" According to a recent AARP survey of Baby Boomers, 40 percent of them plan to work "until they drop"."

For Millions Of Senior Citizens The Only Future They Have To Look Forward To Is One Filled With Debt And Poverty

In America today, millions upon millions of senior citizens are very deep in debt. In fact, more elderly Americans than ever before are going bankrupt. Millions of others are living in extreme poverty or are just barely getting by on meager fixed incomes. Meanwhile, the price of food is going up, the price of gasoline is going up, the cost of heating homes is going up and health insurance premiums are absolutely soaring. Millions of our senior citizens suddenly find themselves financially squeezed more than they ever have been in their entire lives. Unfortunately, at the same time all of this is happening, our government officials are realizing that they simply don't have the money to keep the financial promises that they have been making to our retirees. Sadly, what this all means is that for millions of our senior citizens, the only future they have to look forward to is one filled with debt, poverty and financial pain.

One recent survey conducted by CESI Debt Solutions discovered that 56 percent of American retirees still had outstanding debts when they retired. That is a shockingly high number. Retirement is not supposed to be about debt. In fact, it is hard enough to try to survive on a fixed income without having to worry about debt payments. But now most Americans that retire do so with debt still on the books.

What is even more sad is that an increasing number of senior citizens are going bankrupt. A recent study by a law professor from the University of Michigan found that Americans that are 55 years of age or older now account for 20 percent of all bankruptcies in the United States. Back in 2001, they only accounted for 12 percent of all bankruptcies. This is obviously very troubling news. In fact, between 1991 and 2007 the number of Americans between the ages of 65 and 74 that filed for bankruptcy rose by a staggering 178 percent.

Many elderly Americans are under such financial stress these days that they have simply decided never to retire. According to a recent AARP survey of Baby Boomers, 40 percent of them plan to work "until they drop".

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