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Bankruptcy is an issue for an aging American population

It is a common practice of Americans to save their money so that one day they may be able to leave their jobs and enjoy their retirement years before health issues and old age deprives them of their happiness. With the help of investments, pensions, and other retirement tools, many Tennessee residents are able to achieve this dream and still have some money left over to give to their descendants in their estates. However, this is not the case for all older Americans. A disturbing study recently revealed that aging Americans are filing for bankruptcy at a much higher rate than in the past.

The study found that the number of individuals over the age of 65 who are filing for bankruptcy was 204 percent higher in 2016 than it was in 1991. This means that older retirement-aged individuals are facing financial strains as they move closer to the ends of their lives.

The causes of their financial troubles are not surprising. Fewer employers are offering their workers pension options and retirement-matching programs to grow their post-employment nest eggs. Additionally, all Americans are facing out of control medical costs, with older individuals bearing heavy expenses for the medications and procedure they need more frequently as they age.

With less money and more costs it is not surprising that retirees are filing for bankruptcy at a quicker than normal rate. Bankruptcy does not have to be a negative experience, however. For many individuals who are having trouble staying ahead of their bills, bankruptcy can be an excellent option for steadying one's finances and protecting their options for reaching a comfortable retirement.

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Kenneth C. Rannick, P.C.
4416 Brainerd Road
Chattanooga, TN 37411

Phone: 423-624-4002
Toll Free: 800-257-7594
Fax: 423-624-0509
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