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Rising Debt Plagues RetireesAmericans who grew up during the Great Depression are often characterized by their exceptional thrift. But the last several years may have given rise to a new generation of Americans — a generation much more comfortable with credit cards and debt.
For many retirees, shrinking interest rates and a sluggish stock market have put the squeeze on their retirement income. Here are a few other financial snapshots. • Out-of-pocket health-care expenses for seniors have risen nearly 50 percent from 1999 to 2001 as more employers have eliminated retiree health benefits.2
• Home-equity loans and second mortgages are also on the rise among older Americans. As homes appreciate in value, increased property taxes can become an unexpected financial burden. Retirees behind on their taxes can become easy targets for predatory mortgage lenders. When you’re on a fixed income, staying financially healthy is critical. Watching your cash flow and matching expenses to income may help you avoid depending on debt during difficult times. 1-3) USA Today, April 24, 2002 © 2002 Emerald Publication |
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According
to one survey, household debt among seniors rose 164 percent to an average
$20,302 between 1992 and 2000. And in the last 10 years, the total number of
bankruptcies declared by those aged 65 and older rose a surprising 244 percent.1
•
The number of retirees depending on Social Security as their primary source of
income has risen from 38 percent to 44 percent in the last two years.3