Home Mail Chat Wallpapers
Go Back   ChiefsPlanet > The Lounge > Washington DC and The Holy Land

Reply
 
Thread Tools Display Modes
Old 08-07-2018, 08:38 AM  
Loneiguana Loneiguana is offline
MVP
 
Loneiguana's Avatar
 
Join Date: Nov 2012
Location: Jefferson City
Casino cash: $22670
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.
Posts: 16,798
Loneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby Piscitelli
  Reply With Quote
Old 08-07-2018, 12:20 PM   #46
Loneiguana Loneiguana is offline
MVP
 
Loneiguana's Avatar
 

Join Date: Nov 2012
Location: Jefferson City
Casino cash: $22670
Quote:
Originally Posted by eDave View Post
401K has been around for a long time. It's their fault.
401k were never a viable replacement for a pension. The vast majority of us have no idea what our expenses will be in our senior years (medical costs say hello) and no one is taking out the 15 percent every paycheck needed to even get close to making it last.

Coupled with the fact that companies have basically stopped matching contributions, the shift away from pensions was just another money saving, short term profit fix that negatively affected the American worker.

Now, it is the boomers fault for continually voting for measures that have screwed them, sure.
__________________
"Most of us can, as we choose, make of this world either a palace or a prison."
–John Lubbock
Posts: 16,798
Loneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby Piscitelli
  Reply With Quote
Old 08-07-2018, 12:20 PM   #47
ptlyon ptlyon is offline
Bono & Grbac wasn't enough
 

Join Date: Oct 2000
Location: Sioux City, IA
Casino cash: $10023929
Quote:
Originally Posted by Loneiguana View Post
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.
You got that right
__________________
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Advertise here: $19.99 a month
Posts: 18,810
ptlyon is obviously part of the inner Circle.ptlyon is obviously part of the inner Circle.ptlyon is obviously part of the inner Circle.ptlyon is obviously part of the inner Circle.ptlyon is obviously part of the inner Circle.ptlyon is obviously part of the inner Circle.ptlyon is obviously part of the inner Circle.ptlyon is obviously part of the inner Circle.ptlyon is obviously part of the inner Circle.ptlyon is obviously part of the inner Circle.ptlyon is obviously part of the inner Circle.
  Reply With Quote
Old 08-07-2018, 12:22 PM   #48
Loneiguana Loneiguana is offline
MVP
 
Loneiguana's Avatar
 

Join Date: Nov 2012
Location: Jefferson City
Casino cash: $22670
Quote:
Originally Posted by RunKC View Post
What is your plan? Tax the shit out of big corporations?
Just phasing out the latest tax scam would give the government over 1 trillion over a 10 year span.
__________________
"Most of us can, as we choose, make of this world either a palace or a prison."
–John Lubbock
Posts: 16,798
Loneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby Piscitelli
  Reply With Quote
Old 08-07-2018, 12:26 PM   #49
Hoopsdoc Hoopsdoc is offline
Servant of God
 
Hoopsdoc's Avatar
 

Join Date: Dec 2013
Location: Caretaker, Overlook Hotel
Casino cash: $19905
Quote:
Originally Posted by Loneiguana View Post
401k were never a viable replacement for a pension. The vast majority of us have no idea what our expenses will be in our senior years (medical costs say hello) and no one is taking out the 15 percent every paycheck needed to even get close to making it last.

Coupled with the fact that companies have basically stopped matching contributions, the shift away from pensions was just another money saving, short term profit fix that negatively affected the American worker.

Now, it is the boomers fault for continually voting for measures that have screwed them, sure.
I contribute 12 percent and my company matches.
__________________
Quote:
And as for you, brothers and sisters, never tire of doing what is right.2 Thess 3:13
Quote:
"Such a man is like a dreamer who wakes from a dream of grief to a greater sorrow yet. All that he loves is now become a torment to him. The pin has been pulled from the axis of the universe. Whatever one takes one’s eye from threatens to flee away. Such a man is lost to us. He moves and speaks. But he is himself less than the merest shadow among all that he beholds.. ”The Crossing” Cormac McCarthy
Posts: 4,718
Hoopsdoc is too fat/Omaha.Hoopsdoc is too fat/Omaha.Hoopsdoc is too fat/Omaha.Hoopsdoc is too fat/Omaha.Hoopsdoc is too fat/Omaha.Hoopsdoc is too fat/Omaha.Hoopsdoc is too fat/Omaha.Hoopsdoc is too fat/Omaha.Hoopsdoc is too fat/Omaha.Hoopsdoc is too fat/Omaha.Hoopsdoc is too fat/Omaha.
  Reply With Quote
Old 08-07-2018, 12:27 PM   #50
Loneiguana Loneiguana is offline
MVP
 
Loneiguana's Avatar
 

Join Date: Nov 2012
Location: Jefferson City
Casino cash: $22670
Quote:
Originally Posted by Hoopsdoc View Post
I contribute 12 percent and my company matches.
You'll make it further than others (until cancer or old person home wipes it all out).
__________________
"Most of us can, as we choose, make of this world either a palace or a prison."
–John Lubbock
Posts: 16,798
Loneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby Piscitelli
  Reply With Quote
Old 08-07-2018, 12:32 PM   #51
loochy loochy is offline
DELETE! DELETE! DELETE!
 
loochy's Avatar
 

Join Date: Oct 2008
Location: TECKSIS
Casino cash: $30852
Quote:
Originally Posted by Loneiguana View Post
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.
It makes no difference to me. It's gone.
Posted via Mobile Device
Posts: 29,649
loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.
  Reply With Quote
Old 08-07-2018, 12:35 PM   #52
loochy loochy is offline
DELETE! DELETE! DELETE!
 
loochy's Avatar
 

Join Date: Oct 2008
Location: TECKSIS
Casino cash: $30852
Quote:
Originally Posted by Loneiguana View Post
and no one is taking out the 15 percent every paycheck needed to even get close to making it last.
You sure about that? There's at least one right here and there are some old white misers on this board that I'm sure do the same.
Quote:
Originally Posted by Loneiguana View Post
Coupled with the fact that companies have basically stopped matching contributions
Both of my "real" jobs have had great matching and all 3 of my wife's "real" jobs have had significant matching. What do you base this on?
Posted via Mobile Device
Posts: 29,649
loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.
  Reply With Quote
Old 08-07-2018, 12:37 PM   #53
ptlyon ptlyon is offline
Bono & Grbac wasn't enough
 

Join Date: Oct 2000
Location: Sioux City, IA
Casino cash: $10023929
Quote:
Originally Posted by loochy View Post
What do you base this on?
Posted via Mobile Device
Ignorance
__________________
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Advertise here: $19.99 a month
Posts: 18,810
ptlyon is obviously part of the inner Circle.ptlyon is obviously part of the inner Circle.ptlyon is obviously part of the inner Circle.ptlyon is obviously part of the inner Circle.ptlyon is obviously part of the inner Circle.ptlyon is obviously part of the inner Circle.ptlyon is obviously part of the inner Circle.ptlyon is obviously part of the inner Circle.ptlyon is obviously part of the inner Circle.ptlyon is obviously part of the inner Circle.ptlyon is obviously part of the inner Circle.
  Reply With Quote
Old 08-07-2018, 12:43 PM   #54
TomBarndtsTwin TomBarndtsTwin is offline
Veteran
 
TomBarndtsTwin's Avatar
 

Join Date: Mar 2013
Casino cash: $10003
Quote:
Originally Posted by Loneiguana View Post
Thoughts and Prayers Boomers. You made this bed.

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



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.
So basically people that failed to plan and adequately prepare for their post retirement lives are now screwed?

This IS shocking information!


In other related news, water is wet, man may have landed on the moon at some point and I'm told the sun might be rising in the east tomorrow (we'll update this as we get more info).
Posts: 2,708
TomBarndtsTwin Forgot to Remove His Claytex and Got Toxic Shock Syndrome.TomBarndtsTwin Forgot to Remove His Claytex and Got Toxic Shock Syndrome.TomBarndtsTwin Forgot to Remove His Claytex and Got Toxic Shock Syndrome.TomBarndtsTwin Forgot to Remove His Claytex and Got Toxic Shock Syndrome.TomBarndtsTwin Forgot to Remove His Claytex and Got Toxic Shock Syndrome.TomBarndtsTwin Forgot to Remove His Claytex and Got Toxic Shock Syndrome.TomBarndtsTwin Forgot to Remove His Claytex and Got Toxic Shock Syndrome.TomBarndtsTwin Forgot to Remove His Claytex and Got Toxic Shock Syndrome.TomBarndtsTwin Forgot to Remove His Claytex and Got Toxic Shock Syndrome.TomBarndtsTwin Forgot to Remove His Claytex and Got Toxic Shock Syndrome.TomBarndtsTwin Forgot to Remove His Claytex and Got Toxic Shock Syndrome.
  Reply With Quote
Old 08-07-2018, 01:04 PM   #55
Bewbies Bewbies is offline
Ith Fuhtbawl Time
 
Bewbies's Avatar
 

Join Date: Apr 2010
Casino cash: $15704
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.
The great wealth transfer from the middle class to the rich that happened over the last 10 years or so that nobody wants to talk about.
Posts: 9,469
Bewbies threw an interception on a screen pass.Bewbies threw an interception on a screen pass.Bewbies threw an interception on a screen pass.Bewbies threw an interception on a screen pass.Bewbies threw an interception on a screen pass.Bewbies threw an interception on a screen pass.Bewbies threw an interception on a screen pass.Bewbies threw an interception on a screen pass.Bewbies threw an interception on a screen pass.Bewbies threw an interception on a screen pass.Bewbies threw an interception on a screen pass.
  Reply With Quote
Old 08-07-2018, 01:20 PM   #56
Loneiguana Loneiguana is offline
MVP
 
Loneiguana's Avatar
 

Join Date: Nov 2012
Location: Jefferson City
Casino cash: $22670
Quote:
Originally Posted by loochy View Post
You sure about that? There's at least one right here and there are some old white misers on this board that I'm sure do the same.


Both of my "real" jobs have had great matching and all 3 of my wife's "real" jobs have had significant matching. What do you base this on?
Posted via Mobile Device
Yeah, I am sure about that. Anecdotal evidence is just that.

Tell me something, what happens to your 401k if you get cancer?

Now what happens to my pension if i get cancer?

See the dofference?
__________________
"Most of us can, as we choose, make of this world either a palace or a prison."
–John Lubbock
Posts: 16,798
Loneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby PiscitelliLoneiguana 's adopt a chief was Sabby Piscitelli
  Reply With Quote
Old 08-07-2018, 01:34 PM   #57
DJJasonp DJJasonp is offline
My work speaks for itself!!!
 
DJJasonp's Avatar
 

Join Date: Jun 2005
Location: So Cal
Casino cash: $7006
Several have mentioned "personal responsibility" in this thread.

While I'm all for that, a related problem is the fact that personal finance is not taught at the high school level.

Personal finance should be part of the required curriculum in high school (IMHO)
__________________
Sex Panther - Said to work 60% of the time....every time!
Posts: 5,887
DJJasonp is blessed with 50/50 Hindsight.DJJasonp is blessed with 50/50 Hindsight.DJJasonp is blessed with 50/50 Hindsight.DJJasonp is blessed with 50/50 Hindsight.DJJasonp is blessed with 50/50 Hindsight.DJJasonp is blessed with 50/50 Hindsight.DJJasonp is blessed with 50/50 Hindsight.DJJasonp is blessed with 50/50 Hindsight.DJJasonp is blessed with 50/50 Hindsight.DJJasonp is blessed with 50/50 Hindsight.DJJasonp is blessed with 50/50 Hindsight.
  Reply With Quote
Old 08-07-2018, 01:34 PM   #58
BIG_DADDY BIG_DADDY is offline
THE RED MENACE
 

Join Date: Aug 2000
Location: San Mateo, CA 94401
Casino cash: $8510
Quote:
Originally Posted by Bewbies View Post
The great wealth transfer from the middle class to the rich that happened over the last 10 years or so that nobody wants to talk about.
It doesn't fit the narrative.
__________________
Posts: 30,808
BIG_DADDY is too fat/Omaha.BIG_DADDY is too fat/Omaha.BIG_DADDY is too fat/Omaha.BIG_DADDY is too fat/Omaha.BIG_DADDY is too fat/Omaha.BIG_DADDY is too fat/Omaha.BIG_DADDY is too fat/Omaha.BIG_DADDY is too fat/Omaha.BIG_DADDY is too fat/Omaha.BIG_DADDY is too fat/Omaha.BIG_DADDY is too fat/Omaha.
  Reply With Quote
Old 08-07-2018, 01:37 PM   #59
loochy loochy is offline
DELETE! DELETE! DELETE!
 
loochy's Avatar
 

Join Date: Oct 2008
Location: TECKSIS
Casino cash: $30852
Quote:
Originally Posted by Loneiguana View Post
Tell me something, what happens to your 401k if you get cancer?
Nothing really. If I end up taking disability I get 60% of my current pay, benefits, and 401k contributions continue through age 65, albiet at a smaller rate. If I take a shorter term FMLA to get through treatment then nothing happens at all. There's no cancer penalty to the 401k that I don't know about, right? I have enough in savings to cover many years of my insurance OOP max without having to dip into the 401 or stop contributions.
Quote:
Originally Posted by Loneiguana View Post
Now what happens to my pension if i get cancer?
I have no idea. You tell me.

Quote:
Originally Posted by Loneiguana View Post
See the dofference?
No, because I don't know about your pension.
Posted via Mobile Device
Posts: 29,649
loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.
  Reply With Quote
Old 08-07-2018, 01:37 PM   #60
GloryDayz GloryDayz is offline
45, 46, 47....
 
GloryDayz's Avatar
 

Join Date: Oct 2009
Location: FEMA-Free Zone
Casino cash: $87480
Quote:
Originally Posted by eDave View Post
401K has been around for a long time. It's their fault.
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

And if you didn't have one and fatten it up through the years, welp, you made your own bed.

Remember, nonconformity has a way of coming back to bite you.
__________________
.
#BEPdefendsLyingWhores
#FFFFFFFF
#ServeAtThePleasureOfThePresident
#WitchHunt
#ObamaEraSurvivor
#InTrumpWeTrust
#AbolishTheFBI
#MeToo
#HeToo
#Doorknobs
#BotsMan...BOTS
Posts: 71,112
GloryDayz is obviously part of the inner Circle.GloryDayz is obviously part of the inner Circle.GloryDayz is obviously part of the inner Circle.GloryDayz is obviously part of the inner Circle.GloryDayz is obviously part of the inner Circle.GloryDayz is obviously part of the inner Circle.GloryDayz is obviously part of the inner Circle.GloryDayz is obviously part of the inner Circle.GloryDayz is obviously part of the inner Circle.GloryDayz is obviously part of the inner Circle.GloryDayz is obviously part of the inner Circle.
  Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On

Forum Jump




All times are GMT -6. The time now is 03:06 AM.


This is a test for a client's site.
Fort Worth Texas Process Servers
Covering Arlington, Fort Worth, Grand Prairie and surrounding communities.
Tarrant County, Texas and Johnson County, Texas.
Powered by vBulletin® Version 3.8.8
Copyright ©2000 - 2018, vBulletin Solutions, Inc.