Baby Boomers are facing retirement while carrying substantial debt, particularly medical debt. A recent ruling struck down a CFPB rule that would have removed medical debts from credit reports, hindering financial relief. In 2024, Boomers held $4.50 trillion in debt, showing a slight decrease from the previous year. Traditional views suggest paying off debt before retirement; however, many Boomers might not meet this goal. Strategies such as the debt snowball method or refinancing could assist in managing and reducing their financial obligations before retiring.
Baby Boomers are retiring with substantial debt, affecting their financial stability and retirement ease. They face challenges paying off high-interest debt, which should ideally be cleared before retirement.
In 2024, Baby Boomers collectively held $4.50 trillion in debt, down slightly from $4.58 trillion in 2023. Challenges remain as many Boomers hold more debt compared to prior generations.
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