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According to the survey, adults aged 66 to 71 are particularly affected by financial pressures, with a median non-mortgage debt of $11,349. Although this figure may not seem excessively high at first glance, the reality is more complex. The average debt sits around $18,000, with some individuals carrying balances as low as $6,700. This rolling debt is concerning, especially when combined with the fact that many are only able to make minimum payments amidst escalating interest rates.
Breakdown of Debt Types
The survey breaks down the types of debt held by retirees:
One-third of the debt is derived from auto loans, with Jacksonville reporting among the highest figures.
Credit card balances are prevalent, with 92.6% of retirement age Americans carrying a balance.