Bankruptcy Booms Among Older Americans

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When you stop to think about retirement, what do you imagine? For a growing number of baby boomers, dreams of golf courses and Florida living are being exchanged for a much harsher reality – bankruptcy.

With vanishing pensions and rising medical expenses, the rate of adults over 65 filing for bankruptcy in Norman is three times what it was in 1991. However, it’s not as simple as going back to work.

Aside from the difficulties of finding and holding onto a job, older adults are less able to weather these financial storms due to unexpected expenses like a late-life divorce or death of a spouse. And, with the rise of medical care, it’s near impossible to stay afloat on a social security check.

Bankruptcy in Norman can offer a fresh start. However, for older adults, it can be difficult navigating with fewer years to get back on their feet. In this article below, you’ll learn how older Americans can prepare their finances for a shifting market.