Looking ahead to retirement is something that is a big issue for many baby boomers getting closer to prominent retirement ages of 50 and beyond. However, an exploration of the finances of people in this age category indicates problems with burdensome debt. 

According to the University of Michigan Retirement Research Center, more Americans are carrying heavy debt levels into their 50s and beyond.

More than 20,000 Americans in this age category were asked about their financial topics. The average amount of debt they are covering is $17,623 with 42% of Americans carrying that debt.

The average debt load in 2012 was $3,634. One-third of this was non-mortgage debt carried on a month to month basis. This presents a significant challenge and limited opportunities for people approaching retirement age who may want to have as many options as possible to protect their interests, support themselves in retirement and pass on assets to their loved ones.

If you find yourself in the situation of having debt or having recently paid off debt such that you have more assets, you should consult with both a financial planning and an estate planning attorney to get a better perspective on the facts you need to evaluate in your future.