If you are like most people in New York who is nearing, at or even after the average age of retirement, you may have looked forward to this time in your life expecting that you would have the appropriate level of savings on which to retire comfortably. Between employer-sponsored retirement plans, Social Security benefits and other investments, this can be a reality for some people. However, many people today are finding that these things are simply not enough.
According to Mother Nature Network, there has been a considerable rise in the number of baby boomers seeking bankruptcy relief in the United States. This trend was reviewed in the 2018 study, “Graying of U.S. Bankruptcy: Fallout from Life in a Risk Society”. A number of factors seem to be contributing to the need for so many people to file for bankruptcy when they should be simply enjoying their retirement years.
The combination of increasing lifespans and increasing health care costs seems to be a major contributor to heavy levels of debt for many Americans. It is not uncommon for people to require more medical attention as they age, and this requires more money spent in out-of-pocket costs. In addition, several individuals find themselves providing financial help to their children and grandchildren only to experience financial trouble later on themselves.
If you would like to learn more about your best options for navigating an unmanageable level of debt and clearing the way for a better financial life during your retirement years, please feel free to visit the debt relief and assistance page of our New York bankruptcy website.