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Posted: 8/6/2018 1:36:11 AM EDT
at a higher rate than old folks of yesteryear
https://www.nytimes.com/2018/08/05/business/bankruptcy-older-americans.html  Attached FileNot 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. What's coming down the pike? |
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Posted: 8/6/2018 1:41:02 AM EDT
[#1]
Please tell me their social security is garnished!!!
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Posted: 8/6/2018 2:44:52 AM EDT
[#2]
Imagine that. Boomers can’t manage money
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Posted: 8/6/2018 2:45:51 AM EDT
[#3]
Probably bankruptcies due to medical expenses. Very common.
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Posted: 8/6/2018 2:52:46 AM EDT
[#4]
They helped to bankrupt the Country, now they want even more free-rides...
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Posted: 8/6/2018 7:01:11 AM EDT
[#5]
Obamacare, medical.
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Posted: 8/6/2018 7:03:47 AM EDT
[#6]
I love baby boomer and millennial threads.
This one will be juicy. |
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Posted: 8/6/2018 7:04:18 AM EDT
[#7]
lol
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Posted: 8/6/2018 7:04:52 AM EDT
[#8]
Quote HistoryQuoted: They helped to bankrupt the Country, now they want even more free-rides... |
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Posted: 8/6/2018 7:06:55 AM EDT
[#9]
And the baby boomer wake of destruction gets even wider.
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Posted: 8/6/2018 7:09:00 AM EDT
[#10]
Leaving a giant pile of debt for someone else to pay off is what baby boomers do best.
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Posted: 8/6/2018 7:09:32 AM EDT
[#11]
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 7:18:36 AM EDT
[#12]
Quote HistoryQuoted:
Probably bankruptcies due to medical expenses. Very common. |
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Posted: 8/6/2018 7:18:55 AM EDT
[#13]
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 7:19:44 AM EDT
[#14]
Protect your retirement assets and get rid of debt. Then move to Florida.
Medical really does kill you financially when you get older. I know people who retired early [before medicare] had one medical issue and are now financially in the red for the foreseeable future. All their planning has been tossed into the trash. Most of them are just blue collars, saved decently but didn't realize just how much a bout with cancer can wipe out 30 years of saving and investing. |
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Posted: 8/6/2018 7:20:20 AM EDT
[#15]
Hitting retirement age, didn't save, and their retired income can't meet their living expenses that they probably didn't curtail post-retirement.
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Posted: 8/6/2018 7:22:01 AM EDT
[#16]
This thread has potential.
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Posted: 8/6/2018 7:30:34 AM EDT
[#17]
My moms about to declare bankruptcy. Her house is worth about 40k, she owes 63 on it. She has no savings and lives on 1100 a month SS. She has cancer and a host of other medical issues. She is moving in with my wife and I as living with my sister has turned into a nightmare.
She had no plan for retirement other than SS. None, nada, nothing. |
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Posted: 8/6/2018 7:31:41 AM EDT
[#18]
A large percentage of the population have poor money management skills. I also imagine many of these people got forced out decent jobs during the last recession and never recovered from it. Then there's medical bills and the huge cost of insurance due to O care that they never planned on.
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Posted: 8/6/2018 7:35:34 AM EDT
[#19]
I’m sure it’s only medical bills that caused them to file.
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Posted: 8/6/2018 7:51:19 AM EDT
[#20]
Quote HistoryQuoted:
Probably bankruptcies due to medical expenses. Very common. |
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Posted: 8/6/2018 7:55:43 AM EDT
[#21]
Scam?
Bankrupt on paper to get freebies? |
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Posted: 8/6/2018 8:00:04 AM EDT
[#22]
Quote HistoryQuoted:
Probably bankruptcies due to medical expenses. Very common.
All those here throwing rocks.....I hope you live forever. 
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Posted: 8/6/2018 8:04:38 AM EDT
[#23]
Interesting. My credit card statement showed my credit rating and the credit ratings of other age groups. It was a perfect trend line up, with the oldest group shown (Including boomers) having the highest credit rating.
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Posted: 8/6/2018 8:06:21 AM EDT
[#24]
Some of you people eat derp for breakfast, lunch and supper. Some spent like there was no tomorrow, Some never saved a dime. Some saved their kids from everything. Some saved but medical will eat through just about anything if you survive long enough. Last and maybe least some saved enough and are blessed with good health. My wife went through chemo and radiation 2 years ago. The cost of the radaiton was shown at $1000 per minute. I dont give a shit who you are and how well you plan, but you can't plan for that. It's probablyup to $1700 a minute this year. Had it not been for insurance it would have put a hell of a crimp on our finances and it was none to comfortable as it was. Of course most of ARF uses C notes for toilet paper. Continue on .
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Posted: 8/6/2018 8:08:40 AM EDT
[#25]
Quote HistoryQuoted:
I love baby boomer and millennial threads. This one will be juicy. |
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Posted: 8/6/2018 8:13:07 AM EDT
[#26]
Quote HistoryQuoted:
Interesting. My credit card statement showed my credit rating and the credit ratings of other age groups. It was a perfect trend line up, with the oldest group shown (Including boomers) having the highest credit rating. |
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Posted: 8/6/2018 8:14:59 AM EDT
[#27]
Quote HistoryQuoted: They helped to bankrupt the Country, now they want even more free-rides... |
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Posted: 8/6/2018 8:27:52 AM EDT
[#28]
It would be interesting to plot the rise in average health care costs against those charts. What you'd probably find is that the increases in health care costs have swamped the ability of older, often fixed-income people to be able to afford. Most folks can handle the "average" .gov target of 1-2% per year of general inflation. Some folks can handle the actual 4-7%. What few people can afford is a 21% increase per year in the one budget item that is known to increase its percentage of the budget they had planned for - health care. Keep in mind that most companies' (and many public-sector) workers don't get retiree medical coverage. So, they become entirely dependent on Medi(S)care.
My observation of older folks 60-75 is that they worked, they saved, paid off their houses, cars, etc. and now can't afford to live the lifestyle they'd planned for because of medical bills. Sad. But, that's what happens when you let the .gov effectively take over the health care industry and destroy the ability to control costs. |
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Posted: 8/6/2018 8:29:05 AM EDT
[#29]
Quote HistoryQuoted: They probably want their student loans forgiven as well... |
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Posted: 8/6/2018 8:31:38 AM EDT
[#30]
Oh Noes!
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Posted: 8/6/2018 8:33:22 AM EDT
[#31]
Quote HistoryQuoted:
Imagine that. Idiots They teach get loans and improve your credit score and have for a long time. |
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Posted: 8/6/2018 8:37:06 AM EDT
[#32]
At lot of them believed the promised great retirement and health care plan the company they worked decades for told them. Then they got screwed and had minimal personal savings,no 401K and large medical expenses.
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Posted: 8/6/2018 8:39:00 AM EDT
[#33]
Quote HistoryQuoted:
Yeah, I knew a few like that. Mostly due to medical bills from a deceased spouse.
All those here throwing rocks.....I hope you live forever. Quote HistoryQuoted:
Quoted:
Probably bankruptcies due to medical expenses. Very common.
All those here throwing rocks.....I hope you live forever. The man is on disability, since he can't work. Some of you should really hate them. Of course, neither one is quite old enough to be part of the dreaded "boomer" generation so I assume they get a pass. |
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Posted: 8/6/2018 8:40:12 AM EDT
[#34]
Quote HistoryQuoted: Fixed! It will get worse, they do not teach personal finance or how to do a budget. They teach get loans and improve your credit score and have for a long time. |
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Posted: 8/6/2018 8:40:28 AM EDT
[#35]
Quote HistoryQuoted:
My moms about to declare bankruptcy. Her house is worth about 40k, she owes 63 on it. She has no savings and lives on 1100 a month SS. She has cancer and a host of other medical issues. She is moving in with my wife and I as living with my sister has turned into a nightmare. She had no plan for retirement other than SS. None, nada, nothing. $2800 a month SS and they thought that would be enough. They did a reverse mortgage since their house was paid off to take care of most of it. Sucks the house I grew up in will be gone when they pass, might just buy it as they only did a $90k reverse mortgage |
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Posted: 8/6/2018 8:40:55 AM EDT
[#36]
Quoted:
at a higher rate than old folks of yesteryear https://www.nytimes.com/2018/08/05/business/bankruptcy-older-americans.html https://www.AR15.Com/media/mediaFiles/265139/boomer_menace-631401.JPG 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. What's coming down the pike? |
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Posted: 8/6/2018 8:42:47 AM EDT
[#37]
Quote HistoryQuoted:
Probably bankruptcies due to medical expenses. Very common. And many took huge hits to retirement funds when 2008-09 real estate / market crashed so hard. And its not just the Boomers. Id guess most age groups bankruptcy filings are increasing. People don't save anymore. Spend, spend, spend. |
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Posted: 8/6/2018 8:43:04 AM EDT
[#38]
Quote HistoryQuoted:
Quote HistoryQuoted:
Quoted:
Probably bankruptcies due to medical expenses. Very common. Had I not paid the $10k after my MIL passed they would be a lean on their property as they had no savings. My FIL makes only $1100 in SS |
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Posted: 8/6/2018 8:46:11 AM EDT
[#39]
Quote HistoryQuoted:
Imagine that. Boomers can't manage money 
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Posted: 8/6/2018 8:49:13 AM EDT
[#40]
I'm a boomer and handle money very well.
And I don't personally know anyone that has filed bankruptcy. And bankruptcy laws have also changed over the years and getting out of that financial vice grip is not as easy as it once was. |
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Posted: 8/6/2018 9:00:16 AM EDT
[#41]
Quote HistoryQuoted:
At lot of them believed the promised great retirement and health care plan the company they worked decades for told them. Then they got screwed and had minimal personal savings,no 401K and large medical expenses. My Dad retired in 1992. His employer never offered them. Medical expenses are a stone cold bitch. These sink a lot of people. |
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Posted: 8/6/2018 9:01:52 AM EDT
[#42]
Boomer checking in here.
It's sad to see someone in their 60s/70s in bankruptcy, but it's usually the result of poor choices they made in their younger years, such as: - Chose not to save money for retirement. Blew their cash on things like new vehicles, credit cards, fancy vacations. - Chose not to get an education. College and trade schools were available, cheap and/or free. - Chose to get married too early and/or too frequently. - Chose to get divorced. - Chose to have kids they couldn't afford to raise. - Chose not to move/relocate for a better job. - Chose to take an easy, low-paying job rather than work hard. - Chose destructive habits, such as weed, alcohol, tobacco. |
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Posted: 8/6/2018 9:03:32 AM EDT
[#43]
Quote HistoryQuoted:
Probably bankruptcies due to medical expenses. Very common. When a snake bite is over $250,000 it means your million dollar nest egg doesn't go very far. A cancer, whatever, can tear up a 401K in an instant. |
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Posted: 8/6/2018 9:08:35 AM EDT
[#44]
Quote HistoryQuoted:
Probably bankruptcies due to medical expenses. Very common. |
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Posted: 8/6/2018 9:11:18 AM EDT
[#45]
Despite many of the comments here, I tend to think it is medical bills. Medical insurance is expensive enough and I am not near retirement! I can only imagine insurance at 65+ has to super expensive to purchase and the way the system is set up, even with solid insurance you can still end up with with a few bills that can eat your retirement up very quickly.
No one foresaw the clusterfuck that is Obamacare. |
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Posted: 8/6/2018 9:11:20 AM EDT
[#46]
Quote HistoryQuoted:
derp Quote HistoryQuoted:
Quoted:
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. BTW i'm not a boomy or a snowflake generation 
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Posted: 8/6/2018 9:12:58 AM EDT
[#47]
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. I will also concede that there are a number of boomers that don't give a shit how much debt they leave their kids and grand kids and they suck. I am not a very popular person at my high school reunions since a couple of years back when I told a number of my classmates that the best thing they could do for their wonderful grandchildren is die. |
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Posted: 8/6/2018 9:15:38 AM EDT
[#48]
Quote HistoryQuoted:
Leaving a giant pile of debt for someone else to pay off is what baby boomers do best. |
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Posted: 8/6/2018 9:16:39 AM EDT
[#49]
Quote HistoryQuoted:
Yeah, I knew a few like that. Mostly due to medical bills from a deceased spouse.
All those here throwing rocks.....I hope you live forever. Quote HistoryQuoted:
Quoted:
Probably bankruptcies due to medical expenses. Very common.
All those here throwing rocks.....I hope you live forever. I guess I shouldn't be surprised as many non old folks are to dumb to carry disability insurance. |
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Posted: 8/6/2018 9:16:54 AM EDT
[#50]
Quote HistoryQuoted:
I love baby boomer and millennial threads. This one will be juicy. |
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