Boomers go bust: Number of older Americans declaring bankruptcy rockets

More boomers than ever are filing for bankruptcy. Source: Getty. American Baby Boomers are filing for bankruptcy at an alarming rate, with three times the number of over-65s going bust nowadays compared to the early 1990s, shocking new figures have revealed. According to research published by the Social Science Research Network (SSRN), the number of older Americans going bankrupt has never been higher, and it’s all down to factors such as increasing medical expenses, inadequate savings and low-paying pensions, with the government offering less and less financial support. “Older Americans report they are struggling with increased financial risks, namely inadequate income and unmanageable costs of healthcare, as they try to deal with reductions to their social safety net,” the study reads. “Simply because of their age, this group is less able to effectively respond to the shifting risks. Unstable employment is particularly problematic for older people. When they lose […]