Vawn HimmelsbachSat, Jul 5, 2025, 2:00 PM 6 min readImagine this scenario: Christopher is a 72-year-old retiree with multiple medical conditions that limit his mobility. He has no retirement savings, so he’s living off Social Security alone and supplementing this income with credit cards.But now he’s racked up $77,000 in credit card debt and faces some hard choices.I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast)Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's howWant an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do itChristopher is stuck in a cycle where, after making his minimum credit card payments each month, he has little left over from his Social Security check. So, he then uses his credit cards to cover the gap.One bright spot in Chistopher’s financial journey is that he’s paid off his house and has equity of about $350,000. He wants to leave the house to his adult children, but doesn’t know whether it makes more sense to sell his home to pay off the debt and downsize — or to simply ignore the debt for his remaining years.To figure out what's best, let's get into the numbers.Nearly half of Americans 50+ carry credit card debt from month to month, along with 42% of Americans aged 65 to 74, according to a recent survey from AARP.The survey also notes that about half of older adults who have credit card debt feel financially insecure. Of those in this group, more than half have credit card balances of $5,000 or more — and nearly half say their balance has grown from the previous year.So, why are Americans 50 and older carrying so much debt? In many cases, it has nothing to do with frivolous spending — the top reasons include the cost of everyday expenses, as well as vehicle and housing costs. Many also report that health care has contributed to their debt.Retirees do have some options for reducing debt, such as cutting back on expenses, using some of their savings or even working part-time. They could also consolidate their debt and perhaps negotiate a better rate, use the cash value of an insurance policy to pay off the debt, or even take out a reverse mortgage. It could be helpful for retirees who are in debt to chat with a financial advisor about their options.In Christopher’s case, his expenses have already been cut as he spends most of his money on health care and paying back his credit card debt. And he’s in a cycle where not taking on new debt would mean skimping out on food or medical care.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,279.35 +51.93 (+0.83%)Dow 3044,828.53 +344.11 (+0.77%)Nasdaq20,601.10 +207.97 (+1.02%)Russell 20002,249.04 +22.66 (+1.02%)VIX17.48 +1.10 (+6.72%)Gold3,346.50 +3.60 (+0.11%)PortfolioSign in to access your portfolioSign inTop gainersBMNR Bitmine Immersion Technologies, Inc. 135.00 +76.50 (+130.77%)RUN Sunrun Inc. 10.50 +1.51 (+16.80%)TRIP Tripadvisor, Inc. 17.50 +2.51 (+16.74%)DDOG Datadog, Inc. 155.15 +20.14 (+14.92%)SYM Symbotic Inc. 47.91 +5.71 (+13.53%)Top losersLEN Lennar Corporation 110.12 -4.69 (-4.09%)LEN-B Lennar Corporation 105.62 -4.37 (-3.97%)ESGRP Enstar Group Limited 19.45 -0.79 (-3.91%)HOOD Robinhood Markets, Inc. 94.40 -3.58 (-3.65%)BG Bunge Global SA 78.44 -2.95 (-3.62%)Most activeLCID Lucid Group, Inc. 2.1600 +0.1100 (+5.37%)NVDA NVIDIA Corporation 159.34 +2.09 (+1.33%)INTC Intel Corporation 22.49 +0.61 (+2.79%)F Ford Motor Company 11.81 +0.04 (+0.34%)TSLA Tesla, Inc. 315.35 -0.30 (-0.10%)Earnings eventsTrending tickersXRP-USD XRP USD 2.27 +0.05 (+2.03%)TSLA Tesla, Inc. 315.35 -0.30 (-0.10%)LKNCY Luckin Coffee Inc. 38.49 +0.50 (+1.32%)STZ Constellation Brands, Inc. 172.32 -1.55 (-0.89%)BONK-USD Bonk USD 0.00 +0.00 (+20.07%)Top economic eventsPowered by Money.com - Yahoo may earn commission from the links above.