Unfortunately, more and more retirees are falling into debt at the exact point in their lives when they should be free from financial worries. Whereas older people paid off their mortgages in generations past, now nearly half of all senior citizens still owe a house note.
Additionally, people 60 and older are the fastest growing segment of the U.S. population with student loan debt, the Federal Reserve reports. Equally ominous, Americans 65 and older carry an average of $9,300 in credit card debt, more than any other age group, according to Demos, a New York-based think tank.
