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Posted: 8/6/2018 12:27:41 PM EDT
[#1]
Quote HistoryQuoted:
Imagine that. Boomers can't manage money |
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Posted: 8/6/2018 12:28:26 PM EDT
[#2]
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To be fair many employers didn’t offer 401k until relatively recently. My Dad retired in 1992. His employer never offered them. Medical expenses are a stone cold bitch. These sink a lot of people. When I was younger I couldn't even join the state retirement system because I didn't meet the minimum work requirements in place at the time. As a 16-20 year old my only available planning options were personal savings accounts and savings bonds. |
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Posted: 8/6/2018 12:31:23 PM EDT
[#3]
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How the hell are boomers going bankrupt from medical bills when they have Medicare? Over 15% of the federal budget is now untouchable spending specifically to give them free healthcare. Every politician is terrified to talk about cutting it because the boomers will vote out whoever doesn't send them their welfare. |
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Posted: 8/6/2018 12:31:38 PM EDT
[#4]
Hopefully, they'll learn some economic lessons and it will help them make more realistic choices concerning debt and lifestyle choices.
Can't discharge student loans to bankruptcy so that's a plus. |
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Posted: 8/6/2018 12:34:31 PM EDT
[#5]
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work harder, amirite? |
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Posted: 8/6/2018 12:36:49 PM EDT
[#6]
So let me get this straight... The Boomer generation saddles millennials with crippling student loan debt, makes it illegal to declare bankruptcy on this debt, then declares bankruptcy themselves?
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Posted: 8/6/2018 12:39:46 PM EDT
[#7]
One guess
People are living longer and are not financially prepared. Sell everything off, declaring bankruptcy and then become ward of the state for free healthcare and a place to stay. |
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Posted: 8/6/2018 12:40:50 PM EDT
[#8]
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It's been in the OP  |
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Posted: 8/6/2018 12:43:15 PM EDT
[#9]
Quote HistoryQuoted:
I don't know if I agree with that. They spent the last 50 years working, paying into crap they were forced to pay into just so corrupt assholes could raid the piggy bank with no consequences. Now they want their money. I'd want my money too. Quote HistoryQuoted:
Quoted:
They helped to bankrupt the Country, now they want even more free-rides... Most politicians that contributed to the bankruptcy that FDR started, that il-informed Arfcommers perhaps like the person you replied to, belong to either the greatest generation (born in 1910 to 1924) or the silent generation (1924 to 1945). Il-informed Arfcommers perhaps like the person you replied to, mistakenly believe these are baby boomers. However, when I look at Fineswine or pictures of the Kennedys, I don't see how anyone can make that mistake. All of the devastating programs that are bankrupting the nation, with one exception, were put in place well before baby boomers grew up to hold office. The one exception is Obamacare. However, the common link of being a democrat program remains intact. |
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Posted: 8/6/2018 12:45:05 PM EDT
[#10]
To all you baby boomer haters, when you are older some of you will be going thru the same things and there will be those on here that will blast you for not planing.
Shit happens to people thru no fault of their own, of course some just don't plan, so why don't you just worry about you and stop blaming others for your shortcomings. For me, I am a boomer, have always worked hard and lived a modest life compared to some. I have saved enough and should be able to live a descent retirement in a few years as long as I live within my means, most of us will never have enough, I won't. The best thing about this is I'm in countdown mode, 10 more fucking house payment to go then it's paid for, might even pay it off now. So enjoy your house payment for those that have one and work hard to pay my SS & medicare because I plan to live to over 100 yrs old just to piss you off. Every time you see those deductions on your pay stub I will be laughing.   
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Posted: 8/6/2018 12:48:01 PM EDT
[#11]
Quote HistoryQuoted:
Exactly. Deferred comp plans, IRAs, etc are all fairly recent things in terms of retirement planning. When I was younger I couldn't even join the state retirement system because I didn't meet the minimum work requirements in place at the time. As a 16-20 year old my only available planning options were personal savings accounts and savings bonds. |
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Posted: 8/6/2018 12:49:12 PM EDT
[#12]
Quote HistoryQuoted:
So let me get this straight... The Boomer generation saddles millennials with crippling student loan debt, makes it illegal to declare bankruptcy on this debt, then declares bankruptcy themselves? |
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Posted: 8/6/2018 12:52:47 PM EDT
[#13]
Quote HistoryQuoted: 34-44 ( my group) is down 40% and the next GenX group is basically flat at -2%. Looks like we're doing pretty good to me. 
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Posted: 8/6/2018 12:53:05 PM EDT
[#14]
Quote HistoryQuoted:
Student loan debt is not forced on anyone, many are tired of hearing about the crippling debt on these junk degrees. |
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Posted: 8/6/2018 12:53:36 PM EDT
[#15]
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Student loan debt is not forced on anyone, many are tired of hearing about the crippling debt on these junk degrees. If you want to participate in the economy and have a future, pass this gate and you're set. That's the message the boomers put out, and now they're blaming the kids for obeying their elders. |
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Posted: 8/6/2018 12:57:37 PM EDT
[#16]
Quote HistoryQuoted: Neither is medical debt. You don't have to go to see a doctor if you are sick. Just let nature take it's course. |
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Posted: 8/6/2018 12:58:48 PM EDT
[#17]
Quote HistoryQuoted:
That's philosophical bullshit. If you want to participate in the economy and have a future, pass this gate and you're set. That's the message the boomers put out, and now they're blaming the kids for obeying their elders. Quote HistoryQuoted:
Quoted:
Student loan debt is not forced on anyone, many are tired of hearing about the crippling debt on these junk degrees. If you want to participate in the economy and have a future, pass this gate and you're set. That's the message the boomers put out, and now they're blaming the kids for obeying their elders. Also no one forced anyone to take these loans on. |
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Posted: 8/6/2018 1:09:02 PM EDT
[#18]
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Kinda easy to say when you’re not the one laying there dying. I just hit 60 so this is soon to be me.  Quote HistoryQuoted:
Quoted:
Quoted: When I'm terminal, I may just end up paying with my life. I'd rather leave some money/assets to my family instead of running in futility from the Grim Reaper. Like most things, easy to say, harder to do on multiple levels. I just hit 60 so this is soon to be me. |
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Posted: 8/6/2018 1:12:46 PM EDT
[#19]
In before - it's the Millenial's fault.
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Posted: 8/6/2018 1:17:50 PM EDT
[#20]
I apologize to all the millenials I picked on in my first post. I got tired of the boomers being blamed for the country's financial problems. Two wrongs don't make a right and all that. All the money problems different people have is often unpredictable and sometimes unavoidable. No generation has a monopoly on stupidity either.
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Posted: 8/6/2018 1:21:31 PM EDT
[#21]
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Still a higher rate of bankruptcy than those rotten no good muhllenials. Getting beat by that sorry bunch, woof
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Posted: 8/6/2018 1:22:22 PM EDT
[#22]
God help the boomer that lives in CA or FL...prepare for the Arfcom deluge of vitriol
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Posted: 8/6/2018 1:24:55 PM EDT
[#23]
Quote HistoryQuoted:
So let me get this straight... The Boomer generation saddles millennials with crippling student loan debt, makes it illegal to declare bankruptcy on this debt, then declares bankruptcy themselves? You'll probably be surprised to learn that the "boomers" weren't running the government (or much of anything else) 30 years after the oldest of them were born. |
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Posted: 8/6/2018 1:40:35 PM EDT
[#24]
Quote HistoryQuoted:
To all you baby boomer haters, when you are older some of you will be going thru the same things and there will be those on here that will blast you for not planing. Shit happens to people thru no fault of their own, of course some just don't plan, so why don't you just worry about you and stop blaming others for your shortcomings. For me, I am a boomer, have always worked hard and lived a modest life compared to some. I have saved enough and should be able to live a descent retirement in a few years as long as I live within my means, most of us will never have enough, I won't. The best thing about this is I'm in countdown mode, 10 more fucking house payment to go then it's paid for, might even pay it off now. So enjoy your house payment for those that have one and work hard to pay my SS & medicare because I plan to live to over 100 yrs old just to piss you off. Every time you see those deductions on your pay stub I will be laughing. |
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Posted: 8/6/2018 2:23:54 PM EDT
[#25]
Quote HistoryQuoted:
Medicare only kicks in after you exhaust your assets. Many boomers were too stupid to protect their assets with trusts. Quote HistoryQuoted:
Quoted:
How the hell are boomers going bankrupt from medical bills when they have Medicare? Over 15% of the federal budget is now untouchable spending specifically to give them free healthcare. Every politician is terrified to talk about cutting it because the boomers will vote out whoever doesn't send them their welfare. Medicare is not dependent on a person's assets. |
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Posted: 8/6/2018 2:34:13 PM EDT
[#26]
Lucky for me I get to rot in the VA
I got no kin left son died on active duty years ago & I never remarried, & we didn't come over until 1903 so its just me 
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Posted: 8/6/2018 2:35:13 PM EDT
[#27]
You should not be declaring bankruptcy ... you paid for college with your summer job!!!
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Posted: 8/6/2018 2:38:58 PM EDT
[#28]
Quote HistoryQuoted: Lucky for me I get to rot in the VA I got no kin left son died on active duty years ago & I never remarried, & we didn't come over until 1903 so its just me
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Posted: 8/6/2018 2:49:14 PM EDT
[#29]
Quote HistoryQuoted:
Uh.....not how that works. Your bills don't just get passed to relatives when you die. Quote HistoryQuoted:
Uh.....not how that works. Your bills don't just get passed to relatives when you die. Quoted:
Had a distant relative that passed away last year. She was around 70 years old, and left her family with $100K+ in medical bills. She was eligible, but for some reason, she never signed up for Medicare. |
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Posted: 8/6/2018 2:54:41 PM EDT
[#30]
Quote HistoryQuoted:
Actually, it will work exactly like that in this case. The bills will be taken from her estate. Therefore her family will pay those $100k+ medical bills. Quote HistoryQuoted:
Quoted:
Uh.....not how that works. Your bills don't just get passed to relatives when you die. Quoted:
Had a distant relative that passed away last year. She was around 70 years old, and left her family with $100K+ in medical bills. She was eligible, but for some reason, she never signed up for Medicare. |
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Posted: 8/6/2018 3:02:06 PM EDT
[#31]
Quote HistoryQuoted: They haven't had enough time to declare bankruptcy, they're still accumulating debt they won't pay back. For now SCOREBOARD, OLD MAN
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Posted: 8/6/2018 3:03:51 PM EDT
[#32]
Quote HistoryQuoted:
We'll see For now SCOREBOARD, OLD MAN Quote HistoryQuoted:
Quoted: They haven't had enough time to declare bankruptcy, they're still accumulating debt they won't pay back. For now SCOREBOARD, OLD MAN
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Posted: 8/6/2018 3:04:26 PM EDT
[#33]
Quote HistoryQuoted:
Millenials are living with their parents and a higher percentage of boomers are bankrupt. Millenials don't want to work and boomers spent too much or didn't earn enough. At least the boomers worked.  |
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Posted: 8/6/2018 3:04:26 PM EDT
[#34]
Quote HistoryQuoted:
I'm going to go with this. Quote HistoryQuoted:
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Probably bankruptcies due to medical expenses. Very common. |
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Posted: 8/6/2018 3:08:31 PM EDT
[#35]
Quote HistoryQuoted:
Hopefully, they'll learn some economic lessons and it will help them make more realistic choices concerning debt and lifestyle choices. They have voted for decades for policies that have hamstrung everyone with endless debt Time to cut off the safety net. Thats how you learn. |
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Posted: 8/6/2018 3:09:12 PM EDT
[#36]
Due to the stupid crap Obama did to healthcare I might be one of the statistics.
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Posted: 8/6/2018 3:37:03 PM EDT
[#37]
The so-called "Greatest Generation" was born 1930 - 1945 and would have been too young to serve in WWII. It was a media-created misnomer.
What we called the "G.I. Generation" was born 1900 - 1924 so most missed WWI but served in WWII. They lived through The Great Depression and thus learned how to handle money -- or starve. The "Silent Generation" was born 1925 - 1945 and thus the older ones served in WWII and were taught by their parents how to manage personal finances. Unfortunately many of the younger ones didn't see the need to pass the knowledge along to their "Boomer" children as the post-war economic recovery had begun. |
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Posted: 8/6/2018 3:42:24 PM EDT
[#38]
Quote HistoryQuoted:
Actually, it will work exactly like that in this case. The bills will be taken from her estate. Therefore her family will pay those $100k+ medical bills. |
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Posted: 8/6/2018 3:45:55 PM EDT
[#39]
Quote HistoryQuoted:
Actually, it will work exactly like that in this case. The bills will be taken from her estate. Therefore her family will pay those $100k+ medical bills. Quote HistoryQuoted:
Quoted:
Uh.....not how that works. Your bills don't just get passed to relatives when you die. Quoted:
Had a distant relative that passed away last year. She was around 70 years old, and left her family with $100K+ in medical bills. She was eligible, but for some reason, she never signed up for Medicare. |
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Posted: 8/6/2018 3:46:27 PM EDT
[#40]
Quote HistoryQuoted:
Imagine that. Boomers can’t manage money
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Posted: 8/6/2018 3:55:51 PM EDT
[#41]
Quote HistoryQuoted:
So let me get this straight... The Boomer generation saddles millennials with crippling student loan debt, makes it illegal to declare bankruptcy on this debt, then declares bankruptcy themselves? The poor dears.
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Posted: 8/6/2018 4:29:53 PM EDT
[#42]
Quote HistoryQuoted:
I’m sure it’s only medical bills that caused them to file. In the next ten years, I'll pay $300,000 in Federal $85,000 real estate, $75,000 ssi, $25,000 Medicare. Plus assorted sales taxes. Over $500,000. Half a million dollars that could have been invested or used to pay off debt. If I lived in a state with income tax, that would be another $170,000 down the drain. Essentially, the wealth generated from the productive part of my lifetime, will be transferred to the workers in Government and healthcare. Whether I have any left at the end, is subject to things mostly outside of my control, ie. The stock market and personal health. And that's from the perspective of one who saves and lives below his means. I'm not going to be judgemental about those who don't. Sometimes I think the "Live for today" debt lovers have it right. Either way, you'll be screwed at the end. |
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Posted: 8/6/2018 5:31:12 PM EDT
[#43]
Quote HistoryQuoted:
They will come from HER estate, the family members will not pay these bills from THEIR estates. If her estate does not cover the expenses the family does not pay for the bills out of pocket. Quote HistoryQuoted:
Quoted:
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Uh.....not how that works. Your bills don't just get passed to relatives when you die. Quoted:
Had a distant relative that passed away last year. She was around 70 years old, and left her family with $100K+ in medical bills. She was eligible, but for some reason, she never signed up for Medicare. All the while complaining about boomers not paying their bills and managing their money. |
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Posted: 8/6/2018 5:35:37 PM EDT
[#44]
Quote HistoryQuoted:
They can, just keep working! I need my SS payments!! Quote HistoryQuoted:
Quoted:
Imagine that. Boomers can’t manage money |
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Posted: 8/6/2018 5:48:04 PM EDT
[#45]
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Posted: 8/6/2018 6:08:15 PM EDT
[#46]
Quote HistoryQuoted:
Probably bankruptcies due to medical expenses. Very common. In the bankruptcies I see, medical bills are a small % of the total debt. Car loans are #1 as far as amount of debt. |
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Posted: 8/6/2018 6:11:08 PM EDT
[#47]
Quote HistoryGen X here, get to work and quit making excuses for your suckage
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Posted: 8/6/2018 6:12:23 PM EDT
[#48]
Another thing, if you are over 60 and still owe on a mortgage you are a retard. I know one guy in his 60's and has two house payments
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Posted: 8/6/2018 6:13:58 PM EDT
[#49]
Quote HistoryQuoted:
They will come from HER estate, the family members will not pay these bills from THEIR estates. If her estate does not cover the expenses the family does not pay for the bills out of pocket. Quote HistoryQuoted:
Quoted:
Quoted:
Uh.....not how that works. Your bills don't just get passed to relatives when you die. Quoted:
Had a distant relative that passed away last year. She was around 70 years old, and left her family with $100K+ in medical bills. She was eligible, but for some reason, she never signed up for Medicare. |
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Posted: 8/6/2018 6:17:35 PM EDT
[#50]
Quote HistoryQuoted:
Another thing, if you are over 60 and still owe on a mortgage you are a retard. I know one guy in his 60's and has two house payments |
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