Retired Americans Face Financial Difficulties

A sufficient nest egg takes decades to build. But many Americans nearing retirement age saw their hard-earned savings accounts diminished in a matter of days following the economic downturn and consequent recession. Some are still working to rebuild their retirement funds, while others have been forced into debt or bankruptcy.

A large number of older working Americans were laid off or had their hours slashed during the recession. Other retired individuals seeking employment to supplement their finances are at a disadvantage in the current job market, leaving them to rely on credit cards to meet their needs. Data from the Consumer Bankruptcy Project shows bankruptcy filings for those between 75 and 84 increased 433 percent between 1991 and 2007, according to USA Today.

"My generation thought that we were on easy street," 61-year-old Irene Froehlich told USA Today. "All of a sudden, we have been hit hard."

U.S. bankruptcy filings have grown in recent years, despite stricter filing requirements and more expensive fees. The American Bankruptcy Institute predicts filings will increase through the remainder of 2010.