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Older Americans are heading into and through retirement with a boatload of debt. They're carrying everything from mortgages and home-equity loans to big credit-card balances, and many are finding the burdens harder and harder to bear. In the last eight years, the over-55 crowd has become the age group most likely to declare bankruptcy, according to the AARP.
it only makes sense for that age group. first off its larger then any other group by a huge margin, been around longer and had the most disposable income, and 2nd thats the group thats about to bump the house limit by retiring.
there may be just as much debt in other groups but since they can work longer they got more earning years before they get to bump the house limit .
its not Any news thats shocking to anyone i think..
its like the 50's are the biggest dying group.... if you make it thru the 50's odds are your next stop will be at least 65..... its just the dynamics of that big group and the events that tend to strike them...
thats the group that probley just paid college expenses, wedding costs, medical expenses etc...that left them with less cash to pay down the debt that may plauge other age groups but those other groups havent reached this far yet to get whacked with the other expenses too.
its very easy to have large numbers show anything for any purpose.
just last night i saw an add for drunk driving. it said 45% of all traffic accidents involve drunk drivers. i said to my wife that statistacally then its safer to drive drunk then straight.... she thought it was funny but i pointed out that any and every statistic you read can be shifted one way or another.
Last edited by mathjak107; 10-18-2009 at 03:51 AM..
I agree that this is not news. Perhaps only the thought that people take on such debt before retirement?
Most have no clue how much they will have in disposable income when they retire and continue to spend right up to the last paycheck (and sometimes beyond) before it hits them.
Older Americans are heading into and through retirement with a boatload of debt. They're carrying everything from mortgages and home-equity loans to big credit-card balances, and many are finding the burdens harder and harder to bear. In the last eight years, the over-55 crowd has become the age group most likely to declare bankruptcy, according to the AARP.
I think we bought into a rather perverted "American Dream," which told us that we could and should have everything....and we went for it. Big mistake...in more ways than just financial.
we are amazed at how many over 55 people we have met here that have huge morgages on their luxury homes. That is fine if your income in guaranteed, but we met recently two people who are on SS alone. It would keep me up at night.
more a case i think of nothing about personal finances ever taught in schools, and a complete lack of understanding by most people..
they then go with whatever they are sold or talked into without any regard if economically it makes sense
I'm not sure about that. Personal finances, bill paying were taught in my small town public school in the 50's.
However, if kids don't see it in action in the home - and hear it talked about - it doesn't mean zip. And then if the over-riding message of the culture is spend, spend, spend...enjoy, enjoy, enjoy. The slide into recklessness is like the old legend of lemmings rushing into the sea.
I agree that this is not news. Perhaps only the thought that people take on such debt before retirement?
Most have no clue how much they will have in disposable income when they retire and continue to spend right up to the last paycheck (and sometimes beyond) before it hits them.
Yes, this is the most common failure of the newly retired.......Failure to adjust to life as a retired person. Newly retired simply can not continue to live the same lifestyle they did when working. They have to adapt to a new way of living that isn't so hectic ,or demanding, that requires ever larger sums of money to live through each day.
New retirees also have to get used to the idea that they are now of less importance in the working world and enjoy the absence of stress.
Yes, this is the most common failure of the newly retired.......Failure to adjust to life as a retired person. Newly retired simply can not continue to live the same lifestyle they did when working. They have to adapt to a new way of living that isn't so hectic ,or demanding, that requires ever larger sums of money to live through each day.
New retirees also have to get used to the idea that they are now of less importance in the working world and enjoy the absence of stress.
The picture painted by Money Magazine etc and others is that retirement is suppose to be spent on a beach or the golf course. Retirement is the absence of working and building an alternative life style to one that involved work etc. It does not need to be expensive and you make a great point.
its like the 50's are the biggest dying group.... if you make it thru the 50's odds are your next stop will be at least 65..... its just the dynamics of that big group and the events that tend to strike them....
I breathed a sigh of relief when I hit 60 after having seven friends and coworkers, male and female, all die in their 50s. I determined years ago that the best guarantee of a long life was to survive that particular decade. Now, at 63 and retired, my life is calm and peaceful and we have no particular financial woes so I think we'll both be fine.
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