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

Core Insights - Carrying debt into retirement is increasingly common among Americans, particularly those aged 65 and older, due to factors like longer loan terms, inflation, and rising housing costs [1] Group 1: Average Debt Load - Americans aged 64 to 74 have an average debt load of $134,950, which is historically high [2] - The median total debt for the same age range is reported to be $45,000, with approximately 65% of adults in this group holding at least one type of debt [3] Group 2: Non-Mortgage Debt - A significant 97.1% of Americans aged 66 to 71 have non-mortgage debt, with a median balance of about $11,349, which includes personal loans, auto loans, credit card balances, and student loans [5] Group 3: Implications of Debt Levels - Having more debt than the average of $135,000 does not necessarily indicate financial distress; it suggests a need for a strategic plan to manage the debt [6] - If the debt is primarily mortgage-related and payments are being made regularly, individuals may be in a stable financial position, especially with low interest rates [7]