A new study available at SSRN shows that older Americans are struggling with increased financial risks, namely inadequate income and unmanageable costs of healthcare. The study concludes that the increasing baby boomer population entering into old age does not alone account for the significant rise in older Americans filing for bankruptcy.
 
According to the study:
 
“[Older Americans’] representation among those in bankruptcy has never been higher. Using data from the Consumer Bankruptcy Project, we find more than a two-fold increase in the rate at which older Americans (age 65 and over) file for bankruptcy and an almost five-fold increase in the percentage of older persons in the U.S. bankruptcy system.”
 
The median senior bankruptcy filer enters bankruptcy with negative wealth of $17,390.