Pay Down Debt Or Save? The Spock Vs. McCoy Debate

April 30, 2013 | | Forbes |

Dangers for Boomers’ Debt and Savings

Here’s the rub: Alarm bells are going off about both the size of midlifers’ debts and their limited savings.

On the debt side, the nonprofit National Foundation for Credit Counseling says one-third of its 3 million clients last year were 55 or older. More than 41% of families with heads of household between age 55 and 64 had credit card debt in 2010 (up from 33% in 1989), according to the AARP Public Policy Institute and the Demos research group. The median total debt for 55- to 64-year-old households is $76,600, says the Employee Benefits Research Institute.

The savings picture isn’t any better.