Did you know the rate of people 65 and older filling for bankruptcy is three times what it was in 1991? Many older Americans’ traditional ideas of retirement are being put on hold due to vanishing pensions, soaring medical expenses and inadequate savings. This trend has been building for three decades, with research suggesting the shift of financial risk from government and employers to individuals to be a big culprit.
The weight of financial responsibility these individuals face has become too much for many to bear. There are now longer waits for full Social Security benefits, 401(k) savings options as opposed to employer-provided pensions and more out-of-pocket healthcare costs. This shrinking social safety net compounded with declining incomes in and leading up to retirement can spell trouble.
Is it too little too late for these older Americans filling for bankruptcy? Read the full story on The New York Times.