(NewsNation) — More American retirees have credit card debt than before, a “substantial” jump over the last four years, a new survey found.
Sixty-eight percent of retirees reported having outstanding credit card debt in 2024 compared with 40% in 2022 and 43% in 2020, according to the Employee Benefit Research Institute’s 2024 Spending in Retirement Survey.
The survey asked retirees between 62 and 75 years old about their spending habits and found 31% said “their spending is much higher or a little higher than they can afford in 2024,” which is nearly double the 2020 figures.
About half of the 3,600 respondents said they saved less than what was needed for retirement.
Fewer people in retirement have three months of emergency savings compared to two years ago.
“Given their economic circumstances during retirement,” the survey said, “half of the retirees said they saved less than what was needed for retirement.”
