Growing Debt Among Retirees
July 3, 2008 · Print This Article
Even though financial hardships come in many different forms, there have been certain recurring themes — such as medical hardships or job loss — that have made up the majority of clients who have sought out Provanta’s professional services. More recently, there seems to be a growing trend toward another type of hardship: retirement.
Retirement was once something people looked forward to as the great reward after years of hardwork. So how is it that retirement is now becoming a financial hardship? The title of an article that can be found on http://www.msnbc.msn.com/id/23484918 it all — “2008 retirees need $225,000 for health care.”
Our client has been collecting social security and disability income since 2001. In the past 7 years, our client has needed 10 surgeries. In March of 2006 he was returning home from a post surgery check-up and was involved in a very bad car accident. The accident caused a hernia at the site of the surgery that also resulted in severe neck and lower back trauma. Our client has required further treatment and surgeries to address these complications. The other driver’s car insurance company accepted responsibility for the accident but did not accept the fact that the medical condition and treatment resulted from the surgery. As a result, our client used the credit cards to supplement his income and pay for out of pocket medical bills.
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[...] Growing Debt Among Retirees By Mei Ho So how is it that retirement is now becoming a financial hardship? The title of an http://www.MSNBC.msn.com article says it all — “2008 retirees need $225000 for health care.” The article goes on to further describe how 6 in 10 people will be … Provanta Corporation – by – http://www.provanta.com [...]