Something to look forward to? Bankruptcy in Retirement!

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According to a recent study, the rate of people 65 and older filing for bankruptcy is three times what it was in 1991.

Questions:
1. What are some of the main reasons that this is happening?
2. What is happening to the next generation nearing retirement age and why is this happening?
3. In 2016, how much liquid savings does the median household have that was led by someone 65 or older?

Source:
Bernard, T.S. (2018). ‘Too Little Too Late’: Bankruptcy Booms Among Older Americans. The New York Times, Aug. 5