Bankruptcy is hitting more older Americans, pointing to a retirement crisis in the making

Sen. Elizabeth Warren has warned of the impact of medical expenditures on family finances and advocated expanding Social Security. (Alex Wong / Getty Images) Whether America is facing a “retirement crisis” in which seniors are making do with shrinking financial resources has been widely debated. But here’s a telling metric: Seniors are making a larger share of bankruptcy filings. That’s the finding of a new paper by academic researchers affiliated with the Consumer Bankruptcy Project, which periodically samples personal bankruptcy filings from all 50 states and the District of Columbia. “Older Americans are increasingly likely to file consumer bankruptcy,” they write, “and their representation among those in bankruptcy has never been higher.” The figures should worry advocates for seniors, because in terms of the overall financial health of the 65+ cohort, it’s likely to be the tip of the iceberg. “Only a small fraction of those who are having […]