Uh-oh. A new study shows that the bankruptcy rate is apparently sky-rocketing among older Americans. Via NPR:
The Consumer Bankruptcy Project examined a sampling of noncommercial bankruptcies filed between 1991 and 2007. Researchers found that the older the age group, the more bankruptcies there were. People 65 and up were more than twice as likely to file during that period, and the filing rate for those 75 and older more than quadrupled.
Harvard Law Professor Elizabeth Warren, one of the study’s authors, said older Americans are hit by a one-two punch of having to keep working but facing medical problems, and the two are often intertwined.
People are entering retirement with debt, still struggling to pay off their mortgages. Between that and paying for medical treatment, it makes sense so many are going bankrupt! Not good.