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Baby Boomers Going Bankrupt at Record Levels

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posted on Aug, 11 2018 @ 05:43 PM
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originally posted by: DBCowboy
a reply to: seeker1963

My brother and I are encouraging our parents to spend their money and enjoy life!


They stopped paying for us when we turned 18.


Or, as they said back in the day. . . . XVIII



I have tried. They would rather die thinking they left their children something though. Imagine that! I told em to sell the house and live it up. But, I am the bad guy as usual.




posted on Aug, 11 2018 @ 05:44 PM
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a reply to: Phage


My folks taught me a work ethic.


It was up to me to use it or not.



posted on Aug, 11 2018 @ 05:44 PM
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a reply to: seeker1963

Maybe your brother could ask your parents now about
what they might leave him.I am going to start giving
my kids things I want them to have now.



posted on Aug, 11 2018 @ 05:44 PM
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originally posted by: DBCowboy
a reply to: Phage


My folks taught me a work ethic.


It was up to me to use it or not.



maybe you old farts should get off your lazy bums and get back to work then!



posted on Aug, 11 2018 @ 05:45 PM
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When the market crashed in 08 trillions disappeared out of the hands of the middle class and was swallowed up by the 1%. I watched 4 trillion disappear out of the market in one day. People like my grandmother panicked and sold their stocks. It was all bought up by the 1%. My grandmother was getting notices from people like Kirk Kerkorian wanting to buy her stock. My grandmother lost $400,000 and got out of the market. The banks got a trillion dollar bailout and the CEO's gave themselves record bonus's. It was the biggest money grab in modern history. Not only that the banks ended up with trillions in real estate that they confiscated from people. I watched an entire generation of wealth stolen from the middle class. So you want to point fingers at the millennial or baby boomers? Why don't you put the blame where it belongs on 1%.
edit on 11-8-2018 by wantsome because: (no reason given)



posted on Aug, 11 2018 @ 05:46 PM
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originally posted by: DBCowboy
a reply to: Phage


My folks taught me a work ethic.


It was up to me to use it or not.


Me too. I moved out ASAP.
It's a different world now though. If you can't see that you don't have kids.



posted on Aug, 11 2018 @ 05:47 PM
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a reply to: toysforadults

I think older people plan for retirement....and all they used to calculate what they will need to survive after retirement did NOT take into account runaway healthcare costs.
The hell with what a coke cost.
Obamacare, exploding drug prices and rising costs for Medicare [that now includes care for far more than those over 65] skewed their budgeting.

And as far as housing, if anything, many older Americans are downsizing.
Giving up those large homes with great rooms for smaller condos and apartments.

FWIW, things are tough all over, and mostly we can thank the politicians and lobbyists!!!!!!!!!!!!!!



posted on Aug, 11 2018 @ 05:48 PM
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originally posted by: mamabeth
a reply to: seeker1963

Maybe your brother could ask your parents now about
what they might leave him.I am going to start giving
my kids things I want them to have now.


How do you think I know what I know? My mother calls me almost daily, and I have to listen to this snip! I told her to leave everything to my brother! I don't want anything except perhaps her kitchen aid mixer!


Buy yea, pretty pathetic that my brother actually is circling his own parents like a buzzard and not even trying to keep it on the down low aye?



posted on Aug, 11 2018 @ 05:48 PM
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a reply to: wantsome

they stole my inheritance in 08, both my grandmothers houses one of them was in a beautiful gated community out in the middle of nowhere with all it's own amenities

her and her husband were the ww2 generation, my grandfather was in the battle of midway (and survived a sinking ship)

banks took all of it after 08 when she had to take a reverse mortgage out on her house, she had no idea what she was doing but was desperate and had dementia but it was early on and we didn't know it yet



posted on Aug, 11 2018 @ 05:49 PM
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originally posted by: toysforadults

originally posted by: DBCowboy
a reply to: Phage


My folks taught me a work ethic.


It was up to me to use it or not.



maybe you old farts should get off your lazy bums and get back to work then!


I thought you wanted us old farts retired because we're bogarting all the jobs!


(Bogarting is a term we used in the day to mean "hog" or not share)



posted on Aug, 11 2018 @ 05:50 PM
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a reply to: toysforadults

I have already spent many years in the work force and now
am on SS.
How many years have YOU been working? Are YOU working?
I have paid my dues and then some.What have YOU done?



posted on Aug, 11 2018 @ 05:50 PM
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originally posted by: DontTreadOnMe
a reply to: toysforadults

I think older people plan for retirement....and all they used to calculate what they will need to survive after retirement did NOT take into account runaway healthcare costs.
The hell with what a coke cost.
Obamacare, exploding drug prices and rising costs for Medicare [that now includes care for far more than those over 65] skewed their budgeting.

And as far as housing, if anything, many older Americans are downsizing.
Giving up those large homes with great rooms for smaller condos and apartments.

FWIW, things are tough all over, and mostly we can thank the politicians and lobbyists!!!!!!!!!!!!!!


I totally agree, inflation is crushing everyone and Obamacare was a massive blow especially to older people. younger people like myself who are healthy just opt out because of the insane cost so their cost are not getting covered, we really have no choice though I mean it's literally cheaper to just pay the bill than it is to pay the insurance

our economic system is obviously broken

www.poconorecord.com...



STROUDSBURG — Charged in December with threatening anyone coming to evict him from his home, Michael Spencer Rogers, 63, a Stroud Township man has barricaded himself with a gun in the Glenbrook Road house where he was raised, police said. After a fifteen-and-one-half hour standoff with police, they entered the home at approximately 2:30am, where Rogers was found dead due to an apparent self inflicted gunshot wound.

A standoff began late Wednesday morning and continued through the night as Rogers stayed barricaded in the home surrounded by police armed with guns and protective body shields and accompanied by armored vehicles.

Rogers fell behind on paying property taxes on the home originally belonging to his parents, after which a lien was placed against the house, according to police.


but hey, according to the other members here this guy just wasn't working hard enough
edit on 11-8-2018 by toysforadults because: (no reason given)



posted on Aug, 11 2018 @ 05:51 PM
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originally posted by: Phage

originally posted by: DBCowboy
a reply to: Phage


My folks taught me a work ethic.


It was up to me to use it or not.


Me too. I moved out ASAP.
It's a different world now though. If you can't see that you don't have kids.



Two boys.

And it's the same world.



posted on Aug, 11 2018 @ 05:51 PM
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a reply to: Phage


The culprit appears to be cutbacks in the social safety net -- such as raising the retirement age and requiring seniors to pay more out-of-pocket health care costs -- as well as a shift in risk from government and corporations onto individuals.


Out-of-pocket includes that.

I don't qualify for any subsidies, but just barely. $1,600 a month for insurance for my wife and I and that's the cheap stuff. $17,000 deductible now. Goes up more next year. I spoke with another business owner a couple of weeks ago who is three years older than me and he and his wife are paying $2,400 a month with a $23,000 deductible. His wife had a stroke, so he's selling his house, but still expects to not make it. My own doctor told me he estimates it's roughly 7 million people who are in the same boat, who don't qualify for handouts. We are being punished harshly for continuing to work and be productive, but I suspect you know that.

Anyone who does not think that health care is one of the top reasons for bankruptcy in my age group, has not been paying attention.



posted on Aug, 11 2018 @ 05:51 PM
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a reply to: DBCowboy
As related to Humphrey Bogart's cigarette smoking style.



posted on Aug, 11 2018 @ 05:52 PM
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originally posted by: mamabeth
a reply to: toysforadults

I have already spent many years in the work force and now
am on SS.
How many years have YOU been working? Are YOU working?
I have paid my dues and then some.What have YOU done?


you sound entitled, I'm paying your SS and medicare, you're welcome



posted on Aug, 11 2018 @ 05:53 PM
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originally posted by: mamabeth
a reply to: Blaine91555

My medical insurance is pricey but good.Those mini strokes
that I had in May were covered.That one night and day in
the hospital cost over $14,000.00.
A lot of people don't realize they could be one major illness
away from going broke.


See my reply to Phage.



posted on Aug, 11 2018 @ 05:53 PM
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originally posted by: DBCowboy

originally posted by: toysforadults

originally posted by: DBCowboy
a reply to: Phage


My folks taught me a work ethic.


It was up to me to use it or not.



maybe you old farts should get off your lazy bums and get back to work then!


I thought you wanted us old farts retired because we're bogarting all the jobs!


(Bogarting is a term we used in the day to mean "hog" or not share)


what?



posted on Aug, 11 2018 @ 05:53 PM
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a reply to: seeker1963

Sorry,I didn't mean to upset you.Peace,Mama



posted on Aug, 11 2018 @ 05:54 PM
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originally posted by: Blaine91555
a reply to: Phage


The culprit appears to be cutbacks in the social safety net -- such as raising the retirement age and requiring seniors to pay more out-of-pocket health care costs -- as well as a shift in risk from government and corporations onto individuals.


Out-of-pocket includes that.

I don't qualify for any subsidies, but just barely. $1,600 a month for insurance for my wife and I and that's the cheap stuff. $17,000 deductible now. Goes up more next year. I spoke with another business owner a couple of weeks ago who is three years older than me and he and his wife are paying $2,400 a month with a $23,000 deductible. His wife had a stroke, so he's selling his house, but still expects to not make it. My own doctor told me he estimates it's roughly 7 million people who are in the same boat, who don't qualify for handouts. We are being punished harshly for continuing to work and be productive, but I suspect you know that.

Anyone who does not think that health care is one of the top reasons for bankruptcy in my age group, has not been paying attention.


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