New research from National Debt Relief reveals how debt is making it harder for many older Americans to retire. The study, featured in McKnight’s Senior Living, found that more than half of seniors feel overwhelmed by financial obligations as they approach or enter retirement.
The nationwide survey of 2,000 Gen Xers and Baby Boomers aged 55 and older paints a clear picture: retirement is becoming harder to reach for those carrying debt. Many respondents reported that their financial situations are holding them back from achieving the stability they once expected in their later years.
Debt and the Cost of Growing Older
“Our findings reveal a troubling reality,” says Natalia Brown, chief compliance and consumer affairs officer at National Debt Relief. “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.”
The numbers speak for themselves. Forty-five percent of respondents reported having credit card debt, with an average balance close to $9,000 and monthly payments around $418. Mortgage debt also weighs heavily, with 30% still owing an average of $72,000 on their homes.
Why Retirement Feels Out of Reach
Nearly half of those surveyed said their income isn’t enough to make real progress on their debt. Combined with high interest rates and limited payment flexibility, many older adults find it difficult to manage their finances as they age. “With costs rising, economic uncertainty, and the unpredictable financial challenges that come with aging, debt is becoming harder to manage for many older Americans,” Brown explains.
National Debt Relief describes retirement as a “moving target” for those facing these challenges. The study underscores the importance of tailored debt support for older adults who are trying to regain financial control later in life.
To learn more about the full findings and expert perspectives, read the complete article in McKnight’s Senior Living. The piece offers deeper insight into how debt is shaping retirement for millions of Americans.
