Latest News
Social Security and Bankruptcy; Some Things You Should Know - nj.com
Many seniors face a declining financial situation in their retirement years, much of which is aggravated by continuing inflation and the inability of Social Security’s annual cost-of-living adjustment (COLA) to keep pace with rising costs. Some organizations, like The Senior Citizens League (TSCL), have routinely cited the continuing loss of buying power older Americans face. A TSCL study, for example, found that “…since 2000, COLAs have increased Social Security benefits by a total of 64 percent, yet typical senior expenses through March 2022 grew by more than double that rate — 130 percent.”
A predicament, for sure, and one that forces many seniors to accumulate debt that eventually becomes overwhelming. The result for some could be bankruptcy, so it’s important to understand some of the key rules. Katherine Rodriguez, the Trending News Reporter for the Content Innovation Team at NJ.com, has written a summary article on this topic that may be helpful to some readers. Check it out here…
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.