Americans 65 and older are filing for bankruptcy in high numbers.
Experts say this is not hurting economic growth, but presents a serious social problem as debt and medicine costs go up and seniors’ savings and pension benefits go down.
This problem raises a question for elected officials and candidates now campaigning for office about how wide of a safety net the government should offer for older people who are living longer.
The rate at which seniors file for bankruptcy more than doubled and the percentage of seniors in the bankruptcy system had increased by almost five times in the last three decades.
