Americans 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.
Excerpt from LinkedIn Daily Rundown published on August 6, 2018