Being in debt in your 60s is not uncommon and is nothing to be ashamed of.
Factors such as longer loan terms, inflation and rising housing costs are likely to lead to higher loan balances for Americans approaching retirement age. In fact, recent data shows that the average 65-year-old is more likely to have mortgage, car loan and even credit card debt than the previous generation of retirees.
Here’s the debt they have so you can see how it compares to your debt.
Existing data and research do not point to a specific age, but to an age range. The closest data to age 65 is the age range of 64 to 74 years. The group’s balances remain at historically high levels.
The average debt load for Americans in this age group is $134,950, according to the Federal Reserve’s National Reverse Mortgage Lenders Association (NRMLA).
In a separate Next Avenue report, the publication found the median total debt for the same age group was $45,000. About 65% of adults in this group have at least one type of debt.
Continue reading: How much does the average upper-class retiree spend each month at age 69?
Read more: 5 Smart Ways for Retirees to Make Up to $1,000 a Month from Home
Even 65-year-olds who have paid off their mortgage still often have some form of debt, which can impact their budget and spending.
A 2025 analysis by LendingTree found that approximately 97.1% of Americans between the ages of 66 and 71 have some form of debt that is not a mortgage. What is their median non-mortgage debt balance? Approximately $11,349. Some of these loans include personal loans, car loans, credit card balances and even student loan debt.
Just because your debt exceeds the average of $135,000 for people ages 64 to 74, it doesn’t mean you’re in trouble. It just means you have a lot of debt and you need a plan to deal with it.
If your debt is primarily mortgage-related and you make regular payments, you’re probably fine. Maybe your job income or Social Security check will be enough. This is especially true if your interest rate is low and you plan to pay the money into retirement.
However, if a large portion of these are high-interest debt payments, you may need to develop a more aggressive plan. Those approaching retirement may find it difficult to keep up with payments, especially those on fixed incomes.