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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, 04:23 PM   #91
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It's actually the median


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Old 08-07-2018, 04:35 PM   #92
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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
195k is not very much considering people are living longer and paying out the ass in medical expenses.
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Old 08-07-2018, 04:38 PM   #93
2bikemike 2bikemike is offline
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Originally Posted by chiefzilla1501 View Post
195k is not very much considering people are living longer and paying out the ass in medical expenses.
At 65 that number should be closer if not over a million.
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Old 08-07-2018, 04:46 PM   #94
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Originally Posted by chiefzilla1501 View Post
195k is not very much considering people are living longer and paying out the ass in medical expenses.
It'll be way, way more than that once we get 30,000,000 Nigerian and Honduran immigrants in here to save America.
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Old 08-07-2018, 04:53 PM   #95
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People didn't plan their retirement well and didn't take responsibility for their future.

Libsters-Trumps Fault!!
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Old 08-07-2018, 04:55 PM   #96
Loneiguana Loneiguana is offline
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Quote:
Originally Posted by 2bikemike View Post
At 65 that number should be closer if not over a million.
I agree.

I laid out some math earlier about how to arrive at the number. Seems a little unrealistic unfortunately for a lot of americans.
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Old 08-07-2018, 04:56 PM   #97
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It'll be way, way more than that once we get 30,000,000 Nigerian and Honduran immigrants in here to save America.
Little bit of a red herring there. Inability to save is not the fault of future immigrants.
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Old 08-07-2018, 04:56 PM   #98
Loneiguana Loneiguana is offline
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Originally Posted by Bwana View Post
People didn't plan their retirement well and didn't take responsibility for their future.

Libsters-Trumps Fault!!
Who has said anything about trump?

Goddamn you guys are insecure.
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Old 08-07-2018, 05:32 PM   #99
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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
They do and the low interest rates are killing them.
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Old 08-07-2018, 05:34 PM   #100
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There are several factors that cause this trend of bankruptcy:

1. Do not save enough - many Americans have that instant gratification mentality. They scoff at the saving part.

2. Do not earn enough - many live on paycheck to paycheck, especially in low-paying jobs, or they live in welfare most of their lives.

3. Do not invest enough - even we are told often to invest early, many just won't do it. I do know a young nurse (age 25) has budgeted her expense that she can save $10,000/year.

4. The spend down trick - to live in a nursing home costs a lot of money. Some people resort to this.
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Old 08-07-2018, 05:42 PM   #101
Prison Bitch Prison Bitch is offline
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Originally Posted by chiefzilla1501 View Post
Little bit of a red herring there. Inability to save is not the fault of future immigrants.
But the Nigerians and Hondurans will "save" our entitlement programs.


Liberals have told me this so it must be true.
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Old 08-07-2018, 06:55 PM   #102
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Oh look, Loneiguana celebrating more human suffering.
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Old 08-07-2018, 07:03 PM   #103
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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
If you're asking questions like this on election day (and you've already said you are voting today), does that make you a well-informed voter with a firm grasp of the issues and the candidates, or does it make you a low-information voter?
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Old 08-07-2018, 08:09 PM   #104
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If you don't prepare for your future, you will go broke. Doesn't matter if it's baby boomer or any other label.

If you fail to plan, you're planning to fail.

Just wish I could have invested all that dough taken from me to pay for my own SS. I'd be pulling down way more than my returns from that shitty investment.

Glad I started preparing when I was young. Life is great now. Enjoy!
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Old 08-07-2018, 08:14 PM   #105
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So what are my options if I have no creditors?
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