taking on older Americans — and the stark impact it’s having on their ability to retire. The results paint a concerning picture: debt is widespread among Gen X and baby boomers, forcing some to postpone retirement plans indefinitely.
In February 2025, National Debt Relief partnered with Talker Research to survey 1,000 Gen X (over 55 years old) and 1,000 baby boomer Americans. The results show that debt is not only common, but also deeply disruptive to the financial and emotional well-being of older Americans.
A Debt Epidemic
Debt has become a near-universal experience for older Americans — one that affects every aspect of their financial lives.
- 72% of survey respondents have accumulated at least some debt, with over half saying their debt has “held them back” in life.
- Likewise, over half reported they feel overwhelmed by debt and fear they will never pay it off.
- Credit card debt is the most common form of debt, with 45% of respondents carrying a balance. On average, they owe nearly $9,000 and pay $418 towards it each month.
- Medical debt is also a significant burden. Nearly 1 in 5 (17%) reported having an average of $9,144 in outstanding medical bills.
“Our findings reveal a troubling reality: our nation’s growing consumer debt epidemic has left millions of older Americans feeling stressed about their debt, which has considerable impacts on their ability to build a comfortable financial future and their ability to retire. For many, what they’ve worked towards for decades, feels out of reach,” said Natalia Brown, Chief Compliance and Consumer Affairs Officer, National Debt Relief.
Trapped in Debt – Many Fear They’ll Never Pay It Off
Rising costs and stagnant income have created a cycle of debt that many older Americans struggle to break.
- 46% of respondents said their greatest barrier to paying off debt is not earning enough income.
- Other top barriers include high interest rates (30%) and only being able to afford minimum monthly payments (27%).
- When asked about their top financial concerns for the future, 69% cited the cost of living, with the economy (45%) close behind.
As these financial factors push older Americans further into debt, many are finding themselves unable to save the money needed for their future.
- 72% of respondents said the economy is the main reason they can’t save, followed by debt (36%).
- As a result, nearly half (49%) have less than $20,000 in savings, and 22% concerningly reported having no savings at all.
- The average respondent in debt has only saved $29,186, far short of what’s needed to retire securely, and 61% reported they “definitely” do not have enough to live comfortably for the remainder of their lives.
- 62% said they never envisioned being in debt at this stage in life.
“With costs rising, economic uncertainty and the unpredictable financial challenges one experiences with aging, debt is quickly spiraling to an unmanageable level for older Americans,” said Brown. “But our aging family, friends and neighbors shouldn’t have to choose between buying groceries, picking up a prescription or paying a monthly credit card bill. For anyone who has found themselves living paycheck to paycheck and struggling to make their debt payments on top of that, they need to know debt relief could be the solution they are looking for. Many who have used the National Debt Relief debt settlement program have found it to be an essential financial tool that set them up for retirement or got them out of debt while in retirement, so their golden years could be more comfortable, secure and free from debt.”
Retirement Plans Are on Hold
With so many still in debt — and struggling to save — retirement is becoming a moving target.
- The average age of survey respondents is 61, yet they estimate needing an average of 12 more years to reach their savings goals — well beyond the Social Security Administration’s full retirement age of 67.
- 68% of those in debt say it has somewhat or significantly impacted their ability to retire.
- 67% of non-retired respondents believe they will need to keep working beyond their planned retirement age to support themselves and their families.
With April being National Social Security Month, the study revealed that older Americans are concerned the program won’t be able to meet their financial needs in their golden years.
- 82% of respondents said they are worried about the future of the program.
- Among those in debt, 76% don’t believe Social Security alone will be enough to support them through retirement.
“Planning for retirement often starts later than it should but earlier action can improve financial outcomes,” said Dr. Kaylee Ranck, Director of College Research, The American College of Financial Services. “Decisions made decades earlier can lay the groundwork for financial stability or create challenges that escalate over time. One growing concern is the number of older adults carrying significant debt into retirement. That’s not just a personal challenge as it has ripple effects across families, communities and public systems. Empowering people with the right tools and guidance early on isn’t just smart planning, it’s essential to long-term financial well-being.”
Debt settlement is an option for anyone with more than $7,500 in unsecured debt, like credit card debt, medical debt, personal loan debt or business debt. The National Debt Relief debt settlement program allows clients to get out of debt more quickly than minimum payments, avoid bankruptcy, and pay less than what they originally owe in manageable payments that fit their budget. Learn more at NationalDebtRelief.com or call 1-800-718-0487 for a no obligation, free consultation with a certified debt specialist today.
About National Debt Relief
National Debt Relief is redefining the debt settlement journey. Our Whole Human Finance™ approach empowers, supports and guides our clients as they transform their lives by reclaiming their financial health and independence. As an accredited BBB A+ business and named the top-rated debt settlement company in 2023 and 2024 by Forbes Advisor, National Debt Relief has been recognized since 2009 for its human-centric approach to helping clients achieve financial wellness, and for helping hundreds of thousands of people resolve their debt and rediscover their whole selves. For more information, please visit NationalDebtRelief.com.
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Media Contact:
Renee Oehlerking
National Debt Relief
Renee [dot] Oehlerking [at] NationalDebtRelief [dot] com
Survey Methodology:
Talker Research surveyed 1,000 Gen X Americans (min age of 55) and 1,000 baby boomer Americans; the survey was commissioned by National Debt Relief and administered and conducted online by Talker Research between Feb. 19 to Feb. 26, 2025.
We are sourcing from a non-probability frame and the two main sources we use are:
- Traditional online access panels — where respondents opt-in to take part in online market research for an incentive
- Programmatic — where respondents are online and are given the option to take part in a survey to receive a virtual incentive usually related to the online activity they are engaging in
Those who did not fit the specified sample were terminated from the survey. As the survey is fielded, dynamic online sampling is used, adjusting targeting to achieve the quotas specified as part of the sampling plan.
Regardless of which sources a respondent came from, they were directed to an Online Survey, where the survey was conducted in English; a link to the questionnaire can be shared upon request. Respondents were awarded points for completing the survey. These points have a small cash-equivalent monetary value.
Cells are only reported on for analysis if they have a minimum of 80 respondents, and statistical significance is calculated at the 95% level. Data is not weighted, but quotas and other parameters are put in place to reach the desired sample.
Interviews are excluded from the final analysis if they failed quality-checking measures. This includes:
- Speeders: Respondents who complete the survey in a time that is quicker than one-third of the median length of interview are disqualified as speeders
- Open ends: All verbatim responses (full open-ended questions as well as other please specify options) are checked for inappropriate or irrelevant text
- Bots: Captcha is enabled on surveys, which allows the research team to identify and disqualify bots
- Duplicates: Survey software has “deduping” based on digital fingerprinting, which ensures nobody is allowed to take the survey more than once
It is worth noting that this survey was only available to individuals with internet access, and the results may not be generalizable to those without internet access.
