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GAO’s Retirement Security Report Finds Debt Increased for Older Adults Over Time

On May 17, 2021, the U.S. Government Accountability Office (GAO) publicly released its report, Retirement Security – Debt Increased for Older Americans Over Time, But the Implications Vary by Debt Type. According to the report, individuals age 50 or older had significantly more debt in 2016 than in 1989 based on GAO’s analysis of Survey of Consumer Finances (SCF) data.

In 2016, the share of older households with debt was 71% compared to 58% in 1989. For older households with debt, the median debt amount of debt was about three times higher in 2016 than in 1989, up to $55,300 from $18,900.

Over the period from 2003 to 2019, the measures of older individuals’ adverse debt outcomes generally followed economic trends, including mortgage and credit card debt that was late by at least 90 days. Typically, the trends in debt, debt stress, and adverse debt outcomes varied by older individuals’ demographic and economic characteristics, including age, credit score and state of residence.

The report is available here.