Bankruptcy Filings Surge Among Older Americans
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Re: Bankruptcy Filings Surge Among Older Americans
#2Re: Bankruptcy Filings Surge Among Older Americans
#3Discussion on the same story from NYT, a few days ago:
Re: Bankruptcy Filings Surge Among Older Americans
#4Really very surprising that such a long piece doens't seem to mention once that the current crop of older Americans are teh first generation to live largely on credit, lived in houses 3x larger than previous generations, purchased 10x more new cars than previous generations, and have spending habits that far outstrip anything their progenitors would ever have considered.
Yes, healthcare costs a lot, and social security pays very little. To previous generations, such knowledge would have been motivation to spend less and save more...
Re: Bankruptcy Filings Surge Among Older Americans
#5Oph. This is going to be bad for a long time.
I'm not an economist but here are my basic thoughts:
1. Inflation has caught up to them 2. The lack of stable planning for those retiring
This is going to devastate the middle class/lower class in expensive markets (I.e. CA and NYC where the parents support their kids starting out and in jobs where they can't sustain their lifestyle without extra support)
Re: Bankruptcy Filings Surge Among Older Americans
#6No mention of medical costs at all? I'd expect that'd be a driving factor as even with platinum insurance you're going to be feeling the pinch due to medication costs, co-pay fees, and other supplies which aren't covered, not to mention the hassle of dealing with insurance companies.
Re: Bankruptcy Filings Surge Among Older Americans
#7So, old age for me boils down to two options: waste my savings on "medical care" designed to swindle me, or eat my gun.
Not a difficult choice at all.
Re: Bankruptcy Filings Surge Among Older Americans
#8Really very surprising that such a long piece doens't seem to mention once that the current crop of older Americans are teh first generation to live largely on credit, lived in houses 3x larger than previous generations, purchased 10x more new cars than previous generations, and have spending habits that far outstrip anything their progenitors would ever have considered. Yes, healthcare costs a lot, and social securi…
It also fails to mention how everyone under 50 is being co-opted to finance these lifestyles and literally create notions of generational wealth.
Re: Bankruptcy Filings Surge Among Older Americans
#9My first thought was, "This is terrible!"
My second thought was "Hm...maybe this means I'll be able to afford a house after all."
Re: Bankruptcy Filings Surge Among Older Americans
#10[deleted]