Retirement is often described as “the golden years,” the time when our many years of hard work and dedication will allow us to enjoy the rest of our days in relative comfort.
However, would you be surprised if I told you that the fastest growing demographic group of bankruptcy filers is those over 65? It’s sad, but true. Financial hardship has forced many seniors to consider whether or not to file personal bankruptcy.
The reasons for this are diverse: fewer traditional pensions; increases in the cost of medical care; availability of easy credit before the Great Recession; and efforts to help younger family members all play into the mix.
On top of those reasons, seniors are frequently reluctant to share their financial difficulties with family members. Because of this, they feel alone and don’t ask for help from family members. Often times seniors file bankruptcy without even letting their closest relatives know.
Family members of seniors should take it upon themselves to educate the seniors in their family on financial literacy. These seniors may have been in a fairly good financial position earlier in life, but as the times change, it’s important to stay educated. Seniors also need to be aware of “scams” that unfortunately, are becoming more and more uncommon. Seniors are “easy targets” when it comes to scams as they are often times overwhelmed with technology that they find themselves wanting help, and are therefore overly trusting, even with strangers.
When seniors find themselves in unexpected financial difficulties, it’s much harder for them to recover. Most seniors on fixed income can’t simply go out and earn more to recover from a financial loss or an increase in personal debt. Therefore, more and more seniors are filing bankruptcy.
Being in debt can be stressful, and the older you get, the more it can effect your mental health. Filing bankruptcy may be that relief that you are looking for, allowing you to live a more peaceful life in retirement.
If you or an elderly family member are struggling with debt, don’t wait too long to get help. Call our office today and set up a free, no-obligation consultation. We will review all options with you and have you leaving the office with a sense of relief.
