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Older Americans dipping into retirement funds to pay off credit cards

A new study shows more than one in four households with a 401k or other retirement account will withdraw some or all of it to pay for non-retirement needs, such as college tuition or mortgages. NBC's Chris Jansing reports.

Tonight on NBC Nightly News, Chris Jansing reports on a new study that shows Americans age 50 and older are carrying an average of $8278 in credit card debt, thousands more than younger people. In addition, nearly 18 percent of those nearing retirement said they are using their retirement funds to pay down credit card debt.

Debra Whitman, Executive Vice President, AARP says for the first time, people over 50 have more credit card debt than younger people.

Click here to visit the AARP's website and learn more about the Middle Class Security Project, and tune in tonight to see our full report. 

We've posted previous segments from our Road to Retirement series below. 

Find out what it takes to get back on track, even if you started saving late. NBC's Anne Thompson reports.

NBC's Anne Thompson and Jean Chatzky on how to make up for lost time if you're behind in your retirement savings.

Single women over the age of 60 are facing retirement, increasingly uncertain about their financial future. Some even say they can no longer afford to retire. NBC's Chris Jansing has more.