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Old 11-08-2018, 03:13 AM
 
13,874 posts, read 7,391,112 times
Reputation: 25356

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Quote:
Originally Posted by TheShadow View Post
Sorry, but baby boomers are not the generation with big student loans. During that era student loans were only given to people who had a means of repaying them BEFORE they took them out, not to young, unemployed students. That came along post-baby boom.
I graduated from college in 1980. Inflation-adjusted, I had $40k in student loans. I paid them back. Whatís the big deal?

Oh yeah. I went to a good school, took a hard major, got good grades, and got a good job. Anyone doing that now is going to have the same outcome. Itís financial suicide to borrow big money and bumble your way through an easy major at a weak school with poor grades.

 
Old 11-08-2018, 03:50 AM
 
71,494 posts, read 71,674,131 times
Reputation: 49074
I borrowed today’s equal to about 10k for one year of trade school in 1974 . .it was a huge amount of money for me to borrow at that time . I paid it off in about 2 years.

I did trade school after I did not do so well in college as I sucked at math.

Plus I wanted a skill that was not easily obsoleted since my career as a drummer was being slowly replaced by dee jays instead of live music.

Ironically after my wife pushed me back in to playing when I retired and I am going full circle .

She gave a recovering drug addict drugs after she pushed me in to trying to play again just for myself . . Now I am obsessed with drumming and she created a monster . She had no idea it would consume me like it does. Ha ha ha

I just accepted an offer to do a set with a very well known group on their 50th anniversary tour . So now I am ending the last down of life like I started my working career

Last edited by mathjak107; 11-08-2018 at 04:23 AM..
 
Old 11-08-2018, 04:16 AM
 
Location: Ypsilanti, MI
2,435 posts, read 3,660,491 times
Reputation: 4785
Quote:
Originally Posted by Travelassie View Post
Last I checked, the Social Security Administration either sent or made available online the monthly amounts of SS that individual recipients would get, based on income, years of work and their age when they started taking SS. I seem to recall they used to send this information annually to each recipient either 10, or 5 years ( I can't remember which) before they were eligible for retirement, and while they may not send this information in the mail to people these days, the information is still available online on the SSA website.
We receive these annual updates. I 'think' the mailings do not start until a person turns 55 and is approaching retirement. Not as nice as the old heavy stock multi color brochures which were mailed annually to everyone 20+ years ago. Now they look like a poor quality copy printed on thin 10 pound paper.
 
Old 11-08-2018, 04:32 AM
 
12,291 posts, read 15,187,836 times
Reputation: 8108
Quote:
Originally Posted by MI-Roger View Post
We receive these annual updates. I 'think' the mailings do not start until a person turns 55 and is approaching retirement. Not as nice as the old heavy stock multi color brochures which were mailed annually to everyone 20+ years ago. Now they look like a poor quality copy printed on thin 10 pound paper.
I log in every month, but haven't received one in the mail in years.
 
Old 11-08-2018, 04:49 AM
 
20,717 posts, read 13,727,285 times
Reputation: 14388
Quote:
Originally Posted by TheShadow View Post
Sorry, but baby boomers are not the generation with big student loans. During that era student loans were only given to people who had a means of repaying them BEFORE they took them out, not to young, unemployed students. That came along post-baby boom.

Oh I don't know...


In the 1980's one could discharge student load debts that had been in repayment for a certain time:
https://www.bankruptcysoapbox.com/st...n-discharge-2/


That decade would have been when tail end Boomers were entering college (those born late 1950's through early 1960's), and obviously enough of them were discharging student loans in bankruptcy court to make someone angry. Angry enough to get at Congress to begin shutting things down.


In the 1970's one could also discharge student loan debt in bankruptcy (which would cover quite a lot of boomer aged persons who attended college during that period). https://www.linkedin.com/pulse/histo...-steven-palmer


However as the above linked article makes clear the 1970's saw very low levels overall of student loan debt, so there weren't huge numbers of people drowning in student loan debt.


Part of reason for this lies with fact post war college/university costs were far more reasonable. Veterans had the GI Bill which footed much of the cost of higher education. For those that didn't while private colleges such as Ivy League may have been out of reach financially, there were plenty of high quality state/local universities where tuition was low or nearly free.
 
Old 11-08-2018, 04:52 AM
 
Location: Scottsdale, AZ
7,612 posts, read 4,680,291 times
Reputation: 27841
Quote:
Originally Posted by pvande55 View Post
I log in every month, but haven't received one in the mail in years.

The SS site says that once you create the online account, you'll stop getting the paper statements.
 
Old 11-08-2018, 04:53 AM
 
18,382 posts, read 20,122,996 times
Reputation: 26892
Quote:
Originally Posted by augiedogie View Post
We've been living in an rv for two years now, and have met a wider variety of people than you would meet in your typical suburb. Ive been surprised at how many struggle financially. Some of them struggle financially, imho, because they retired early and they cant really afford the health insurance.

But thats not the only reason. Some struggle for other reasons. Some men have had substantial portions of their pensions taken because of a divorce settlement.

So I thought it would be an intersting discussion for posters to tell what they know to be other reasons why people, after working their whole adult life are still living paycheck to paycheck.

Could be anything from some medical calamity to squandering it on living like a rockstar. I see a lot of posts with YOLO, you can’t take it with you, I’m living for today tomorrow will take care of itself. Yeah ok. For the most part a lot of people are simply incapable of looking forward into the retirement years. They’re tooo busy racing their peers into this I’m doing better than you race. They are stuck in this revolving hole and refuse to get out of it. For whatever reason. They simply did not do something in their lives to secure the retirement years.

The only people I feel sorry for are the ones who did it right and got swindled by some smooth talking investment Bernie Madoff type, or some medical issue caused them to spend all their money on medical care or the married someone and that someone took half their money which was their intention. The been married forever and we divorced and they split everything doesn’t count.
The ones who chose not to save for the future or wasted their money chasing broads or booze tough luck.
 
Old 11-08-2018, 05:10 AM
 
71,494 posts, read 71,674,131 times
Reputation: 49074
Quote:
Originally Posted by BugsyPal View Post
Oh I don't know...


In the 1980's one could discharge student load debts that had been in repayment for a certain time:
https://www.bankruptcysoapbox.com/st...n-discharge-2/


That decade would have been when tail end Boomers were entering college (those born late 1950's through early 1960's), and obviously enough of them were discharging student loans in bankruptcy court to make someone angry. Angry enough to get at Congress to begin shutting things down.


In the 1970's one could also discharge student loan debt in bankruptcy (which would cover quite a lot of boomer aged persons who attended college during that period). https://www.linkedin.com/pulse/histo...-steven-palmer


However as the above linked article makes clear the 1970's saw very low levels overall of student loan debt, so there weren't huge numbers of people drowning in student loan debt.


Part of reason for this lies with fact post war college/university costs were far more reasonable. Veterans had the GI Bill which footed much of the cost of higher education. For those that didn't while private colleges such as Ivy League may have been out of reach financially, there were plenty of high quality state/local universities where tuition was low or nearly free.
Back in the 1980’s declaring bankruptsey was nothing like today . Today it is strategically done . Back then it was a horrible thing to do and it was not done so freely .we found ways of paying that debt not discharging it like it was some meaningless event.

In my twenties I had 3 different jobs going on so I could ditch the school debt . I worked my hvac job, I started my own after hours hvac company doing side work and I worked weekends as a drummer
 
Old 11-08-2018, 05:21 AM
 
Location: Forest bathing
1,631 posts, read 963,006 times
Reputation: 3804
Quote:
Originally Posted by mathjak107 View Post
I borrowed todayís equal to about 10k for one year of trade school in 1974 . .it was a huge amount of money for me to borrow at that time . I paid it off in about 2 years.

I did trade school after I did not do so well in college as I sucked at math.

Plus I wanted a skill that was not easily obsoleted since my career as a drummer was being slowly replaced by dee jays instead of live music.

Ironically after my wife pushed me back in to playing when I retired and I am going full circle .

She gave a recovering drug addict drugs after she pushed me in to trying to play again just for myself . . Now I am obsessed with drumming and she created a monster . She had no idea it would consume me like it does. Ha ha ha

I just accepted an offer to do a set with a very well known group on their 50th anniversary tour . So now I am ending the last down of life like I started my working career
Fleetwood Mac?
 
Old 11-08-2018, 05:33 AM
 
71,494 posts, read 71,674,131 times
Reputation: 49074
Nope not Fleetwood Mac . Once I have my dates I will let ya all know the details . I have to get back home to ny to finalize the details , we are down in Florida checking out the villages .

My wife wants to beat me with the sticks lol. She unpacked my suitcase and saw a brought a practice pad , my sticks and a metronome on our trip. Ha ha ha . Hey she was the enabler right?
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