Aug 20, 2018
Newspaper headlines indicate that the economy is booming. But thousands of older people in the U.S. must not have seen the memo! According to a recent study, done looking at data on the age of bankruptcy filers going back to 1991, older people in the U.S. are filing for bankruptcy in record numbers.
Yes, some people are living longer and so their incomes have to stretch longer. But the main reasons for seniors’ financial problems are skyrocketing medical costs, pension reductions and no cost of living increases. Often seniors support both children and grandchildren financially, not only with housing, but with higher education costs.
And for thousands of people, there is no such thing as retirement. People are working all their lives only to find themselves poorer, and working into their 70s to make ends meet.
They say that the treatment of the elderly is a barometer of the overall health in any society. The U.S. is clearly in the intensive care unit!