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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 08-08-2018, 10:43 AM   #121
Prison Bitch Prison Bitch is offline
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Quote:
Originally Posted by JohnnyV13 View Post
It is very tempting to yet again abuse LoneIdiot. For example, does he really think unions could have overcome the massive glut of labor that hit the marketplace over the last 30 years? Just look at the rise of contract workers and realize that itís because companies are looking to get around benefits packages dictated by law for employees.

You can redirect the flow of the free market using regulation. But you arenít going to reverse the Niagra river. Nor can u repeal the law of supply and demand (even though governments have been trying for more than 2,000 years).

But, health care costs are indeed a problem. Waste is huge. I work for a health care IT firm. I know all about this. Part of the problem is unscrupulous companies. Big pharma is one of the worst abusers. Yet, much of the problem is that companies have exploited truly Byzantine regulatory regimes for their own benefit. Are legislators and regulators really this stupid, or have Congress critters been bought off by their dark money sponsors?

One problem is administrative bloat in health care. Since 1990, the number of people working in the health care field has jumped 75%. That seems encouraging until u find out that only 5% are health care professionals. The bulk has been more administrators. Utilization rates of health care facilities has actually declined. But the costs have still increased.

One reason is that ins. Companies pursue a blatant denial strategy. They try to find any thin justification to deny a claim without violating bad faith laws. Deny deny deny, and hope the claimant gives up, or misses their 6 month window to file a claim. To combat this denial strategy, health care providers have had to increase administrative staff. This stupid bureaucratic war is wasting significant resources.



This is just breathtaking. You wrote a novel-length post about the glut of labor and its effect on wages without.....once....mentioning (you know what)



There's a 10,000 pound elephant in your living room. Address it please.
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Old 08-08-2018, 10:54 AM   #122
Loneiguana Loneiguana is offline
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Originally Posted by Over Yonder View Post
Tell that to Lone. He seems to think that every Republican on the planet is fully embracing it. If they were, I wouldn't have to leave as many lines on my ballot blank.

He did finally mention one name though, Paul Ryan. So kudos to him for that I guess. So one swamp critter that is leaving Congress apparently wants it to happen anyways
The House GOP supports a bill that does exactly what I'm talking about and this uninformed voter continues to double down on dumb.

Your ability to press on in the face of evidence is commendable.
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Old 08-08-2018, 11:00 AM   #123
Over Yonder Over Yonder is online now
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Originally Posted by Loneiguana View Post
The House GOP supports a bill that does exactly what I'm talking about and this uninformed voter continues to double down on dumb.

Your ability to press on in the face of evidence is commendable.
Lone. I have given up on you. You have spent several pages dancing around my original question. So at this point, I do, as a matter of fact, look pretty foolish continuing this dialog. I was just answering Bryan Busby. You might want to brow beat him too, he also has not seen this platform that all the Republicans are running on.

Go get him Lone
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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 08-08-2018, 11:01 AM   #124
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STOP CLICK BAIT - Loneiguana posts article from NY Times declaring a call to socialism by pulling on heart strings so everyone's parents and grandparents will be taken care of in their latter years.
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Old 08-08-2018, 01:26 PM   #125
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Quote:
Originally Posted by Loneiguana View Post
That's why I rounded up to 1 million dollars.




I don't care about inheritance, your money do what you want, as I watch my parents obsess over their parents money. I also expect most of it to be gone thanks to the insane price of nursing homes even with nursing home insurance.

Anyway, its the withdrawing early that f's a lot of people. Cause what's easier, paying off that large medical debt or having monthly payments on a fixed income? Its a hard choice.

One I wish we didn't ask seniors to make.



It would be nice in the wealthiest nation in the world if we could ensure even the dumbest and least prepared among us could retire with the peace of mind something is there. That is the point of S.S and medicare.

Nothing has changed for all the saber rattling of Entitlement reform. Social Security and Medicare are ok instruments. The problem is they are unsustainable. But they aren't going anywhere.

Personally I would've rather all that money been stashed in the account of 2Bikemike. Not in the my contribution pays for others scheme. It is that very reason that the program is in the condition it is in. The younger generations are screwed for sure. Not only that, but it becomes a carrot for the politicians to dangle around.

The thing is with Social Security, Medicare, Pensions, 401K's or IRA's whatever vehicle or combination thereof the one variable that none of us can control is what we will spend on healthcare in our old age. You can go broke with any of those vehicles.

Social Security and Medicare were always meant to be supplemental to everything else and most people are just counting on those two to get them through. Yes many people failed to transition from Pensions to 401K's like you said the dumbest of us need a lot more help in managing our money.
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Old 08-10-2018, 06:28 AM   #126
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Quote:
Originally Posted by Prison Bitch View Post
This is just breathtaking. You wrote a novel-length post about the glut of labor and its effect on wages without.....once....mentioning (you know what)



There's a 10,000 pound elephant in your living room. Address it please.
Illegals and immigration policy changes are only part of what I was talking about. Women entering the workforce plus the ability to access worldwide cheap labor which was inaccessible in the golden era for workers are simply overwhelming.

Perhaps reducing low skill immigrants of all stripes will help some. But the larger issue is cheap global labor assisted by highly favorable exchange rates. One consequence of demand for the dollar for oil transactions as well as a reserve currency is that it makes foreign labor cheaper. Yes, that helps bring in more cheap goods, but it also makes outsourcing more profitable.
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