There was a great article that I just came across. I meant to include it in my blog over a week ago. My apologies for the delay in commenting on it. The article by Steve Wartenberg appeared in the Columbus Dispatch on july 20th, 2008. Many of you already know the financial difficulty he speaks about that is hitting seniors. In fact it is significantly impacts most of us. It is especially hard for those of us who are not at the peak of their earning years. It hurts the seniors most because of fixed incomes, The surplussed generation being discarded by irresponsible corporate management, and the young just starting out.
In any period of rapid price increases, like 2008, without a rapid rise in income much of the population is going to get creamed by the inflationary spiral of rising gasoline, rising home energy prices rising food prices etc. The article talks about the increasing percentage of bankruptcies that are filed by seniors over age 55. The percentage has actually doubled since 1991. General filings are up almost 18 % in 2008 alone. Inflation is eating them out of house and home!! Then there is the impact of medical expenses which another study not mentioned in this article indicated is responsible for almost 45 % of bankruptcies in the US.
If you know someone who is struggling let them know that seniors over age 62 years old who own their own homes may be able to get some relief. It might be possible to reduce their home expenses and even free up some of their income to help pay for unexpected medical expenses or repairs.
In many cases we Can help.
www.columbusfinancialplanningpros.com
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