Recession Hitting Senior Citizens Extremely Hard
The state of the economy has been hard on almost all ages, but many people have developed their own solutions, temporarily at least. However, people in their late fifties and early sixties who are unemployed have been are running out of options. The unemployment rate of people over fifty-five is 7.3%, the highest ever recorded.
Since Social Security benefits cannot be collected until a person is sixty-five, many of these older Americans are being forced to withdraw money from their retirement accounts and pay the exorbitant fees associated with taking the money out too early. Unfortunately, these people do not have the opportunity to apply for a cash advance payday loan, or any type of payday advance loan because they are not working. Many of these struggling seniors are forced to drastically change their health care coverage, which makes matters worse. Hopefully the situation will improve sooner than later for seniors.