‘Too Little Too Late’: Bankruptcy Booms Among Older Americans

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Image: Simon Cunningham via Flickr Creative Commons, https://flic.kr/p/2dMJuG7

For a rapidly growing share of older Americans, traditional ideas about life in retirement are being upended by a dismal reality: bankruptcy.

The signs of potential trouble — vanishing pensions, soaring medical expenses, inadequate savings — have been building for years. Now, new research sheds light on the scope of the problem: The rate of people 65 and older filing for bankruptcy is three times what it was in 1991, the study found, and the same group accounts for a far greater share of all filers.

Read more (New York Times) »

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