More Older Americans Declare Bankruptcy

Excerpt from LinkedIn Daily Rundown published on August 6, 2018

RetirementAmericans aged 65 and older are filing for bankruptcy three times as much as they were in 1991, according to a new study from the Consumer Bankruptcy Project. And although 12.2% of all bankruptcy filers are now 65 or older (up from 2.1% in 1991), the aging of baby boomers doesn’t account for such a significant jump. The only explanation is structural shifts such as waiting longer for Social Security benefits, employer-provided pensions being replaced by 401(k) savings plans, greater medical costs and declining incomes, according to the report. Here’s what people are saying.

Author: chapterpresident

I have worked in the FDA since 1990 in a variety of positions. I currently serve as chapter president of NTEU Chapter 254, representing FDA employees in Arkansas, Colorado, Iowa, Kansas, Missouri, Nebraska, New Mexico, Oklahoma, Texas, and Utah.