In 2024, Baby Boomers hold approximately $4.50 trillion in debt, a concern for many nearing or in retirement. The average Boomer owes substantial amounts in various debts, including $194,334 in mortgage debt, $22,190 in car loans, and $6,754 in credit card debt. As they enter retirement, many Boomers face challenges becoming debt-free, with 53% of older households still owing money. With financial preparedness being crucial, strategies like the debt snowball method can aid in managing and reducing debt effectively before fully retiring.
In 2024, Baby Boomers had a collective total of $4.50 trillion in debt, with many retirees finding themselves financially unprepared for retirement.
While most back in the day focused on paying off debt before retirement, this is becoming less common among Baby Boomers.
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