When Dad dies broke: too many elderly are suffering with debt

elderly-poverty_1213788cAn excellent article by Rob Azevedo just appeared in the Boston Globe’s North section where the author describes how his father struggled with debt into his senior years.

Azevedo really hits the nail on the head: “But today, millions of seniors are drowning in debt, trying to heat their homes, pay for medications, eat some food, and keep themselves out of a retirement home, where they’ll absolutely go broke.”

“It didn’t matter how much money my father tried to sock away. It wasn’t enough to live out his years in peace.

My father was no street urchin, thumbing for nickels on a cold, dark winter’s night, and neither is Hank.

As one finance friend of mine told me: ‘‘You have no idea how broke so many people your father’s age are. And you would never know it.’’

And that’s no way to live, grieve, or die.”

It doesn’t have to be this way. If you know a senior citizen who is struggling, a trusted professional (and not a hack selling something with an 800 number) may be able to get rid of the debt. You will be doing them a great favor by pointing them in the right direction.

by Doug Beaton

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