Older workers have suffered terribly during this recession.  On average it takes an older worker much longer than their younger counterparts to find new employment and employment that pays at least a living wage. And unfortunately, the number of unemployed older workers has increased dramatically.

The number of unemployed workers age 55 to 64 has nearly tripled since the recession began, …

Tags: Bankruptcy Labor Department Seniors Unemployment

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… of bankruptcy filings amongst this group grew by 125 percent from 1991 to 2007.  And the rate of seniors who filed bankruptcy between the age 75 and 84 increased by 433 percent.   So why is it that more senior citizens are filing bankruptcy ?

Bankruptcy can help them save their home from foreclosure.  Many seniors citizens have spent a lifetime paying the mortgage on their home so that they could have someplace to live (debt free) in their golden years.  However, …

Tags: AARP Bankruptcy foreclosure Seniors

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… “It is a fairly widespread problem, which is being made worse by the increasing number of seniors and the tight economy,” said Carlos Higgins, a representative of the group who lobbied for the new law. “As folks get older, too often they are less able to recognize and defend against the sharks out there, and we know the sharks are targeting seniors all over the state. Unfortunately, we also too often see seniors abused by their own family members.”

This is an unfortunate …

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This economy has hit senior citizens very hard.  Many seniors were already financially stressed with fixed incomes and rising prices due to inflation when the foreclosure crisis hit, sending many into financial crisis mode, especially those who had refinanced their mortgages and owed significant debt.  For many, bankruptcy has become a “reluctant” option due to an unearned stigma and many beliefs about repaying debt regardless of the cost to …

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… retirement due to battered 401(k)s, missing pensions and devalued homes.  And for those seniors who are facing job losses and/or reduced income many are also facing the prospect of foreclosure as they struggle to hold onto their homes and other assets.

Most of these seniors facing job losses and/or foreclosure have done everything right.  They went to school, found and secured a steady job; but now as the economy takes a nosedive they’re finding that they simply can’t …

Permalink: /job_loss_unemployment/job-losses-and-economy-batter-seniors/

… the updated White House web site President Obama would like to:

Eliminate Income Taxes for Seniors Making Less Than $50,000: Obama and Biden will eliminate all income taxation of seniors making less than $50,000 per year. This will provide an immediate tax cut averaging $1,400 to 7 million seniors and relieve millions from the burden of filing tax returns.

Pretty radical, huh? I thought so too. Taxes and other debts are definitely financially strangling senior citizens who …

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… only allows recipients to have $2000 in savings to qualify for the Medicaid program.

Many seniors go bankrupt trying to pay medical expenses, especially nursing home costs which can decimate even the most fully funded retirement account. It’s good to see that Texas is taking proactive steps to make sure that seniors are rewarded for proper planning when it comes to healthcare insurance in their golden years.

Permalink: /breaking-news/texas-gives-seniors-a-break-with-long-term-health-care-insurance-partnerships/

… defer those taxes until you sell your home or until you no longer lived in the property.

With seniors facing a devaluation of their retirement funds and many more barely escaping foreclosure and/or bankruptcy, property tax deferment can be a powerful tool in putting yourself on stable financial footing. Property taxes can be a huge financial burden and many homeowners are forced into foreclosure and/or bankruptcy simply because they cannot pay their property taxes. Speak with a …

Permalink: /breaking-news/seniors-and-disabled-may-defer-payment-of-their-property-taxes/

Retirement funds are taking a real beating and that’s just a fact. But many seniors can’t catch a break because they’re required to withdraw a certain amount of money from their retirement fund every year if they are 70 1/2 years old or older. The Worker, Retiree and Employer Recovery Act if approved by President Bush, will temporarily waive the stiff penalty imposed on seniors who fail to withdraw a prescribed minimum from their retirement accounts. Normally, if a …

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As the economy continues to sour many Senior Citizens are finding themselves facing foreclosure. A job loss and/or medical debt is usually the main reason homeowners face foreclosure; but in the case of Senior Citizens, devaluation of their retirement savings is leaving many short on cash and without enough income to even pay the mortgage . The biggest symptoms of a pending foreclosure is …

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According to the U.S. Department of Housing and Urban Development, the number of reverse mortgage loans is projected to exceed a record 110,000 this year. Nationally lenders originated 76,351 government-insured reverse loans in 2007, according to the National Reverse Mortgage Lenders Association. But that’s just a small portion of the market. The National Council on Aging estimates that …

Permalink: /loans-mortgages/reverse-mortgages-on-the-rise-amongst-seniors/

… Zirkelbach said will result in even higher premiums and reduced benefits for more than 10 million seniors in the program.

Regardless of funding decisions which will impact the Medicare program, senior citizens will need healthcare coverage.  And without adequate coverage many senior citizens will experience an increase in their overall medical debt.  Medical debt is one of the leading causes of financial distress for senior citizens and one of the most common reasons seniors file for …