That is their money.

In 2022, 65% of people ages 65 to 74 had debt, up from 50% in 1989. In 2022, 53% of households headed by someone 75 or older had debt, compared to 32% in 1992.

In fairness, this article is pure bait. It neglected the rising cost of living for people on fixed incomes and treats these draw downs on savings as a frivolity, rather than a consequence of inflation on senior care and medical needs.

But liquidating household assets via instruments like reverse mortgages and loans against large savings accounts and pensions can mean saddling your children and grandchildren with big debts even after you’re gone.