Rough economic conditions are hitting older Americans hard. Rising medical care and consumer goods being the worst. Many older people are taking on debt to pay for medical care. According to one study by the Harvard Law School, bankruptcy filings for seniors showed an increase from 8% in 1991 to 22% in 2007.
In a related note, the federal government just released a report that showed bankruptcy filings were up to 1 million (a 29% increase) this year.