There's been an alarming spike in the number of people who are going bankrupt in the 55 and older category and most of the time medical bills are to blame.
- The percentage of Americans declaring bankruptcy age 55 to 64 has risen 66% from 1991 to 2016
- The percentage declaring bankruptcy age 65 to 74 increased 204% from 1991 to 2016
- Roughly 12% of bankruptcy filers are now 65 and older, up from about 2% in 1991
In this KFBK Morning Show segment, we talk to Spencer McGowan of the McGowan group. He says planning is always better than panic and offers suggestions to protect yourself before medicare kicks in.