Welcome to Retirement Scan, our daily roundup of retirement news.
Elder bankruptcy is on the rise. Here’s why
The number of elders who filed for bankruptcy has increased to 12% from 2% in 1991, a study by a group of university professors has found, according to a Forbes article. Weakened trade unions, stagnated wages and the disappearance of pensions are among the factors that contributed to rising elderly bankruptcy. Many retirees also face rising medical costs as they live longer than expected and Medicare covers a smaller share of their health care needs.
