Many seniors who have waited till their 60s, 70s and 80s to enjoy the best years of their lives are finding that their struggles are just beginning. In 2008, California bankruptcy lawyers found a startling increase in the number of seniors filing for bankruptcy. Now, new data from the US Census Bureau finds that the number of seniors living in poverty, or on the edge of poverty has increased.
According to the data, the percentage of senior citizens who had annual incomes below 200% of the Federal Poverty Level increased from 33.7% to 34.6% in 2010. There were 13.23 million citizens living below the poverty line in 2009, and these numbers increased to more than 13.54 million in 2010. The number of senior citizens living below 100% of the federal poverty level saw an increase from 3.4 million to 3.5 million.
According to the National Council on Aging, there has been an increase in economic insecurity for senior citizens. Additionally, there has been an increase in the number of people who are teetering on the edge of poverty, struggling every day to pay for food, groceries, medicines and rent.
Moreover, current poverty level markers do not accurately measure the number of people who actually live in such poor conditions. For example, the current poverty level markers measure family incomes at consumption levels dating back several decades. These levels therefore do not accurately reflect consumption patterns in the year 2011. What that means is that the number of senior citizens living in poverty could actually be higher.
Senior citizens who wish to file for personal bankruptcy protection may have limited options. The current employment situation is grim even for younger people with updated skill sets, so going back to work may not be a feasible option. Many people choose to sell off assets like houses, which for obvious reasons, is undesirable. A California bankruptcy attorney should be able to advise you about your options and the best route going forward.
Comments
Post has no comments.