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AARP Finds Bankruptcies Soaring Among The Elderly

8/05/2008

posted by N. Sioris

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According to an AARP study, elderly Americans are filing for bankruptcy in record numbers. Food prices, energy prices and medical costs are rising at such a rapid pace that what should normally be an enjoyable time of life is turning out to be a stressful time for many retirees. The slumping economy is hitting the older population the hardest.

AARP found that of the more than 1 million Americans that filed for bankruptcy last year, almost a quarter of them were 55 or older. And, bankruptcies for those from age 75 to 84 skyrocketed by 433 percent from 1991 to 2007.

AARP Also Found That:

45 percent said that food prices have caused a hardship for their budgets.

39 percent thing at least some food will have to be rationed within a year.

47 percent are shopping for food less frequently.

41 percent are eating less meat.

18 percent have started eliminating some meals.

Click here to read the full AARP Bankruptcy Study.