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IN the old days, senior citizens are supposed to be enjoying their golden years. They have worked so hard and planned their retirement diligently and carefully to retire with bliss.
Not anymore! According to the AARP, the rate of personal bankruptcies filed by people age 65 and older grew by 125 percent from 1991 to 2007. The statistics are even more shocking for people in the age range of 75 to 84. Their bankruptcy rate expanded by a whopping 433.3 percent.
These figures are not only abysmal, they are truly terrifying. What has caused the shocking rise in financial woes for senior citizens? We could not exactly pinpoint just one reason, rather complex and varied causes.
Inflation has risen dramatically, but pensions and retirement incomes have remained stagnant. In fact, with the failure of some companies, some pensions have been cut or have disappeared entirely. With longer life expectancy, pensions and retirement savings aren’t just enough to sustain longer retirement years anymore.
Faced with skyrocketing costs for medical care, prescription drugs, food and utilities, many seniors often turned to credit cards to get what they must have for survival. Now they find themselves drowning in debt, struggling to meet the minimum payments and unable to afford the necessities of life.
Our office has witnessed too many seniors who can barely survive financially because their credit card debts consume most of their income, which is often limited to just social security and pension plan payments.
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