The Average 65-Year-Old Has This Much Debt — How You Compare

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Carrying debt well into your 60s isn’t all that uncommon, and nothing to be ashamed of.

Factors like longer loan terms, inflation and rising housing costs have most likely contributed to higher loan balances for Americans who are nearing retirement age. In fact, recent data shows that the average 65-year-old is more likely to have a mortgage, auto loan and even credit card debt compared to retirees a generation ago.

Here’s how much debt they’re carrying so you can see how it stacks up against yours. 

Average 65-Year-Old Debt Load

Available data and research don’t point to specific ages and instead, point to age range. The closest data for a 65-year-old is the age range for 64 to 74-year-olds. This group has been carrying historically high balances.

According to Federal Reserve data found from the National Reverse Mortgage Lenders Association (NRMLA), Americans in this age range have an average debt load of $134,950. 

In separate reporting from Next Avenue, the publication found that the median total debt for the same age range is $45,000. And about 65% of adults in this group have at least one type of debt. 

The Non-Mortgage Debt Snapshot for Retirement-Age Adults

Even 65-year-olds who have paid off their homes still tend to carry some form of debt that can impact their budget and spending. 

A 2025 LendingTree analysis found that around 97.1% of Americans between the ages of 66 to 71 have some form of debt that’s not their mortgage. Their median non-mortgage debt balance? About $11,349. Some of these loans include personal loans, auto loans, credit card balances and even student loan debt. 

What It Means If You Have More Debt Than the Average 65-Year-Old

Just because you have more than the average of $135,000 in debt that the average 64-to-74 year old carries, doesn’t mean you’re in dire straits. It simply means that you have a high amount of debt in which you need to make a plan to tackle.

If your debt is mostly tied to your mortgage and you’re making regular payments, you’re probably fine. Maybe your income from your job or Social Security checks are enough. Especially so if you have a low interest rate, and you’ve planned on this payment into your retirement years.

However, if a lot of it consists of high-interest debt payments, then you may need to make a more aggressive plan. Those who are retiring soon may find it hard to keep up with payments, especially on a fixed income. 

In this case, see what you can do about it now. It could even be trying to find ways to earn more, or delay your retirement until you can pay down your balance. 

What It Means If You Have Less Debt Than the Average

Having debt lower than what the data shows could mean that you’re in a pretty strong financial position. You may already have a plan on how you’ll tackle the rest of your debt, and have more flexibility with your retirement income once you do leave your job.

Since debt isn’t the only factor that affects your financial health, now is the time to look at other areas like whether you have a sufficient emergency fund or enough income to pay for costs like healthcare and food. It’s these factors that will give you a better picture of your finances. 

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