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11-26-2010, 12:50 PM   #1
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Dying with debt

From the "other" America.....

QuoteQuote:
And yet, that didn't stop them from retiring.

More than half of those surveyed had saved less than $50,000 — and many of that group said they'd saved absolutely nothing — yet they retired anyway. Just 4% said they had delayed their retirement due to debt.

"They get to a certain age and they feel privileged," Ellington said. "They say, 'I'm going to go on that trip even though I have to put it on my credit card.'"

When you're young, you have time to pay off splurges like a trip to Hawaii, but for retirees, procrastination can lead to serious financial problems.

It's not just vacations and entertainment; one of the biggest sources of senior debt is medical expenses. More than 75% of the seniors surveyed said they went into debt for medical or funeral expenses.

Part of the reason they're not paying off their debts is they don't know where to start and they're too embarrassed to ask for help. But the financial crisis may have also played a role.

"Financial institutions haven't been perceived as the most friendly" and many people blame them for the recession, Ellington said. "They think, 'Hey, I'm not going to pay back these guys who ripped off America.'"


11-26-2010, 12:59 PM   #2
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nice quote

it's not just the US with this issue though

we may not rack up medical debt in canada but a lot of people retire with far too little to allow them to survive at a comfortable level (I struggle with it myself 15 years till i'm 65 and no where near being able to afford it but no desire to work longer than that either)
11-26-2010, 05:25 PM   #3
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QuoteOriginally posted by eddie1960 Quote
nice quote

it's not just the US with this issue though

we may not rack up medical debt in canada but a lot of people retire with far too little to allow them to survive at a comfortable level (I struggle with it myself 15 years till i'm 65 and no where near being able to afford it but no desire to work longer than that either)
There will always be a place in the workforce for those of us who can't quite afford retirement.

Just memorize the following:

"Hi, Welcome to Wal-Mart"
11-26-2010, 06:31 PM   #4
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McDonalds has a pretty good program as well.

"You want fries with that?"

11-28-2010, 08:20 PM   #5
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QuoteOriginally posted by Wheatfield Quote
Just memorize the following: "Hi, Welcome to Wal-Mart"
XD...
you'll have to learn to live in poverty (or what it is perceived as poverty)..i live around those edges and i'm happy to not be encumbered by a normal life XD..of course LBA makes it all a litle bit more difficult XD
but then i got all the time i want to dream and then enjoy my lenses (i'm not sure if i'll ever get a limited though XD and the 15 mm seems too tempting its almost like torture..i can always rely on the fact that litle money i make in the most estrambotic ways possible can be saved to keep my LBA satisfied)

Have you seen Agnes Varda film les glaneurs et la glaneuse? its way better to live like that that to work for wallmart XD.
11-29-2010, 06:07 AM - 1 Like   #6
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not much chance of me working at walmart i won't even shop there (can't stand the place or their expansionist policies rather shop local where i can). i spent a good portion of my life in retail also so i'd like to avoid it in retirement ;-)
I've been satisfying my LBA through thrift store finds. I have a DA14 but it's from a time where i made about 40% more than i currently do.
11-29-2010, 06:43 AM   #7
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Individuals dying in debt is the same as government behavior. Our (USA) present government will certainly pass its (our) debt on when it passes the reins to the next generation of officials.

I think this was not considered a particularly ethical thing to do until recently. Well, at least it wasn't moral to do it so blatantly; people have passed familial obligations as well as assets to the next generation for a long, long time. Why not pass financial obligations as well?

So long as the tide of prosperity (or inflation) constantly rises, ancient obligations don't matter much do they?

On the other hand, I'll avoid passing debt to my heirs - to do otherwise seems morally repugnant.

But what happens when an heirless person in debt dies? I guess this is a cost to creditors - and ultimately all of society.

Dave

11-29-2010, 08:03 AM   #8
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QuoteOriginally posted by newarts Quote
On the other hand, I'll avoid passing debt to my heirs - to do otherwise seems morally repugnant. But what happens when an heirless person in debt dies? I guess this is a cost to creditors - and ultimately all of society.
It is morally repugnant..you know in japan they had this contracts, mortages, as long as 75 years obligations and you had the grown up sons sign them...its a very lowly way of tying up and determining someone's life...Why should i stand the burden of another individual? Just because i was born from them?Its kind of like when a country where i was born goes to war...only because i was born there i have to sacrifice my life for other people's interest?

If someone dies in debt its a cost to the creditos, usually financial institutions that have devellopped this casino like capitalism...so why should i care? They get rich promotting an irresponsible way of life, they hope to get revenues out of debt from some people who just borrow because they need to (like when its medical expenses) and i should feel sorry for them? Or support a solution whithin the rules of what created this situations in the first place?
The cost that we all pay doesn't derive from the individual in debt diying it derives from the way we organise our societies...and since this way of organising causes huge problems we shouldn't try to fix it..we should change it.
(You know Jefferson at one point in his life started thinking that one generation had no moral right to impose a way of organising to the next one..of course that was the time where he was influenced by some Hebertiste principles that came from the french revolution, and he never really applied those principles, but i feel he was right, human history's been far from ideal because we carry the burden of past generations.)
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