NY25-07: A Mixed-Methods Analysis of the Impact of Student Debt on Retirement Security and Claiming Age

Student loans are presented as a personal investment designed to increase future earnings and thus encourage wealth creation; however, for the estimated 2.2 million people over the age of 55 with outstanding student loans such debt may also limit retirement wealth creation. Student loans may also encourage older debtors to claim Social Security benefits at an early age as well as to delay the decision to retire, especially among lower-income and minority racial/ethnic groups. Using a mixed methods approach that combines quantitative regression analysis of Survey of Consumer Finance (SCF) and Survey of Income and Program Participation (SIPP) data paired with qualitative structured interviews, we will examine the relationship between student debt and retirement security, Social Security claiming, and retirement timing to uncover how student debt interferes with social security policies.