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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

Quote:
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, 11:32 AM   #31
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Quote:
Originally Posted by Cosmos View Post
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...
Not allowing reckless institutions to suffer the consequences of their decisions is the thing that essentially erased the safeguards.

Not allowing reckless people to suffer the consequences of their decisions is the remedy you propose.

Dumb. ****.
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Old 08-07-2018, 11:34 AM   #32
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Originally Posted by Loneiguana View Post
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?
And still hasn't
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Old 08-07-2018, 11:34 AM   #33
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Quote:
Originally Posted by Loneiguana View Post
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?
How the heck can I do that if you won't tell me which republicans are trying to eliminate social security and medicaid? I'm starting to think you were not being truthful when you made your claim. That's not the case, correct?
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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, 11:44 AM   #34
Loneiguana Loneiguana is offline
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Originally Posted by Over Yonder View Post
How the heck can I do that if you won't tell me which republicans are trying to eliminate social security and medicaid? I'm starting to think you were not being truthful when you made your claim. That's not the case, correct?
I honestly didnt think i could view you as any dumber, but yet there you are exceeding my expectations.

Bravo.
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Old 08-07-2018, 11:52 AM   #35
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Quote:
Originally Posted by Loneiguana View Post
I honestly didnt think i could view you as any dumber, but yet there you are exceeding my expectations.

Bravo.
So, in other words, you were blowing smoke? You don't have any names?
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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, 11:58 AM   #36
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Quote:
Originally Posted by Over Yonder View Post
So, in other words, you were blowing smoke? You don't have any names?
Are you admitting you dont know that the cureent House plan is to cut both to balance the budget.

What a dumnass.
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Old 08-07-2018, 12:05 PM   #37
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Quote:
Originally Posted by Loneiguana View Post
Are you admitting you dont know that the cureent House plan is to cut both to balance the budget.

What a dumnass.
No, I was not aware of that. You could of mentioned that several posts back. But that still doesn't completely answer what I asked. I'm sure not every Republican is behind this. I was asking for names on which were. Is my representative on board?

This is the first I have heard of this. But if true, I'm liking it
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Few things Democrats profess to love more than a failed Republican.

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Old 08-07-2018, 12:08 PM   #38
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Originally Posted by Over Yonder View Post
No, I was not aware of that. You could of mentioned that several posts back. But that still doesn't completely answer what I asked. I'm sure not every Republican is behind this. I was asking for names on which were. Is my representative on board?

This is the first I have heard of this. But if true, I'm liking it
It doesn't matter to me. I long ago resigned myself to the idea that neither would be around when it's my time. I see the paycheck withholding as a tax and nothing more...it's money I never expect to see any sort of return from. I save accordingly now and if it DOES happen to be there in about 25 years, then that's a nice bonus.
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Old 08-07-2018, 12:09 PM   #39
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Old 08-07-2018, 12:09 PM   #40
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Originally Posted by ClevelandBronco View Post
Not allowing reckless institutions to suffer the consequences of their decisions is the thing that essentially erased the safeguards.

Not allowing reckless people to suffer the consequences of their decisions is the remedy you propose.

Dumb. ****.
but Too Big To Fail
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Old 08-07-2018, 12:11 PM   #41
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Old 08-07-2018, 12:15 PM   #42
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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.
What is your plan? Tax the shit out of big corporations?
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Old 08-07-2018, 12:17 PM   #43
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Old 08-07-2018, 12:17 PM   #44
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Quote:
Originally Posted by loochy View Post
It doesn't matter to me. I long ago resigned myself to the idea that neither would be around when it's my time. I see the paycheck withholding as a tax and nothing more...it's money I never expect to see any sort of return from. I save accordingly now and if it DOES happen to be there in about 25 years, then that's a nice bonus.
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And better keep voting for those who promise to make that happen rather than those who want to try and save it.

Why bother, am I right. I got mine, F you.
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Old 08-07-2018, 12:20 PM   #45
ptlyon ptlyon is offline
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Quote:
Originally Posted by loochy View Post
It doesn't matter to me. I long ago resigned myself to the idea that neither would be around when it's my time. I see the paycheck withholding as a tax and nothing more...it's money I never expect to see any sort of return from. I save accordingly now and if it DOES happen to be there in about 25 years, then that's a nice bonus.
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Agreed
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