Crisis for US Elderly
Economic bad times are hitting senior citizens especially hard, reports AARP. Americans age 55 years and over are struggling with medical bills along with mortgage, credit card payments and rising gas and food prices. The bankruptcy rate for seniors age 75 to 84 years went up over 400% over the past 16 years. People who had saved lost money in the stock market. Now many are struggling to go back to work, even in their 80's.
AARP warns of the rising risk of financial failure with advanced age, as social safety nets erode. Corporations are not able to meet their health care and pension obligations to their former employees. Services from NGO's are down due to rising gas prices. Experts warn that people should be debt-free when they retire - including being mortgage free. Our health care system, with expensive co-pays for seniors covered by Medicare, just aggravates the problem. Widows in their 80's are among the those in serious crisis.
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