Aug 6, 2018
Bankruptcy booms among older Americans
"The rate of people 65 and older filing for bankruptcy is three times what it was in 1991, ... and the same group accounts for a far greater share of all filers," the N.Y. Times' Tara Siegel Bernard reports.
Why it matters: Individuals "are bearing an ever-greater responsibility for their own financial well-being as the social safety net shrinks."
The details: Driving the surge, according to the study from the Consumer Bankruptcy Project, "is a three-decade shift of financial risk from government and employers to individuals."
- This includes longer waits "for full Social Security benefits, the replacement of employer-provided pensions with 401(k) savings plans and more out-of-pocket spending on health care. Declining incomes, whether in retirement or leading up to it, compound the challenge."