Retirement years.... Is bankruptcy in your future?

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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.
 
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.
 
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.
 
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.
 
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.
 
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?
 
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.
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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.
 
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.
 
Originally Posted by ZZman
The median of money saved in retirement accounts is way too low.


Delay gratification. Spend less. Save more. Problem solved.
 
Originally Posted by gfh77665
Originally Posted by ZZman
The median of money saved in retirement accounts is way too low.


Delay gratification. Spend less. Save more. Problem solved.


That is easier for those with dual incomes, 6 figure incomes etc.... Those who have play money to invest.

How to lose weight: exercise more, eat less. Problem solved right?.... Not so easy.
 
Delay gratification. Spend less. Save more. Problem solved. [/quote]

Been retired twelve years and live comfortably without money worries. Did exactly what you said throughout my working career.
 
Originally Posted by gfh77665
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.


Could also be the avg workers income hasn't kept up over the decades while costs including healthcare have risen greatly.
 
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