Bankruptcy booms among older Americans

Source: Tara Siegel Bernard, New York Times (Paid Registration)

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

he 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, a study found, and the same group accounts for a far greater share of all filers.

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