Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

2/26/2013 (2 years ago)

Catholic Online (

'Golden Years' vanish as those over 75 years of age struggle to make ends meet

For many Americans, the "golden years" remain far away, no matter what their age. A new study has found that Americans older than the age of 75 have become increasingly burdened with debt in order to make ends meet.

Experts say a likely culprit of today's elder debt is incurred through medical expenses.

Experts say a likely culprit of today's elder debt is incurred through medical expenses.


By Catholic Online (NEWS CONSORTIUM)

Catholic Online (

2/26/2013 (2 years ago)

Published in U.S.

Keywords: Elder Americans, debt, medical expenses

LOS ANGELES, CA (Catholic Online) - Experts say a likely culprit of today's elder debt is incurred through medical expenses.

According to the Employee Benefit Research Institute, between the years of 2007 and 2010, people who are 75 and older were more likely to have debt. In addition, their average debt levels increased significantly. These figures are in stark contrast to other older Americans in their 50s and 60s, who generally saw their debt levels stabilize during that period.

The good news is that people ages 75 and older are much less likely to have debt, and generally carry far less debt, than other older Americans. It's still troubling to see that the trend for that group to see debt increasing, rather than decreasing, debt burdens.

"It really looked like something wasn't going well for them," Craig Copeland, a senior research associate with EBRI and the report's author says.

He suspects that many Americans who are 75 and older have few options but to take on debt when a big unexpected expense arises, because many are living on fixed retirement incomes and don't work. This puts certain options such as taking on a second job in order to reduce their debt burden.

Although many older Americans are covered by Medicare, Copeland noted that many are still on the hook for co-pays and other out-of-pocket expenses. A person with a limited income can have their finances thrown into disarray by one unexpected event, such as a broken hip that requires significant co-pays or the sudden need for a very expensive prescription that isn't fully covered.

"In a lot of cases it seems to be that health care is a particularly vexing issue," he said.

The percentage of people 75 and above who had debt grew from 31.2 percent in 2007, the year the nation went into recession, to 38.5 percent in 2010. The average amount of debt for those with debt also more than doubled, from $13,665 in 2007 to $27,409 in 2010.

The debt loads were far greater for people in their 50s and 60s, but trend lines were far less troubling. The percentage of people ages 55 to 64 that held debt fell from 81.7 percent to 77.6 percent. For people ages 65 to 74, the percentage holding debt held steady at about 65 percent.

The average debt for 55- to 64-year-old debt holders fell from $112,075 in 2007 to $107,060 in 2010. For people ages 65 to 74, average debt fell from $72,922 in 2007 to $70,875 in 2010.


Pope Francis: end world hunger through 'Prayer and Action'

Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for October 2015
That human trafficking, the modern form of slavery, may be eradicated.
Evangelization: That with a missionary spirit the Christian communities of Asia may announce the Gospel to those who are still awaiting it.


More U.S.

MIRACLES DO HAPPEN: Days-old baby girl buried alive pulled to safety in California Watch

Image of Following the child's muffled cries, police eventually found the girl in a crevice along the biking path. Wrapped in a blanket, covered with a layer of rocks and rubble, the girl was cold - but alive.


While much still needs to be learned - authorities here in Compton, California are gratified to learn that miracles still happen. A days-old baby girl, estimated to be only two to three days old, has been pulled to safety from a riverbed after a passerby heard ... continue reading

Who Needs Advent? I do! Watch

Image of The candle is a symbol of Advent because it is a symbol of Jesus Christ, the Light of the world, who is always coming to those with the eyes of living faith.

By Deacon Keith Fournier

Jesus Christ is not just a memory to the Christian with living faith. He is alive in our midst and living His Life in and through His Body, the Church, of which we are members. The redemptive mission of the Lord Jesus continues until He returns. As Christians, we ... continue reading

BIGGER THAN ISIS - There's a hidden power behind ISIS and it's so big and so powerful, you won't believe this MASSIVE SHOCKING fact about it! Watch

Image of Obama is the titular head of the world's most nefarious terrorist organization, a title he may have inherited from his predecessor, and that will be passed to his successor.


If you were asked, what is the greatest hoax ever perpetrated in human history, how would you answer? Global warming? Vaccines? The Moon Landing? Entire religions?  (Not that we agree with these). But what would you say? In a moment, we're going to offer an answer ... continue reading

'Black Friday' leaving bruises as shoppers trample each other for best deals Watch

Image of Sales for pricey items such as electronic devices erupt into violence on


Everyone has had their turkey leftovers from the previous day's Thanksgiving Feast - and now it's out the door to the nearest "big box" store in a mad scavenger hunt called "Black Friday," where shoppers trample each other for the best deals then can get just before ... continue reading

President likens Syrian refugees to pilgrims on Mayflower in Thanksgiving address Watch

Image of The president then went on to say that, all Americans must open their neighborhoods, their homes, and hearts to Syrian refugees.


United States President Barack Obama called on Americans to welcome Syrian refugees this Thanksgiving season, who - like the pilgrims that set sail on the Mayflower, were likewise fleeing persecution in their native land. LOS ANGELES, CA (California Network) - ... continue reading

Happy Thanksgiving Day: Give Thanks with a Grateful Heart Watch

Image of Around tables throughout America, children, grandchildren and great-grandchildren gather with mothers and fathers, Grandpas and Grandmas, extended family, neighbors and friends to thank God and one another. And then, we feast; not only on the food, but even more importantly, on the gift of the love which informs all family relationships and true friendships, the real source of lasting joy, the love of the God who gave us life and liberty.

By Deacon Keith Fournier

Happy Thanksgiving Day. May it be a day for love and gratitude. No matter how difficult the challenges we face as a Nation, we have much to be grateful for. As we give thanks, we will find the strength we need to love even more fully. As we practice regularly ... continue reading

New ISIS video taunts United States to 'bring it on' Watch

Image of While the video is pumping up Islamist State, the fact of the matter is is the group is suffering heavy losses on the ground form allied bombardment, especially since Russia began bombing the group


A new video from the Islamic State is highlighting the high number of U.S. soldiers who commit suicide, in effect to tell the world's last remaining superpower to "bring it on." U.S. President Barack Obama has since dismissed ISIS as "a bunch of killers with ... continue reading

Horrific outrage erupts over proposed mosque in Virginia after Paris attacks Watch

Image of The Muslim community in Fredericksburg, Virginia has received support from the local Christian and Jewish clergy.


"Nobody wants your evil cult," declared a man at a zoning meeting in Fredericksburg, Virginia. He was lobbing his invective at several American Muslims there over a proposed mosque to be built there. "Every one of you are terrorists. I don't care what you say. ... continue reading

The revealing truth behind the traditional presidential Thanksgiving turkey pardon Watch

Image of President Ronald Reagan was the first U.S. president to use the word


President Obama will pardon two turkeys - named Tom One and Tom Two - from a turkey farm in Modesto California on Thanksgiving Eve as part of an annual presidential tradition. Obama will make a few jokes with his family and then pardon the turkeys to live out ... continue reading

'Domestic terrorism': 5 People shot during Black Lives Matter protest in Minneapolis Watch

Image of Despite a shooting at a Minneapolis Black Lives Matter protest, the group plans to return to the precinct to continue their protests.


Protesters were standing outside the 4th Precinct in Minneapolis for Black Lives Matter in the case of 24-year-old Jamar Clark when gunshots rang out. LOS ANGELES, CA (Catholic Online) -Five protesters were shot outside the police station Tuesday afternoon as one ... continue reading

All U.S. News


Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Subscribe to Catholic OnlineYouTube Channel

the FEED
by Catholic Online

  • Prayer For Courage HD Video
  • Daily Readings for Monday, November 30, 2015
  • St. Andrew: Saint of the Day for Monday, November 30, 2015
  • MIRACLES DO HAPPEN: Days-old baby girl buried alive pulled to safety ...
  • The Miracle Prayer HD Video
  • CRYBABY KILLER: Islamist State fighter breaks down in tears after ...
  • GRAPHIC IMAGES: Islamic extremist shown being BLOWN UP while making ...

Daily Readings

Reading 1, Romans 10:9-18
9 that if you declare with your mouth that Jesus is Lord, and if you ... Read More

Psalm, Psalms 19:2-3, 4-5
2 day discourses of it to day, night to night hands on the ... Read More

Gospel, Matthew 4:18-22
18 As he was walking by the Lake of Galilee he saw two brothers, Simon, ... Read More

Saint of the Day

Saint of the Day for November 30th, 2015 Image

St. Andrew
November 30: Andrew, like his brother Simon Peter, was a ... Read More