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Bankruptcy Filings Surge Among Older Americans

wsj.com

11–20 of 41 posts

Re: Bankruptcy Filings Surge Among Older Americans

#11
post #7

So, 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.

Or work on having the means to move to a country with a more sensible health care system before you reach that point.

Re: Bankruptcy Filings Surge Among Older Americans

#12
post #7

So, 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.

Or work on having the means to move to a country with a more sensible health care system before you reach that point.

And you can move before reaching that point. It'll be a lot easier.

Re: Bankruptcy Filings Surge Among Older Americans

#13
post #4

Really 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…

My parents are giving me a hard time because I won't buy a new car for my spouse. We currently have two cars, one is paid off and is reliable. The other is almost paid off and is also reliable. When I ask why we should buy a new car, I often hear responses like "because I want one", and "because I deserve it".

I question our society when given those type of responses.

Re: Bankruptcy Filings Surge Among Older Americans

#14
post #4

Really 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.

This. What a nightmare.

I fantasize about buying a house and find it outrageous that most of the houses I would want to buy are nearly 100 years old. Anything since has been very cheaply constructed and designed for a strange lifestyle that seems to prioritize individual greed. To me, my home is second to my neighborhood and this should result in smaller homes which make for a walkable and neighborly surrounding. What was going on in these greedy baby-boomers minds? They are like aliens to me.

Re: Bankruptcy Filings Surge Among Older Americans

#15
post #4

Really 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…

The baby boom generation (as a whole) benefited the MOST from a surging economy, the debts of which are falling on Gen X and Millennials.

I'm not singling out individuals, obviously not every boomer benefited, but it seems, like NFL players, we are not good at budgeting for retirement and perhaps there is value in maintaining that social safety net before it's too late.

Re: Bankruptcy Filings Surge Among Older Americans

#17
post #12

Earlier quoted context omitted.

Or work on having the means to move to a country with a more sensible health care system before you reach that point.

And you can move before reaching that point. It'll be a lot easier.

Well, you need the means. Not just the cost of moving; the residency or citizenship.

Re: Bankruptcy Filings Surge Among Older Americans

#18
post #7

So, 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.

Or work on having the means to move to a country with a more sensible health care system before you reach that point.

At 34 now, I hope to.

Can anyone recommend countries that are easy to move to? With urban environments and culture, without being too expensive for cost of living? I have tech skills but am not one of the trendy rich engineers. I commit my free time to art, as it brings me life. Unfortunately, it is increasingly unable to bring me survival.

Re: Bankruptcy Filings Surge Among Older Americans

#19
post #9

My first thought was, "This is terrible!" My second thought was "Hm...maybe this means I'll be able to afford a house after all."

I have to admit, when buying a house in the bay area, this was one of my thoughts of the risks of how housing prices could fall. As the baby boom ages, downward pressure on housing markets and therefore housing costs.

Whether that's enough to make up for influx of new people from elsewhere in the country and the world, who knows. And of course, many houses will just be inherited and turned into rental properties...

Re: Bankruptcy Filings Surge Among Older Americans

#20
post #4

Really 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…

Having been peripherally involved with a small handful of that aging crop and their experiences with "security" I'm not sure you're being entirely fair by lumping all their ills together because they over-consumed. I'm not sure you noticed life around you but we're all but force-fed raw, unadulterated consumerism. Be that as it may, sure, careless spending seems like it would definitely be a contributing factor - credit where credit is due.

Unless one is a ff rich elder (or at least well above moderately wealthy) the suction of any wealth is aggressive and unrelenting, especially if any services are required. Not until someone is totally insolvent do the "real" safety nets (what's left of them) begin to kick in. If you can't afford your ever escalating healthcare costs then you will likely not get the care you need until your assets total $0.00 and you're living ss check to ss check.

There has been and continues to be a sickly draw on any wealth and an unrelenting hacking away of the security of society as a whole. We are surrounded by vultures that eat the living in what seems like an "I've got mine and now I want yours." agenda that does nothing for society, rich or poor and continues practically unabated.

Bankruptcy seems like a perfectly good, viable and reliable option when considering the stacked deck.

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