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Former Vice President Dick Cheney honored at funeral<\/p>\n
Former Vice President Dick Cheney was honored at his funeral in Washington’s National Cathedral.<\/p>\n
More Americans are going into debt after a loved one\u2019s death.\u00a0<\/p>\n
That\u2019s\u00a0one\u00a0finding from\u00a0an\u00a0annual survey<\/a>\u00a0by Debt.com, which examines how people finance\u00a0end-of-life costs.\u00a0<\/p>\n The survey found that 37% of Americans have taken on debt after a loved one\u2019s death, the highest figure in three\u00a0recent\u00a0years of polling. Of those who assumed debt, 59% used credit cards.\u00a0The survey reached 1,000 Americans in October.\u00a0<\/p>\n \u201cThis one was a little shocking,\u201d said\u00a0Howard Dvorkin<\/a>, chairman of Debt.com. \u201cAnd it kind of makes sense.\u201d\u00a0<\/p>\n Inflation has lifted consumer prices by at least 24% since early 2020, according to\u00a0Bankrate<\/a>, seeding recent talk of a national\u00a0affordability crisis<\/a>.\u00a0\u00a0<\/p>\n In the Debt.com survey, 4 in 10 Americans said they couldn\u2019t cover\u00a0future\u00a0funeral costs for a loved one\u00a0without going into debt.\u00a0\u00a0<\/p>\n Generation X is deepest in debt over death, with 43% reporting they have taken on debt for funerals and other expenses.\u00a0\u00a0<\/p>\n Americans underestimate end-of-life costs<\/p>\n Americans may also be underestimating funeral costs. In the Debt.com survey, 22% of respondents opined that the average funeral costs less than $5,000, and\u00a0most\u00a0put the cost at less than $10,000.\u00a0<\/p>\n A survey by the insurance company\u00a0Choice Mutual<\/a>, published in September, reported similar findings.\u00a0More than half of respondents\u00a0ages 45 and over\u00a0pinned funeral costs at less than $10,000.\u00a0That poll, conducted by YouGov, reached 2,502 adults.\u00a0<\/p>\n As of 2023, the median cost of a funeral nationwide was $7,848, according to the\u00a0National Funeral Directors Association<\/a>. But that figure is two years old. Some in the industry say\u00a0funeral\u00a0costs are now significantly higher.\u00a0<\/p>\n \u201cWhen you factor in funeral services, the casket, printed materials, professional services, body transportation and preparation,the total can easily approach $15,000\u00a0to\u00a0$20,000,\u201d said\u00a0Anthony Martin<\/a>,\u00a0CEO\u00a0of Choice Mutual.\u00a0<\/p>\n In the Choice Mutual survey, only 39% of older adults said they had taken steps to prepare for the financial costs that will follow their own death.\u00a0\u00a0<\/p>\n We don’t like to think \u2013 or talk \u2013 about death<\/p>\n Both reports touch on a recurring theme\u00a0in the funeral and estate planning worlds: Many\u00a0Americans don\u2019t like to think or talk about death.\u00a0\u00a0<\/p>\n Most\u00a0Americans understand the importance of estate planning, but only 31% have a will, according to the Trust & Will\u00a02025 Estate Planning\u00a0Report<\/a>.\u00a0\u00a0<\/p>\n More than half of Americans have no estate plan, according to the report, which draws on\u00a0a\u00a0survey of 10,000 adults.\u00a0\u00a0<\/p>\n Even when older Americans have estate plans,\u00a0many\u00a0are reluctant to talk about them, according to a\u00a0Nov. 13 report<\/a>\u00a0from Fidelity Investments.\u00a0\u00a0<\/p>\n \u201cMost people are not having the family conversation,\u201d said\u00a0Cody Barbo<\/a>, founder and CEO of Trust & Will. \u201cPeople know that this is important, but they don\u2019t get around to doing it.\u201d\u00a0<\/p>\n When there’s no funeral plan, survivors scramble<\/p>\n When people die without\u00a0end-of-life plans, survivors are often left scrambling.\u00a0<\/p>\n \u201cThey have to make all of these choices on how to memorialize a loved one, all while they\u2019re freshly grieving a loved one,\u201d said Martin of Choice Mutual.\u00a0\u00a0<\/p>\n In their haste\u00a0and\u00a0grief, survivors may end up making rash decisions on funeral arrangements they cannot afford.\u00a0<\/p>\n \u201cMost people, they go into a funeral home and they\u2019re like, \u2018I just want to be done with it,\u2019\u201d Martin said. \u201cThey\u2019re probably not going to scrutinize the costs. They\u2019re probably not going to call five places and compare.\u201d\u00a0<\/p>\n Here\u00a0are a few tips on managing end-of-life expenses, from the nonprofit\u00a0Funeral Consumers\u00a0Alliance<\/a>:\u00a0<\/p>\n Plan ahead\u00a0<\/p>\n It\u2019s tough to walk into a funeral home after a loved one has died and start shopping for funeral arrangements.\u00a0<\/p>\n A candid conversation\u00a0ahead of time\u00a0can help families decide which services matter, and which do not. Choices include burial vs. cremation, whether to hold a graveside service, and whether to have\u00a0a\u00a0formal\u00a0funeral or a more informal memorial.\u00a0<\/p>\n \u201cHaving the conversation is\u00a0probably\u00a0the most important thing,\u201d said Barbo of Trust & Will.\u00a0<\/p>\n Know\u00a0your consumer rights\u00a0<\/p>\n