What is Causing Baby Boomer Debt?Attorney Golden discussed that the likely source of the financial problem is the sheer number of baby boomers, which ranges above 75 million today. Take that high number of population and compare it to the fact that they are requiring medical attention at a rate that is nearly double the rate of other age groups. That is to say, if a Millennial goes to the doctor twice a year, a baby boomer needs to see their doctor four times a year, on average. Medical costs associated with these treatments can skyrocket, especially as insurance policies continue to get less friendly for policyholders. Tie all of that into elders living on fixed incomes and you get a big problem: growing debt. However, Attorney Golden warned that there is also a societal shift occurring among seniors that is making debt more likely. With the Federal Reserve Bank of New York reporting that baby boomer student loan debt increase 886% between 2003 and 2015, he sees it clearly that baby boomers are getting too comfortable with “living in debt.” Or, in what might be more accurate terms, they are not planning ahead on how to get rid of debt because they think it cannot be done at all. “The big problem here for seniors isn’t just the amount their medical expenses cost, it’s that, they may have insurance or Medicare, but those things don’t cover everything.” – Attorney G. Donald Golden
Solutions That Baby Boomers Can UseOf course, no one is out of options when it comes to minimizing or discharging their debt. Even a baby boomer in their 70s has options, if they know where to look. This is a key point that Mr. Golden really wanted to get across in this podcast episode and, indeed, all episodes of his podcast, to an extent. For a senior in debt, there are a couple things to consider upfront:
- When bankruptcy can be used to their benefit since it is not the “always-negative” process it is often portrayed as in the media and entertainment.
- How to protect a retirement fund from losses, both predictable and unpredictable, such as anticipating stock market dips and planning accordingly.
- Talk to a bankruptcy attorney sooner than later about debt relief because the problem will not go away on its own, and it will likely only get worse the older you get.
Compassionate Bankruptcy & Debt Relief Representation in BrandonWould you like to know more of what Attorney Golden had to say about baby boomer debt? Please feel free to check out the podcast by visiting https://freshstartforlife.com/. If you need help getting out of debt, either as a baby boomer, a Gen Xer, a Millennial, or anyone else, call (813) 699-4911 and connect with our law firm today. We offer FREE consultations to inquiring clients!
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“Bankruptcy in Florida”, by G. Donald Golden answers some general bankruptcy concerns, such as: How do I know if I should file for bankruptcy?