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What I find ironic is this article faults a boomer for not saving and taking on high debt while other threads slam us for hogging all the money keeping it for ourselves.
The only thing that baby boomers did was fail to provide their children with a good education (generally speaking). That's why the same people blame boomers for hogging money and and spending it all away. Lack of education haunts them.
Meet Nancie Eichengreen, 60 years of age. In 2012, after getting laid off from her legal secretary job, she decided to 'reinvent' herself, and went back to school (Yeshiva, an expensive private university) to pursue a master's in social work. She got the degree, but is still jobless and now $200k in debt.
The median salary for a social worker is $42k. I can't even begin to conceive what this woman was thinking.
Is she asking for the money from somewhere? Is she still living on her own? My gosh, with people living until their 90's and beyond, this woman has a fruitful future of 25 years or more.
Not everyone at 60 has their foot in the grave.
Look at who (celebs) just turned 60: Oprah, Christie Brinkly, Jerry Seinfeld - are they washed up? 60 today is not your 60 of 50 years ago.
She didn't spend it all on education... She likely had a good time with some of the money but didn't realize, you can't discharge student loans on bankruptcy... She tried to con the government and lost...
Who remembers when people paid with credit cards and the cashier had to call in the phone number then put a piece of carbon paper in a little machine for the person to sign? It used to take forever! And don't forget that the cashier had to manually add in the cost of the item - there were no scanners. Ahh, the good ole days!
I do, because I was a cashier! And then we had to check the number against the booklet of "bad" numbers that was issued every week to make sure it wasn't in there.
No computer registers, either. At the time, NJ sales tax was 5%, and I could do it in my head instantly once I had the total. And we had to count back change.
the really sad thing is that her social security will be garnished to pay for the student loans
the real winner here is Yeshiva University faculty & staff.
Social Security is not supposed to be garnished.
This is why it's important to deal with a good local bank. A large bank often just does what is handed to them, without research. A smaller bank will look into whether or not an account can be garnished.
Legally, social security can be garnished to pay for student loans.
I stand corrected -- federal student loans can be paid by garnishment. I have no idea what I was reading when I checked that this morning.
I said "supposed to be" because I've seen and heard stories about large banks doing all sorts of things they shouldn't be doing via garnishments and levies. For some reason the legalities never seem to enter into it, when you hear lots of people talk about having their accounts overdrawn by thousands of dollars that they will never be able to come up with to pay judgments, when banks ARE NOT SUPPOSED TO DO THAT.
And yet they seem to do it all the time.
Or as in the case of a friend of ours -- a very large bank closed a bunch of his jointly held accounts (with rights of survivorship accounts) and gave the money to the parents of his late partner. Totaling half a million.
That was a heck of a lawsuit.
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Better than sitting around on a couch
