Lusardi, AnnamariaMitchell, Olivia S.Oggero, Noemi2023-05-232023-05-232020-05-062019-09-20https://repository.upenn.edu/handle/20.500.14332/43910We analyze debt and debt management of Americans nearing retirement age, to document that older people have numerous financial obligations that can lead to financial distress. Using data from the 2015 National Financial Capability Study and drawing on an extensive literature review, we show that lack of financial literacy, lack of information, and behavioral biases help explain the prevalence of debt later in life. Our evidence indicates that debt at older ages can negatively influence retirement well-being.The content is solely the responsibility of the authors and does not necessarily represent official views of the TIAA Institute or the Wharton School’s Pension Research Council/Boettner Center. ©2020 Lusardi, Mitchell, and Oggero. All rights reserved.Older adultsdebtNational Financial Capability Studyfinancial understandingEconomicsWorking Paper