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shAARP Talk: Observations from AARP

(Category: Financial Security)

Alejandra Owens | August 28, 2008 | 11:21 AM
Alejandra Owens

3 Comments

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.

Comments

Viola Sweet says:

I lost my home last year too in Florida gave it back to mortgage company
only to find myself in foreclosure after bankruptcy was over how is that?
now on disability from the money that I earned working all my life with nothing left now I work on a budget to pay bills and medicine all the
government programs want to make sure you don't have a penny left to
live so we are all in trouble in the us we should of been taking care
our own along time ago .now is the time for our country to take care of
issues fast and in the future to learn how to protect our home land and
stay out of debt if the leaders can't help our people they shouldn't be
helping others!

10/01/08 2:52 PM

Lee says:

We need a financial relief package. The failure of the stock market affects more than just the rich, it affects our senior's retirement income as well as our middle class citizens that participate in an IRA. Not all that participate in the market are wealthy. Failure also affects all business and especially small business, employment and unemployment. Our nation cannot afford to ignore the immediate need and we can't treat this like it is a way to get even with those that have because it will be devastating to the have nots as well. It is not a time to play politics, it's a time to do what is best for our country.

10/02/08 1:30 AM

Spencer Black says:

Can Social Security Survive ?

Obama has vowed to STABALIZE Social Security, whereas McCain's intent is to PRIVATIZE S.S. (a la Bush's plan).
To Privatize is to ENRONize, or to LEHMANize; resulting in Senior Citizen's bottom line becoming ,,,,,,"What's (no longer) in your wallet" ?
Entrusting the vital Social Security program to McCain would be akin to appointing O.J.to administer the Department of Justice.

10/02/08 11:19 AM

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