The Average 65-Year-Old Has This Much Debt — How You Compare

As we approach retirement age, it's natural to wonder how our financial situation stacks up against others in our demographic. A recent study sheds some light on this question, revealing that the average 65-year-old has a significant amount of debt. But what does "significant" really mean? And more importantly, where do you fall on this spectrum?

According to the study, the average 65-year-old in the United States has approximately $31,300 in outstanding debt. This number may not seem alarming at first glance, but it's worth considering that many of these individuals are entering retirement with this burden.

Types of Debt at Play

The majority of this debt can be attributed to two main sources: housing and consumer credit. Specifically:

• Housing debt accounts for approximately 45% of total debt, averaging around $14,200 per person.
• Consumer credit, including credit cards, car loans, and personal loans, makes up the remaining 55%, with an average balance of around $17,100 per person.

It's worth noting that while this study focuses on debt in individuals approaching retirement age, it's essential to consider how your financial situation might impact your future. Taking proactive steps now can help alleviate stress and ensure a more secure golden years.

A Word of Caution (and a Solution?)

Before we dive into solutions, it's crucial to acknowledge that debt is not inherently "bad." It's how you manage it that matters. That being said, having a plan in place for managing debt can be incredibly liberating.

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