According to a new study that will be released formally today to a Congressional committee, senior citizens are filing for bankruptcy protection at “sharply faster rates” than other segments of the population. (See the full article on the study at USAToday.com.)
This should surprise no one. The elderly among us are often a bellwether of sorts for financial issues, as they are frequently recipients of fixed income and therefore changes in their financial position come from external forces. Health care costs, in particular, are much greater problems for seniors, who typically must take medication for health problems associated with aging and have many more physician visits than most of us as a result.
Our senior citizens shouldn’t have to file for bankruptcy just to be able to afford their medications, but I’m glad that they at least have the option to alleviate some of the terrible toll that financial distress exacts.