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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, 02:04 PM   #76
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Originally Posted by loochy View Post
Well yeah, there's problem #1. That's not enough. Would I LIKE to have a guaranteed pension? Sure! Is one available to me? Not at this job. They cut them 2 years before I got here.
Its is a problem. Look at the numbers I posted on the average 401k balance.

If you are doing better than that great, but baby boomers being unable to support themselves because the lack a retirement funds negatively affects all of society. (Let alone the next generations)

Its why a strong social safety net is critical.
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Old 08-07-2018, 02:07 PM   #77
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Originally Posted by Prison Bitch View Post
Avg 65+ has 200K net worth
Cool. Net worth. That's always easily accessible. And damn, everyone knows what seniors really want to do is have to sell their house (if not get foreclosed on) when the medical debt starts piling up.
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Old 08-07-2018, 02:10 PM   #78
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Things are better today than in years. Pos 9-11 and Obama were horrific for working people The Trump economy is simply amazing and will get even better in his second term. Libs hate prosperity.
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Old 08-07-2018, 02:10 PM   #79
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Originally Posted by Loneiguana View Post
Its is a problem. Look at the numbers I posted on the average 401k balance.

If you are doing better than that great, but baby boomers being unable to support themselves because the lack a retirement funds negatively affects all of society. (Let alone the next generations)

Its why a strong social safety net is critical.
SOCIALISM
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Old 08-07-2018, 02:13 PM   #80
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Originally Posted by lawrenceRaider View Post
You are just not real bright are you? To think that you may actually think in this manner is pathetic.
Avg net worth 65+, 1984: 59,680
Avg net worth 65+ 2018: 194,226



The CPI calculator makes 1984 dollars worth 145,000 today. So, 65+ Americans have benefited tremendously from Reaganomics contrary to loneidiots mouthbreathing
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Old 08-07-2018, 02:21 PM   #81
Loneiguana Loneiguana is offline
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Quote:
Originally Posted by Prison Bitch View Post
Avg net worth 65+, 1984: 59,680
Avg net worth 65+ 2018: 194,226



The CPI calculator makes 1984 dollars worth 145,000 today. So, 65+ Americans have benefited tremendously from Reaganomics contrary to loneidiots mouthbreathing
Its cute how you keep talking about net worth over accessible capital.

Its hilarious that even an article about the challenges facing boomers gets your idiots triggered. But But Trump economy great derp.
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Old 08-07-2018, 02:23 PM   #82
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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.
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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...

Your response post hasn't a damn thing to do in ANY way with my statement but that is par for the course for you.....
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Old 08-07-2018, 02:26 PM   #83
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Originally Posted by Loneiguana View Post
Its cute how you keep talking about net worth over accessible capital.

Its hilarious that even an article about the challenges facing boomers gets your idiots triggered. But But Trump economy great derp.
It's weird that I mentioned net worth sharply rising, even adj for inflation?


Ok, I guess.
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Old 08-07-2018, 02:29 PM   #84
Loneiguana Loneiguana is offline
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Originally Posted by Prison Bitch View Post
It's weird that I mentioned net worth sharply rising, even adj for inflation?


Ok, I guess.
Just so adorable.
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Old 08-07-2018, 02:31 PM   #85
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Originally Posted by Loneiguana View Post
The difference is my pension will never disappear because of medical emergencies or unexpected expenses. If I get tens of thousands of dollars in medical debt, there is zero possible way for me to access the principal thus decreasing my pension amount.

Where do you think the first place people turn to is when they have crushing medical debt in old age? (Read the article)

That people think the couple hundred thousand in a 401k is a bulwark against what is the major medical expense of old age is sad. Its the reason why we have articles like this one on the bankruptcy trend in seniors.
I think you did things wrong in life and now are regretting the decisions you made. You're ****ed if you ever get sick, and you're going to die!

Oh well, easy come, easy go.
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Old 08-07-2018, 02:34 PM   #86
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Quote:
Originally Posted by Loneiguana View Post
Its is a problem. Look at the numbers I posted on the average 401k balance.

If you are doing better than that great, but baby boomers being unable to support themselves because the lack a retirement funds negatively affects all of society. (Let alone the next generations)

Its why a strong social safety net is critical.
No, letting people live (or die) because of the decisions they've made is crucial.
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Old 08-07-2018, 02:44 PM   #87
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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


Source? Also avg is a shit metric.
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Old 08-07-2018, 02:47 PM   #88
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Originally Posted by Loneiguana View Post
The difference is my pension will never disappear because of medical emergencies or unexpected expenses. If I get tens of thousands of dollars in medical debt, there is zero possible way for me to access the principal thus decreasing my pension amount.

Where do you think the first place people turn to is when they have crushing medical debt in old age? (Read the article)

That people think the couple hundred thousand in a 401k is a bulwark against what is the major medical expense of old age is sad. Its the reason why we have articles like this one on the bankruptcy trend in seniors.
Pension? Private or public?
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Old 08-07-2018, 02:55 PM   #89
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Originally Posted by RodeoPants2 View Post
Source? Also avg is a shit metric.
Other than Amnorix and Dave Lane I would love to know the average net worth of the rest of the liberals that post on this board. I think then and only then we would see the real motives behind all the sympathy tears that get posted on this board.
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Old 08-07-2018, 02:55 PM   #90
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Originally Posted by RodeoPants2 View Post
Source? Also avg is a shit metric.
It's actually the median
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