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Money problems for older people pose unique issues

With every year that passes by, the closer many of us get to retirement. This is meant to signal the end of your working years and the beginning of your well-deserved "celebration" of all that you have accomplished. This celebration is supposed to last you for the rest of your life, but in some cases it doesn't quite have this fairy tale ending.

Many people may enjoy quite a few years of their retirement in relative comfort, financially speaking. But then they may hit a rough patch where they don't have the finances to enjoy the retirement they thought they were going to have. Or, as a new report suggests, those who are older are simply not getting as much income as they once did.

The report found that from 2010 to 2013, people aged 75 or older saw their median net worth drop 16 percent. The median income for that group of people also declined by 9 percent over the same time period.

While this could just be a natural byproduct of retirement, it still is an interesting bit of news. Older people may be dealing with complex financial issues that need to be addressed. Bankruptcy may be helpful here, but it all depends on the situation. It is also important to note that older people may have already filed a bankruptcy in their life, which makes the matter of filing for bankruptcy later in life more convoluted. As always, when considering bankruptcy, you should consult an attorney with experience in the area.

Source: Bankrate, "Age 75 and losing ground," Jennie L. Phipps, Sept. 23, 2014

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The Tran Law Firm, PA

The Tran Law Firm, PA 1812 Lincoln Street, Suite 201 Columbia, SC 29201 Phone: 202-289-3530 Toll-Free: 973-548-7039 Fax: 704-734-2535