The the U.S. population is aging, the spike in older Americans entering bankruptcy far exceeds the demographic shift, according to new research from the Consumer Bankruptcy Project, which analyzed data from bankruptcy court records and written questionnaires.
About 100,000 of the 800,000 annual bankruptcy filings are from households headed by seniors, or about 12.2 percent of all filings.
The culprit appears to be cutbacks in the social safety net…
The full retirement age for Social Security, once 65, is inching up every year. And retirees are now paying 20 percent of their income on health care expenses even though they are covered by Medicare, compared with 12 percent for previous generations.