Bankruptcy Among Senior Citizens
While most people do not look forward to growing older, most would actually say that they do look forward to less financial strain once they retire. People generally assume that they will work hard for 30+ years and then meet retirement with welcome arms. They will reap the rewards of working for so many years by laying back and enjoying the rest of their years without the huge financial responsibilities that they stressed over before. These “golden years” are expected to be lived out peacefully and comfortably. However, more and more senior citizens are reaching retirement age bogged down with debt and unable to live as comfortably as they expected.
As the cost of living continues to rise each year in America, the “nest egg” that so many people work toward building must also increase. Some statistics indicate that the typical retiree has only $60,000 set aside to live off of during retirement. $60,000 sounds like a large chunk of money, but when you think about having only that much to live off of for 20 or more years to come, that is an incredibly small financial cushion.
Senior citizens often fall prey to health issues as they grow older. Prescriptions and treatments are often extremely expensive, and they can eat through a nest egg in an alarming rate. The cost of affording medical care is a huge burden on many senior citizens, and this is a huge cause of bankruptcy among this age group.
Disability and fixed incomes are also causes of bankruptcy among senior citizens. Many seniors find that they either need to continue to work, or that they enjoy working and do not want to give up their work. However, as workers grow older the chances of them becoming ill and unable to work increases. If a senior can no longer work and provide financially, debts can quickly mount up and bankruptcy is often a result. For those seniors who do choose to stop working, they are often only left with receiving Social Security benefits. These benefits are rarely enough to cover basic living expenses, and many seniors turn to credit to pay their bills – acquiring more and more debt in their later years.
Bankruptcy among senior citizens has been on the rise in the last decade. At Gingold & Gingold, LLC, we want to help seniors protect their retirement reserves so that they can spend each dollar where it is needed most. Seniors require the expertise and experience of a qualified bankruptcy attorney. Contact Gingold & Gingold, LLC today.
