By Joshua Lewis

Maybe it’s an out-of-control credit card balance. Maybe it’s a mortgage payment or perhaps it’s mounting medical bills.

Regardless of the cause, debt is becoming a growing issue for older Americans, threatening to upend all of their retirement planning and transform their “Golden Years” into gloomy years.

The numbers are sobering. A Congressional Research Service report issued in August 2021 found that 62.1% of households headed by someone age 65 or older held some amount of debt in 2019. That was up dramatically from 43% in 1992.





Source link