Money | debt 56% of Americans Retiring With Debt And most were unwilling to delay retirement to chip away at it By Kate Seamons Posted Jan 9, 2011 6:37 PM CST Copied In this Oct. 1, 2010 photo, Sandra Bennerson, 66, a retiree on a fixed income, shops for bargains at Target. (AP Photo/Bebeto Matthews) Financially speaking, now isn't such a great time to be a new veteran. Or a resident of Nevada. And it's definitely not a good time to be retiring. Newsweek pulls together a handful of recent studies regarding Americans entering their golden years that are downright depressing. Among them: Bankruptcies are up: In 2001, Americans age 55 and up made up 12% of bankruptcies in the country; now they account for more than 20%, according to a study by a University of Michigan professor. Debt at retirement: What safety cushion? A study by nonprofit personal-finance firm CESI Debt Solutions found that a whopping 56% of retirees bid adieu to the workforce with debts on the books. And almost all of those in-the-red retirees refused to delay retirement to chip away at what they owe. Old debtors vs. young debtors: With age comes ... more debt. The University of Michigan study also found that those retirees with debt owed credit cards 50% more than their younger counterparts. Why? The CESI survey found that 75% of respondents listed medical or funeral expenses as the reason for that debt. Read These Next Trumps ends trade talks with Canada. Actor Sam Rockwell gets residuals from movie he wasn't in. Gavin Newsom has filed a massive lawsuit against Fox News. President Trump celebrates a 'giant' Supreme Court win. Report an error