Thanks to Lobbyist Bob Z. for these statistics on the plight of our seniors.
Thanks to Bob Weiss of Daily Briefing for making us aware:
The days of enjoying a monthly retirement pension check are long gone. Unless you have a government job, you are unlikely to receive a traditional retirement pension.
They’ve been replaced by 401(k)s and profit-sharing plans, which means that YOU have to take personal responsibility for your financial well-being.
I am sad to say that the early results show many Americans are doing a lousy job of it! The median retiree household has a mere $60,600 in savings, and a disturbing 25% of households only have $3,260 of savings.
Get this: The rate of people 65 and older filing for bankruptcy is three times what it was in 1991. Seniors now account for the largest share of bankruptcy filings in the U.S.Sadly, that lack of a financial cushion is pushing a growing number of retirees to the brink of poverty.
• There were 3.6 bankruptcy filers per 1,000 people 65 to 74; in 1991, there were 1.2 per thousand.
• 2% of filers are now 65 or older, up from 2.1% in 1991.
Many Americans (three out of five) cited large medical expenses, while three-quarters cited too large of a debt load, for their financial woes.