Bankruptcy. It is not something anyone looks forward to…at any age. But it’s certainly not something you want to go through while in retirement.
But according to a recent article on Business Insider reviewing a study from the Consumer Bankruptcy Project, that’s exactly what is happening in America. And in startling numbers.
“Bankruptcy is crushing the retirement dreams for an increasing number of older Americans.
. . .
It’s due to a confluence of economic factors — including delayed full Social Security benefits, an increase in out-of-pocket medical spending, a rise in pensions replaced by 401(k) savings plans, and dwindling incomes. . . “
The article goes on to explain the average income of this demographic, and common issues that arise regarding money for this group of Americans.
To read the full article, visit the Business Insider site here.