Bankruptcy Among Seniors Has Skyrocketed in Recent Years
December 13, 2019
Seniors are declaring bankruptcy at a rate more than double what it was 25 years ago. A recent study from the Social Science Research Network shows that between 1991 and 2016, bankruptcy among those over the age of 65 increased by a staggering 204 percent. In 1991, seniors accounted for just 2 percent of all bankruptcies. Today that has increased to 12 percent.
The study identified several reasons for the increase. Researchers noted the elimination of many pensions plans, wage stagnation, and workers over 50 being pushed out of the labor market. The study also included a survey of seniors who had declared bankruptcy. For them, the most common reason cited, for more than two-thirds of respondents, was medical issues.