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To Survive, More Baby Boomers Must Declare Bankruptcy.

To Survive, More Baby Boomers Must Declare Bankruptcy.
"Why do more baby boomers declare bankruptcy? With a lifetime of savings under their belts, it would appear that those aged 45 and older should be in the greatest financial condition of their lives. In the majority of cases, this is far from the truth.

Recent studies indicate that over forty percent of all consumers who file for bankruptcy are baby boomers. In particular, they fall between the ages of 45 and 65. Moreover, the misuse of credit cards appears to be the leading cause of a substantial amount of debt.

Over the past ten to fifteen years, an increasing number of positions have disappeared from the labor market. Some are disappearing because of labor force efficiencies. In general, fewer individuals are required to perform the same tasks as fifteen years ago.

Another sector of employment has vanished as a result of overseas outsourcing. Our manufacturing basis has nearly disappeared. Moreover, outsourcing has resulted in the loss of many positions in the professional market.

Hiring a computer technician, database administrator, and software support is significantly less expensive when outsourced to India or China. When companies reduce their personnel, they typically begin with the highest-paid employees. Unsurprisingly, the majority of these employees belong to the baby boomer generation.

As a result, when many of these baby boomers are laid off, they find it more difficult to obtain new employment due to their age. If they are able to secure an interview with a potential employer, they soon discover that they are either overqualified for the position or untrained in the newer technologies that have entered the business workplace.

In addition, many employers are hesitant to hire older employees because they believe they will incur higher health care expenses. Thus, whether or not age discrimination is legal, it exists in the marketplace.

And when baby boomers do obtain employment, the pay is almost always a fraction of what it was in their previous position. In order to subsist, they are forced to withdraw more and more from their savings. And as their savings diminish, they increasingly rely on credit cards to pay for necessities.

Without sufficient income, they will eventually fall behind on their credit card obligations. Suddenly, they reach a point of crisis where filing for bankruptcy is their only option. As a result, as the baby boomer generation reaches retirement age, many are finding it much more difficult to survive than they anticipated.

" - https://www.affordablecebu.com/

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"To Survive, More Baby Boomers Must Declare Bankruptcy." was written by Mary under the Finance / Wealth category. It has been read 69 times and generated 0 comments. The article was created on and updated on 01 June 2023.
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