Older Families' Debt Levels Have Increased Since 1998

A study from the Employee Benefit Research Institute (EBRI) found 68 percent of families where the head of the household is 55 or older carried debt in 2016, up from 53 percent in 1998, reports Plan Adviser . Meanwhile, 77.1 percent of families with heads aged 55 to 64 held debt in 2016, versus 70 percent of those with heads 65 to 74 and 49.8 percent of those with heads 75 or older. Yet the average total debt fell from $82,968 in 2010 to $76,679 in 2016, and the median debt level also declined from $61,219 to $47,800. EBRI believes housing debt to be the chief driver of debt for families with heads aged 55 or older, while nonhousing debt has been relatively flat since 2001. The median amount of credit card debt with households headed by someone 55 or older was $2,578 in 2013 and $2,500 in 2016. Still, American families just reaching retirement age or newly retired are more likely to carry more debt than previous generations.