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Home >> Elderly Under More Debt

Elderly Under More Debt

March 12, 2013 by Robert Kulas. Leave a Comment

New research shows that elderly Americans are more likely to have experienced a growth in their debt over the recent years. Most of the time these unpaid for expenses are the result of unexpected medical costs.

The Employee Benefit Research Institute recently released a new analysis of government information and found that between 2007 and 2010 many seniors saw their debt increase and were more likely to have acquired debt during that time.

For those aged 75 and older, almost 39% of them had debt in 2010, up from just over 31% in 2007. Additionally, individual debt amounts doubled from a 2007 level of just under $13,700, to 2010 level of just over $27,400.

During that same time people between 55 and 64 saw a decrease in debt, from about 82% to about 78%. People between the ages of 65 and 74 had a steady chance to have debt at about 65%.

Additionally, the average amount of debts for people between the ages of 55 and 64 fell from 2007 levels of about $112,000 to the 2010 level of about $107,000. Similarly, debt for those between the ages of 65 and 74 fell from about $73,000 to about $71,000.

Researchers also noted that younger Americans seem to be taking on much more debt than previous generations, and also appear to be paying it off much more slowly. This means that as younger people get older they may have far larger debt loads than their parents and grandparents.

Filed Under: Elder Law, Estate Planning Tagged With: elder law, financial planning

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Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

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I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

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Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

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I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

Joan C.
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We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

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