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Debt Levels Increase for Those In or Near Retirement
October 8, 2009Debt levels of those in or near retirement age are heading up: Among elderly families -- and especially among the lower-income elderly -- housing debt in particular is rising, according to a study published today by the nonpartisan Employee Benefit Research Institute (EBRI). For some age groups, a significant percentage has debt levels beyond the threshold considered problematic. A growing share of older American families had incurred debt through 2007, particularly those ages 55-64 -- the ages right before or at the start of retirement, the study reports. The percentage of American families with a head age 55 or older who have some level of debt was 63.0 percent in 2007, almost 3 percentage points higher than in 2004, 7 percentage points higher than in 2001, and up nearly 10 percentage points from 1992. Full release.