As the baby boomers continue to age, an unnerving trend is beginning to emerge. Many in this demographic are approaching retirement age dead broke and without resources.
It’s a myth that all baby boomers are well-heeled burghers and matrons with stock portfolios and summer homes. Many unfortunate senior citizens are stuck counting pennies and clipping coupons for the foreseeable future.
Many routes to old-age poverty
As the Talking Heads rhetorically asked in their 1980 hit Once in a Lifetime, “You may ask yourself, ‘Well, how did I get here?'”
It can’t be assumed that those facing poverty at the end of their lives led dissolute lives. While that may be the case for some older Americans, pension funds go bust, spouses can bleed you dry in divorces and for some, the money may never have been there to lose.
Resolve to take control of your finances
There are various paths out of penury, but the first and most important is to tighten the reins on your spending. Budgeting is a learned skill, so figure out what you need to live, your income stream(s) and live within the parameters. You don’t need both Hulu and Netflix. Choose your favorite, or better yet, pick Amazon Prime and save on shipping costs while still having video access to many movies and shows.
The point is, cut back and be ruthless about extraneous spending. Remain in control of the purse strings at all times.
Eliminate your debt load
You may be dragging around debts from the last decade. With late fees and finance charges, you likely owe much more than your original debt ever was. You also may no longer have anything to show for it.
When there is no end in sight to your indebtedness, it might be time to pull the plug on a lifetime of unpaid debts with a bankruptcy filing. Filing for bankruptcy may be considered the nuclear option, but it’s one used by many successful people who are seeking that fresh start.
Streamline your life for financial relief
Getting old is certainly not for the faint of heart. But there are things that you can do to make the transition easier. Talk to a Memphis bankruptcy law attorney to learn more about how filing for bankruptcy can help shed your debt load.