U.S. Retirement Crisis

More seniors are filing for bankruptcy, leaving many to question if America is facing a “retirement crisis.” U.S. Retirement Crisis According to a paper by academic researchers affiliated with the Consumer Bankruptcy Project, “Older Americans are increasingly likely to file consumer bankruptcy and their representation among those in bankruptcy has never been higher.” So what’s the potential reason? High health care costs and insufficient income are major factors. These issues stem mostly from a decreasing social safety net and changes in retirement plans. Comparing data from the Consumer Bankruptcy Project between 1991 and the newly released numbers, researchers found more than a two-fold increase in the rate at which Americans aged 65 or more years filed for bankruptcy and an almost five-fold increase in the percentage of older Americans in the U.S. bankruptcy system. “The magnitude of growth in older Americans in bankruptcy is so…

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