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Retirement years.... Is bankruptcy in your future? #5190142 08/18/19 08:07 AM
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ZZman Offline OP
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https://www.ozy.com/acumen/who-goes-bankrupt-in-america-increasingly-the-elderly/96096

It is sad to see many Americans struggling to make ends meet. Worse to see the elderly who have few options struggle in their "golden years".


2003 Mercury Grand Marquis.
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Re: Retirement years.... Is bankruptcy in your future? [Re: ZZman] #5190144 08/18/19 08:14 AM
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The VAST majority of bankruptcy is self inflicted. Not just "the elderly", but across the board people believe in DEBT, and they do not believe in living within their means. I always used delayed gratification. I did not go out and buy an expensive car when I was 20. I saved, bought a modest car, and built on from there. I stayed out of debt my entire life. The economy is good, record low unemployment. You can work if you want to.

Work. Save. Pay your bills. Its not that complicated.

Re: Retirement years.... Is bankruptcy in your future? [Re: ZZman] #5190149 08/18/19 08:20 AM
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My grandpa told me the Depression was coming back and I learned to defer gratification. His advice served me well.

Last edited by csandste; 08/18/19 08:20 AM.

2017 Kia Soul Plus-- VWB 5w30 65,000 miles
Re: Retirement years.... Is bankruptcy in your future? [Re: ZZman] #5190150 08/18/19 08:21 AM
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That link is sponsored by the "we are eternal victims" political group. BTW.

Re: Retirement years.... Is bankruptcy in your future? [Re: gfh77665] #5190151 08/18/19 08:23 AM
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ZZman Offline OP
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Originally Posted by gfh77665


That link is sponsored by the "we are eternal victims" political group. BTW.


Did not notice that. Does it change the info?


2003 Mercury Grand Marquis.
2007 Hyundai Santa Fe AWD.
2005 Toyota Avalon XLS
2006 Kawasaki Vulcan 900 LT.
Re: Retirement years.... Is bankruptcy in your future? [Re: gfh77665] #5190154 08/18/19 08:26 AM
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ZZman Offline OP
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Originally Posted by gfh77665
The VAST majority of bankruptcy is self inflicted. Not just "the elderly", but across the board people believe in DEBT, and they do not believe in living within their means. I always used delayed gratification. I did not go out and buy an expensive car when I was 20. I saved, bought a modest car, and built on from there. I stayed out of debt my entire life. The economy is good, record low unemployment. You can work if you want to.

Work. Save. Pay your bills. Its not that complicated.


May not be complicated but is hard for the majority of Americans who make avg to low incomes and are still trying to live the American dream. Saving is hard. Also depends if your employer has a 401 and contributes or matches. Many don't.


2003 Mercury Grand Marquis.
2007 Hyundai Santa Fe AWD.
2005 Toyota Avalon XLS
2006 Kawasaki Vulcan 900 LT.
Re: Retirement years.... Is bankruptcy in your future? [Re: ZZman] #5190155 08/18/19 08:26 AM
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gfh77665 Offline
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Originally Posted by ZZman

Did not notice that. Does it change the info?


Its highly biased political spin.

Re: Retirement years.... Is bankruptcy in your future? [Re: ZZman] #5190159 08/18/19 08:32 AM
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Originally Posted by ZZman

May not be complicated but is hard for the majority of Americans who make avg to low incomes and are still trying to live the American dream. Saving is hard. Also depends if your employer has a 401 and contributes or matches. Many don't.


The American dream is achievable to anyone with a good work ethic and a disciplined money management mindset. The American dream also has to be realistic. 20 somethings just starting out in their entry level job should not buy a new SUV and a McMansion, then whine when ends don't meet. Thats what the entitlement generation does.

Re: Retirement years.... Is bankruptcy in your future? [Re: gfh77665] #5190160 08/18/19 08:32 AM
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ZZman Offline OP
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Originally Posted by gfh77665
Originally Posted by ZZman

Did not notice that. Does it change the info?


Its highly biased and political spin.


So you are saying higher numbers of elderly aren't going bankrupt? That many seniors aren't struggling in their later years? Hmmm. Let me find a link more to your liking.


2003 Mercury Grand Marquis.
2007 Hyundai Santa Fe AWD.
2005 Toyota Avalon XLS
2006 Kawasaki Vulcan 900 LT.
Re: Retirement years.... Is bankruptcy in your future? [Re: ZZman] #5190162 08/18/19 08:34 AM
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gfh77665 Offline
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Originally Posted by ZZman
Originally Posted by gfh77665
Originally Posted by ZZman

Did not notice that. Does it change the info?


Its highly biased and political spin.


So you are saying higher numbers of elderly aren't going bankrupt?


Thats the Strawman defense. I don't need any links.

Every demographic has those who go bankrupt. Had many of "the elderly" saved, planned, and spent more wisely earlier on, they would not go bankrupt. Too many 30, 40 and 50 somethings today ignore saving for the future, but go on expensive vacations, buy expensive toys and generally live it up like crazy. They will be ones crying "life is not fair" 15-20 years from now.

Re: Retirement years.... Is bankruptcy in your future? [Re: ZZman] #5190164 08/18/19 08:38 AM
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Originally Posted by ZZman

So you are saying higher numbers of elderly aren't going bankrupt? That many seniors aren't struggling in their later years? Hmmm. Let me find a link more to your liking.


If we can't have some honest discussion and debate on this site, why did you post it?

Re: Retirement years.... Is bankruptcy in your future? [Re: ZZman] #5190166 08/18/19 08:39 AM
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Yes, retiring with no savings and a significant amount of credit debt increases your chances of bankruptcy, and since more people are doing just that, the bankruptcy rate has risen. duh


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Re: Retirement years.... Is bankruptcy in your future? [Re: ZZman] #5190168 08/18/19 08:39 AM
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https://www.wsj.com/articles/bankruptcy-filings-surge-among-older-americans-1533641401

It is simple to understand. Many if not most elderly are living longer with less income and higher costs, especially health costs. This leads to the problem.


2003 Mercury Grand Marquis.
2007 Hyundai Santa Fe AWD.
2005 Toyota Avalon XLS
2006 Kawasaki Vulcan 900 LT.
Re: Retirement years.... Is bankruptcy in your future? [Re: ZZman] #5190172 08/18/19 08:42 AM
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The median of money saved in retirement accounts is way too low. This is easily found. And the median is skewed by those wo have huge retirement accounts.


2003 Mercury Grand Marquis.
2007 Hyundai Santa Fe AWD.
2005 Toyota Avalon XLS
2006 Kawasaki Vulcan 900 LT.
Re: Retirement years.... Is bankruptcy in your future? [Re: ZZman] #5190175 08/18/19 08:43 AM
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Its the "bail me out" mindset. Just like all the student loan debt that has spiraled out of control. Everybody wants their debt bailed out, paid by those who lived responsibly.

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