Alex Johnson, reporter for MSNBC, investigates the effect of the sluggish economy in older Americans. Bob Emily tells his story to the news reporter. “I worked for the railroad, for the town marshal, security, bars, Sealy down here, UPS,” said Emily, 82, of Commerce City, Colo. “Worked hard all my life until I got sick.” Unfortunately, Emily didn’t have health insurance and was forced to take out loans for his bills. The bills eventually piled up and he filed for bankruptcy.
Bob’s story is far too familiar among America’s older adult population. Rising food, oil, and medical costs have contributed to the financial burdens that older Americans face today. The amount of older Americans that have filed for bankruptcy in the last year has skyrocketed. Individuals, aged 75-84, that filed for bankruptcy rose by 433 percent from 1991 to 2007. Some services, such as Meals on Wheels, that tailor to older Americans’ needs are being cut or near elimination.
Older Americans are living longer. This extension of age can have a somewhat negative effect on older American’s quality of life. Due to economic conditions and decreased social security, the golden years that many look forward to have dwindled.
http://www.msnbc.msn.com/id/25804814/ns/business-your_retirement/page/2/
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