US Markets
Home›US Markets›Sectors›Dave Ramsey warns Americans over 55 to tackle rising s…
Dave Ramsey warns Americans over 55 to tackle rising senior debt
AARP data cited in the interview shows households headed by people ages 65 to 74 have average debt of $45,000, and the 75-plus group rose to about $36,000 over the same period.
Moneywise and Yahoo Finance LLC cites personal finance guidance from Dave Ramsey, who says Americans over age 55 often make serious retirement mistakes during the period when retirement is within reach.
In an interview with Kiplinger, Ramsey highlighted senior debt as a key concern, pointing to AARP analysis using the Fed's Survey of Consumer Finances, which found the average debt burden for households headed by people ages 65 to 74 quadrupled between 1992 and 2022 to about $45,000.
For households headed by people 75 and up, the debt burden increased sevenfold over the same period, rising from under $5,000 to about $36,000, according to the AARP report cited by Ramsey.
Ramsey said many people hold onto debt, particularly mortgages and car payments, then assume they can manage it in retirement, and he urged addressing high-interest balances more aggressively before retiring.