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AP-National

What to do about debt in retirement

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Published 5:00 AM

By KATE ASHFORD of NerdWallet

A growing number of older adults are in debt in retirement, according to the 2022 Survey of Consumer Finances. Among people ages 65 to 74, the share with debt rose to 65% in 2022, up from 50% in 1989. For people 75 and over, 53% report holding debt in 2022 versus 21% in 1989. This is a big challenge, since people’s income in retirement is traditionally limited. But there are strategies for tackling your balance sheet later in life, including taking on side work, tapping home equity, strategically downsizing and even waiting to claim Social Security benefits.

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