Debt among older Americans is rising, both in terms of the number of older households carrying debt and the amount borrowed.
The federal government has the authority to take up to 15% of Social Security benefits to repay defaulted student loans, a practice that has affected thousands of seniors. Several proposals are now seeking to limit or eliminate this authority.
Proponents of the measures argue that Social Security benefits should be protected from wage garnishment and debt collection, particularly for vulnerable retirees whose incomes depend primarily on these payments. Critics of the current practice say it leaves older Americans with insufficient funds for basic living expenses.
