Why More Senior Citizens Are Filing For Bankruptcy In Retirement
I always thought senior citizens spent their retirement golfing and gardening. Turns out they spend it much like the rest of us - stressing over how to pay growing bills.
Since the recession began, the number of senior citizens filing for bankruptcy has skyrocketed. Expensive prescriptions, decreasing home values and stock market crashes have left today's grandparents with tens of thousands of dollars in debt - and with no income to pay it off. That means that eventually their burdens will get passed on to us, say Atlanta bankruptcy attorneys.
The worst part is that senior citizens can fall into debt even when they spend responsibly. When retirement funds unexpectedly drop in value, retirees still need to buy food and medication - so they have no choice but to turn to credit cards. But without the income to pay the bills, they - and often times, their family members - become subject to harassment and bullying by debt collectors.
If you've been thinking of your own retirement as a faraway event, it's time to get serious - and get saving. Start setting aside money and diversifying your portfolio now - the sooner you start the less likely it is that you'll have to spend your golden years in debt. And if you're approaching retirement and don't yet have enough saved? You may want to consider remaining in the workforce a little longer and waiting to draw Social Security.
And if an elderly family member is already struggling with debt, it's not too late. No matter what debt collectors tell you, you are not legally responsible for someone else's debt. As for managing that debt, the best solution may be to encourage your loved one to get financial help. Bankruptcy can be the most realistic way lower or eliminate debt. To learn more about bankruptcy and debt, try a complimentary personal debt analysis with an Atlanta bankruptcy attorney - or consider joining a free community financial workshop. Because retirement should be a time to enjoy, not to dread.