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“As a share of all bankruptcy filings, incredibly, Americans 65+ have sextupled–from 2.2% to 12.2%.”

The rate of 65- to 74-year-olds filing for bankruptcy has tripled since 1991. The most common reasons cited were high medical expenses and inadequate income—factors that are only going to worsen as more late-wave Boomers age into this bracket. (via The New York Times)

Personal bankruptcy is what happens when you hit bottom without a safety net. Over the last 25 years, bankruptcy laws have been tightened and bankruptcy rates have declined for every age bracket under 55. That makes the senior bankruptcy boom even more remarkable.

As a share of all bankruptcy filings, incredibly, Americans 65+ have sextupled–from 2.2% to 12.2%.

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