Recent research from the New York Federal Reserve has shed some light on a persistent but little-discussed problem: The heavy debts owed by many of American’s retired population. This is an issue that has skyrocketed in recent years. Debt held by borrowers between the ages of 50 and 80 increased by roughly 60 percent from 2003 to 2015.
The amount of student debt held by Americans age 65 and older reached $18.2 billion in 2014, up from just $2.8 billion in 2005, according to the Government Accountability Office. Roughly 150,000 Americans had a portion of their Social Security garnished last year to pay down their student loans. On top of that, the median mortgage held by Americans 65 and older more than doubled between 2001 and 2013, to $88,000 from $43,400.
There ware ways to protect yourself from ending up with too much debt as you reach retirement. We invite you to read the new article on our Web site, "The Stealthy Problem of Elder Debt," to learn more.