Big Worries About the Debt Load of Older Americans

A study presented at the Retirement and Disability Research Consortium found debt levels among older Americans could carry serious consequences for their mental health as well as their finances, reports MarketWatch . The average total consumer debt of U.S. households headed by someone 65 or older in 2016 was 2.5 times 2001 levels and nearly 4.5 times 1989 levels. About 60 percent of households 65 and up carried debt in 2016, from about 42 percent in 1992. There also are indications that recent activity in the bond markets is raising alarms that trade, tariff, and currency tensions may be driving a recession, adding to seniors' stress. Being in debt is pushing people in their 60s and older to postpone retirement as well as filing for Social Security. These and other findings add credibility to the notion that older adults settle "stressful" debts like credit card debt and second mortgages first.