NewsBooming Forward


Booming Forward: Filing for bankruptcy a growing problem for retirees

Posted at 5:25 PM, Aug 17, 2018
and last updated 2018-08-17 19:25:16-04

SALT LAKE CITY -- The retirement years are supposed to be the "Golden Years," but that's not the case for many people who are ready to retire.

Many have accrued an overwhelming amount of debt due to poor planning or bad luck.

For some of that group, filing for bankruptcy is the only way out.

A new study by the Consumer Bankruptcy Project found that bankruptcy rates among seniors have increased between 200 and 300 percent since 1991.

Half of people 65 and older live on less than $30,000 a year and the new study found that that out-of-pocket spending on health care accounts for 41 percent of the average Social Security check.

For help planning to avoid the pitfalls of improper money management and for discounts for Utah Seniors, click here.