Baby Boomers Face Significant Credit Card Debt into Retirement, Impacting Financial Stability
Baby Boomers, despite being considered the richest generation in American history, are increasingly carrying substantial credit card debt into their retirement years. In 2022, the average Boomer held $92,619 in debt, predominantly from credit cards, according to Experian data. This financial burden persists even as their paychecks disappear, forcing reliance on Social Security and pensions to cover both daily expenses and debt payments. Over half of households headed by someone 75 or older carried debt in 2022, a notable increase from 41.3% a decade prior. This situation is exacerbated by rising costs such as Medicare premiums, which have outpaced general inflation and Social Security's cost-of-living adjustments, and long-term care costs, which have seen significant increases. Some retirees are turning to credit cards when their monthly costs exceed their fixed retirement income, further complicating their financial outlook. 
