Cynthia Measom

Mon, Jun 2, 2025, 8:18 AM2 min read

Retirement is a goal that starts to feel closer with age. But for many older Americans, debt is pushing that finish line further away.

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A survey by Talker Research found that 72% of Gen X and baby boomer respondents are carrying debt and more than half said it’s overwhelming them to the point that they fear they’ll never pay it off. Additionally, over two-thirds of non-retired respondents (67%) said they can’t retire as planned due to what they owe.

Here are the different ways debt is forcing older Americans to delay retirement.

Credit card debt is the most common source of debt: 45% of respondents said they’re carrying balances, with the average debt close to $9,000 and monthly payments averaging $418.

High interest is another common roadblock: 30% of respondents claimed it’s the reason they can’t make progress. Another 26% said they can only afford minimum payments.

Unfortunately, for those who only make minimum payments, the interest can snowball over time, causing the debt to grow, which will take decades to pay off, according to TransUnion. And that’s only if no new charges are made.

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About 30% of respondents said they still owe on their homes, with an average mortgage debt of around $72,000 and monthly payments averaging $797. For many people, facing $800 a month in retirement is too much to manage on a limited income.

One in five (17%) said they’re dealing with medical debt and the average balance is just over $9,000. With monthly payments averaging $222, it’s one more financial obligation that makes it difficult to retire.

Additionally, 22% of respondents still have auto loans. On average, they owe $17,000 and pay about $446 per month. Combined with other debts, it’s another reason they feel like they have to delay their retirement plans.

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This article originally appeared on GOBankingRates.com: 4 Ways Debt Is Forcing Older Americans To Delay Retirement