Student Loan Debt Threatens Retirement Security for Older Americans

Millions over 55 face financial instability as they struggle to repay student loans, impacting their ability to retire comfortably.

Over 2.2 million people aged 55 and older have outstanding student loans, according to Federal Reserve data.
Nearly 40% of those over 65 have defaulted on their student loans, risking garnishment of Social Security benefits.
Older workers with lower incomes are particularly vulnerable, with many earning less than $54,600 annually.
Policy changes such as debt forgiveness and preventing Social Security garnishment could alleviate these financial pressures.
Experts advise older borrowers to explore income-driven repayment plans and seek financial counseling.