Study Finds U.S. Seniors Carrying Average of $70,000 in Total Debt

An Experian study of U.S. seniors found they average more than $70,000 in total debt, with those in the District of Columbia having the highest debt average at more than $132,000, while Massachusetts seniors are in 10th place with $83,915, reports the Boston Herald . MetLife estimated the average retirement cost at $738,400, while Northwestern Mutual determined 33 percent of Americans have less than $5,000 saved for retirement, versus 21 percent with no savings to speak of. Experian found older New Englanders fared poorly with outstanding debt, with Connecticut, Rhode Island, and New Hampshire making the top 20. West Virginia seniors had the least debt with an average sum of $38,358, comprising more than a third of the national average and nearly 50 percent less than the average consumer older than 60. Fidelity's Ken Hevert cited three key consumer recommendations from the study: "First, see if you can get lower interest rates, and strongly consider paying as much as you can on your debt, more than the minimum monthly payments. Second, build your savings so you have money for emergencies or unplanned expenses. Just a little bit each pay period will help. Third, limit your credit card spending as much as possible."