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Old 08-07-2018, 08:38 AM  
Loneiguana Loneiguana is offline
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Bankruptcy Booms Among Older Americans

Thoughts and Prayers Boomers. You made this bed.

‘Too Little Too Late’: Bankruptcy Booms Among Older Americans

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For a rapidly growing share of older Americans, traditional ideas about life in retirement are being upended by a dismal reality: bankruptcy.

The signs of potential trouble — vanishing pensions, soaring medical expenses, inadequate savings — have been building for years. Now, new research sheds light on the scope of the problem: The rate of people 65 and older filing for bankruptcy is three times what it was in 1991, the study found, and the same group accounts for a far greater share of all filers.

Driving the surge, the study suggests, is a three-decade shift of financial risk from government and employers to individuals, who are bearing an ever-greater responsibility for their own financial well-being as the social safety net shrinks.

The transfer has come in the form of, among other things, longer waits for full Social Security benefits, the replacement of employer-provided pensions with 401(k) savings plans and more out-of-pocket spending on health care. Declining incomes, whether in retirement or leading up to it, compound the challenge.

....

As the study, from the Consumer Bankruptcy Project, explains, older people whose finances are precarious have few places to turn. “When the costs of aging are off-loaded onto a population that simply does not have access to adequate resources, something has to give,” the study says, “and older Americans turn to what little is left of the social safety net — bankruptcy court.”

“You can manage O.K. until there is a little stumble,” said Deborah Thorne, an associate professor of sociology at the University of Idaho and an author of the study. “It doesn’t even take a big thing.”

The data gathered by the researchers is stark. From February 2013 to November 2016, there were 3.6 bankruptcy filers per 1,000 people 65 to 74; in 1991, there were 1.2.

Not only are more older people seeking relief through bankruptcy, but they also represent a widening slice of all filers: 12.2 percent of filers are now 65 or older, up from 2.1 percent in 1991.

The jump is so pronounced, the study says, that the aging of the baby boom generation cannot explain it.

Although the actual number of older people filing for bankruptcy was relatively small — about 100,000 a year during the period in question — the researchers said it signaled that there were many more people in financial distress.

....

The study does not delve into those underlying factors, but separate data provides some insight. The median household led by someone 65 or older had liquid savings of $60,600 in 2016, according to the Employee Benefit Research Institute, whereas the bottom 25 percent of households had saved at most $3,260.

That doesn’t provide much of a financial cushion for a catastrophic health problem. Older Americans typically turn to Medicare to pay their medical bills. But gaps in coverage, high premiums and requirements that patients shoulder some costs force many lower-income beneficiaries to spend more of their own income on those bills, the Kaiser Family Foundation found.

By 2013, the average Medicare beneficiary’s out-of-pocket spending on health care consumed 41 percent of the average Social Security check, according to Kaiser, which also estimated that the figure would rise.
https://www.nytimes.com/2018/08/05/b....nav=top-news&

Maybe another round of tax cuts for the top percent while we cut social security and medicare will do the trick!

Great thing they convinced you boomer to give up unions and pensions.

Good luck boomers! Pull yourself up by the bootstraps, get some training, and go support yourselves.
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Old 08-07-2018, 09:10 AM   #16
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Originally Posted by Direckshun View Post
Depends. How do you feel about bankruptcy booming among older Americans?
I suppose I feel the same way about Boomer bankruptcy as I do any other age bankruptcy. If you live above your means, bad shit's gonna happen. Outside of unexpected medical issues, I have zero pity for anybody that lives above their means

Now, back to the question I asked Lone. Or you could answer it for me if you know.
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Few things Democrats profess to love more than a failed Republican.

From Ford and Papa Bush down through Dole and Kemp, McCain and Romney, they universally exclaim 'why can't more be like THEM!!'
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Old 08-07-2018, 09:11 AM   #17
stevieray stevieray is offline
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Just wait for the don't give a shit hippie generation
We're already there, IMO.
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Old 08-07-2018, 09:12 AM   #18
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Originally Posted by ClevelandBronco View Post
Government needs to figure out a way to help more po' folk die younger—before they outlive their money.
^razor^
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Old 08-07-2018, 09:12 AM   #19
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Let's make personal responsibility great again. So tired of every bad decision I make being blamed on someone else.
Agreed!! And rep
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Originally Posted by Baby Lee View Post
Few things Democrats profess to love more than a failed Republican.

From Ford and Papa Bush down through Dole and Kemp, McCain and Romney, they universally exclaim 'why can't more be like THEM!!'
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Old 08-07-2018, 09:16 AM   #20
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Originally Posted by Prison Bitch View Post
Dumb thread

LWNJs looking for anything to knock the Don economy. Talk about grasping for straws


Seniors have by far the highest net worth in America. Don't feel badly for them.


Avg net worth 65+: $197k
Some of the problem is that a person used to be able to get 5+% of interest on their money. So a few 100,000 could be safely kept and a retired person could expect to live off the interest coupled with Social Security.
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Old 08-07-2018, 10:09 AM   #21
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Old 08-07-2018, 10:32 AM   #22
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This was caused by one major event......the lowering of interest rates to ZERO.

Senior citizens lost billions and billions in SAFE income when rates went from 7-6-5-4-3-2-1-0% and their income went from $40,000 a year to $4,000 a year.

This caused a monumental shift out of safe CD's, municipal bonds and high rated corporate binds into RISKY INVESTMENTS.

This is the #1 cause.
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Old 08-07-2018, 10:32 AM   #23
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Quote:
Originally Posted by Prison Bitch View Post
Dumb thread

LWNJs looking for anything to knock the Don economy. Talk about grasping for straws


Seniors have by far the highest net worth in America. Don't feel badly for them.


Avg net worth 65+: $197k
And most of them sit in the Club Level or give their tickets to their grandkids
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Old 08-07-2018, 10:39 AM   #24
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Quote:
Originally Posted by scho63 View Post
This was caused by one major event......the lowering of interest rates to ZERO.

Senior citizens lost billions and billions in SAFE income when rates went from 7-6-5-4-3-2-1-0% and their income went from $40,000 a year to $4,000 a year.

This caused a monumental shift out of safe CD's, municipal bonds and high rated corporate binds into RISKY INVESTMENTS.

This is the #1 cause.
That part does suck. I have a CD drawing %.05. I won't do anything risky with the money though. So I am just grabbing my ankles and begging the bank to be easy on me
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Originally Posted by Baby Lee View Post
Few things Democrats profess to love more than a failed Republican.

From Ford and Papa Bush down through Dole and Kemp, McCain and Romney, they universally exclaim 'why can't more be like THEM!!'
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Old 08-07-2018, 11:01 AM   #25
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Originally Posted by Over Yonder View Post
That part does suck. I have a CD drawing %.05. I won't do anything risky with the money though. So I am just grabbing my ankles and begging the bank to be easy on me
Shame we can't provide ourselves through our government with a safe, dependable, always there retirement check so no individual has to worry whether they did enough or what the rates are. Or maybe sometime of medical help so Seniors about unexpected medical costs on their limited income.

Oh well, those taxes aren't going to cut themselves. Maybe just one tax cut and it will all finally trickle down.

Better get those bootstraps ready.
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Old 08-07-2018, 11:09 AM   #26
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Imagine a populace that no longer fears a trip to the doctor could mean losing their housing? Nah, The last thing we need is a populace of sound mind and body.
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Old 08-07-2018, 11:18 AM   #27
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Originally Posted by Loneiguana View Post
Votes for republicans who want to cut medicaid and social security.
Blames Obama.
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Originally Posted by Loneiguana View Post
Shame we can't provide ourselves through our government with a safe, dependable, always there retirement check so no individual has to worry whether they did enough or what the rates are. Or maybe sometime of medical help so Seniors about unexpected medical costs on their limited income.

Oh well, those taxes aren't going to cut themselves. Maybe just one tax cut and it will all finally trickle down.

Better get those bootstraps ready.
You never answered my question. Which politicians are wanting to cut medicaid and social security? Are they running in Missouri? I am going to vote on my way to work here in a little bit and would appreciate this information.

Oh, and my bootstraps are ready. I have realized that relying on myself is a better plan than looking to the government to wipe my azz after I take a dump. Also, my tax cuts are going straight into my 401k, so they did trickle down for me
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Quote:
Originally Posted by Baby Lee View Post
Few things Democrats profess to love more than a failed Republican.

From Ford and Papa Bush down through Dole and Kemp, McCain and Romney, they universally exclaim 'why can't more be like THEM!!'
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Old 08-07-2018, 11:22 AM   #28
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Imagine a populace that no longer fears a trip to the doctor could mean losing their housing? Nah, The last thing we need is a populace of sound mind and body.
^^^^^ Bernie Supporter ^^^^^
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Old 08-07-2018, 11:27 AM   #29
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Originally Posted by scho63 View Post
This was caused by one major event......the lowering of interest rates to ZERO.

Senior citizens lost billions and billions in SAFE income when rates went from 7-6-5-4-3-2-1-0% and their income went from $40,000 a year to $4,000 a year.

This caused a monumental shift out of safe CD's, municipal bonds and high rated corporate binds into RISKY INVESTMENTS.

This is the #1 cause.
The 2008 financial collapse resulted in la lot of investors losing a significant percentage of their retirement savings. Banks, unchecked by legislation signed off on loans that made no sense.

Legislation was singed into law under Obama.

Trump and the banking industries have essentially erased the safeguards.

Trump is not working for the average Joe.....sad...
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Old 08-07-2018, 11:30 AM   #30
Loneiguana Loneiguana is offline
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Originally Posted by Over Yonder View Post
You never answered my question. Which politicians are wanting to cut medicaid and social security? Are they running in Missouri? I am going to vote on my way to work here in a little bit and would appreciate this information.

Oh, and my bootstraps are ready. I have realized that relying on myself is a better plan than looking to the government to wipe my azz after I take a dump. Also, my tax cuts are going straight into my 401k, so they did trickle down for me
I doubt you are smart enough to understand what a self fulling prophecy is, but you are a text book example.

"The government sucks. Vote me so I cut social security and medicaid so I can ensure the government sucks!"

And you rubes fall for it every time.

/I got a 401k! Hows that going for these boomers there buddy?
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