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Seniors Increasingly Facing Bankruptcy

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posted on Jun, 18 2008 @ 02:17 PM
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Seniors Increasingly Facing Bankruptcy


money.aol.com

From 1991 to 2007, the rate of personal bankruptcy filings among those ages 65 or older jumped by 150 percent, according to AARP, which will release the new research from the Consumer Bankruptcy Project. The most startling rise occurred among those ages 75 to 84, whose rate soared 433 percent.

The study did not address the specific reasons behind the trend. But experts say medical bills have played a major role in the debt that has forced many elderly Americans into bankruptcy proceedings.

"Health care is a big issue for the elderly," says George Gaberlavage, director of consumer and state affairs at the AARP Public Policy Institute. "And out-of-pocket expenses have been going up."
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posted on Jun, 18 2008 @ 02:17 PM
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Boy does this hit home. My folks, although they haven't filed bankruptcy, are STILL working, trying to pay off debts and survive, and they're not sure if they're ever going to be able to retire, particularly with the costs of EVERYTHING sky-rocketing. Pretty sad that less and less seniors are enjoying their golden years, and instead shelling out all of their gold to survive.


"In past generations, older Americans were more financially secure," says Elizabeth Warren, a Harvard Law professor and co-author of the Consumer Bankruptcy Project study. "Now, instead of going into retirement loaded with assets, Americans are hitting their retirement years loaded with debt."

In previous decades, Warren notes, Social Security helped lift millions of older Americans into a solidly middle-class life. But now, with the rising cost of food, drugs and housing, Social Security often doesn't go far enough.




money.aol.com
(visit the link for the full news article)



posted on Jun, 18 2008 @ 02:57 PM
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isn't it sickening to think that you work hard all of your life and you never enjoy the things that you are owed for all of that work . thats the reward for your time , effort and honesty . not even to mention fighting in wars for the country you have been raised to love all of your life . and still in the end they screw you over .
i'vg always thought since i was a child that we as humans were not put here to work until the day you die. insects are here to work until the day you keel over and then another is hatched to take your place . what good is life if there's no time to enjoy it because your working till the very last minute.
there needs to be a way for all elderly people of this country to be able to live out their last years in enjoyment and not have to worry about going bankrupt or not having any health care issues . hell we as the younger generations owe it to them for paving the way for our easy lives that we live today .



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