Did You Know?

According to an AARP study, Americans 55 and older accounted for 23 percent of the more than one million Americans who filed for bankruptcy in 2007, representing a significant increase from 1991. A growing number of seniors over the age of 65 are finding they cannot meet living expenses with Social Security income and savings. Much of this is attributed to higher taxes, an increase in utility payments, and the growing expenses associated with medical care. What's more, because of the declining housing market, individuals who would normally tap the equity in their homes to cover bills when necessary are simply finding their houses aren't worth what they used to be. This means if homes are not already paid off, seniors may owe more than the actual houses are worth, further compounding money issues.