Combined with data from the U.S. Census Bureau, the Kaiser Family Foundation (KFF.org), and AARP (AARP.Org), the state’s seniors rank among the 10 most at risk of bankruptcy in the country.
Factors that determine why older Americans (age 65 and older) are most at risk of bankruptcy include poverty rates, health care costs, average debt-to-income ratios, and living expenses such as food and housing.
Data shows nearly a quarter of Florida’s senior population is below the 150% poverty line. The analysis ranks California as the state where seniors face the highest risk of bankruptcy.
Greg Kemper, CEO of Polaris Home Care, said retirement is a time in life when people must prepare.
“For many, it may feel like a long shot, but the sooner you prepare for life, the better. This may not be feasible for everyone, but if you can, anticipating your future is the best way to minimize the risk of financial insecurity later in life,” Kemper said.
Florida Daily financial analyst Steve Beeman said that although aggressive efforts are being made to lower the cost of living for Florida’s seniors, “from mortgages to health care to groceries, prices are rising, and retirees are some of the people most at risk of financial hardship if they can’t afford these rising costs.”
According to an AARP study, by 2025, nearly half of Americans over the age of 50 will have credit card debt, and 50% of them will feel “financially insecure.” A whopping 43% of people who feel insecure cite “everyday expenses” as the main reason for their debt. Additionally, 62% of people with credit card debt say their debt is due to medical bills.
