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Financial realities for today's older Americans

Millennials may be a large part of today's population but the vast number of people who are 65 or older in Virginia and all around the United States is large and growing as well. While 65 was long heralded as the age at which a person retired, that seems to be far from the case for a great number of people in modern society. There appear to be several reasons that contribute to this fact.

One concern shared by all too many people over 65 is a serious level of debt. A survey conducted by the Consumer Bankruptcy Project found that the rate of bankruptcy filings for Americans 65 and older has jumped by a whopping 300% in the last 28 years. If a person has been forced to file for bankruptcy, the thought of retiring may be something they simply have to put out of their mind for a while.

NPR reported that the number of people in the workforce who are over 65 is expected to keep growing. Today, as many as 25% of people in this age cohort are still actively employed. Factors that may contribute to their need to keep working and earning an income include a longer average lifespan and a lack of overall savings to fund more years than prior generations needed to.

People over 65 may have lost significant savings from their 401K accounts during the recession and have not had sufficient time to recoup those losses. Providing financial support to children and even to grandchildren is another drain on today's boomer population.

 

 

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