The U.S. Census Bureau estimates that by 2060, the number of people in the U.S. age 85 or older is projected to be 18.2 million. In comparison to current figures, that is more than triple the 5.9 million citizens age 85 or older. Also, the U.S. Census Bureau estimates that by 2056, people age 65 or older will outnumber people under age 18 for the first time in our nation's history.
These figures, considered alone, are not all that surprising. The large population of seniors that will reach these advanced ages owe their extended life expectancies to improvements in medicine, long term care, and better overall health standards. However, what is concerning is the debt that a lot of seniors are carrying with them into retirement.
The Urban Institute reports that almost 2/3 of Americans in their 60s had debt in 2010. That figure is up more than 10% from estimates in 1998. More specifically, for middle-income individuals, the percentage of those in their 60s carrying debt into retirement rose 17% over the same time span. With an increasing population of senior citizens and our nation's ubiquitous and problematic reliance on credit, these figures only stand to worsen in the future. If you are feeling overwhelmed by debt or are concerned with your personal financial projections going forward, speak to a financial professional to devise a plan to avoid the debt burdens beyond your working years. If your debt has become unmanageable, contact our office to discuss whether bankruptcy may be right for you.
Unfortunately, very few of us have vaults of cash and coin in which to swim like this grumpy old duck: