Why are so many seniors filing for bankruptcy?

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  • JMerrill Provo, UT
    Nov. 15, 2018 10:21 a.m.

    It would help if we avoid scare statistics. There are lots of numbers in this article but none of them answer the basic questions: What percentage of seniors declare bankruptcy? Has that percentage changed over the years of the study period?

  • bjmck Chicago, IL
    Nov. 9, 2018 4:07 p.m.

    Absolutely never, ever co-sign for your children, that's rule number one. Second of all, lifestyle makes a huge difference as to whether or not one gets seriously ill. I'm sorry, obesity is a major cause for illness and need of medication AND totally caused by behavior, TOTALLY!!!! I cringe when I see parents with beautiful children online and see how disgusting they live and in front of these innocents. Finally, I know a woman who had over a million in the bank, husband had an illness that surpassed their insurance. At age of 75, she's working to afford to live. Don't be so naive to think it can't happen to you. Regarding GOP praisers, I left that party and follow the thinking of a great man, Senator Flake.

  • JSKM1232 Sandy, UT
    Nov. 9, 2018 10:15 a.m.

    @RedShirt - USS Enterprise, UT
    Nov. 6, 2018 12:23 p.m.
    To "wgirl" I don't think you read the entire article. The biggest problem isn't the cost of medications. The biggest problem is that the kids of the Seniors are still mooching off of them. Too many of their kids have not learned to save and need help from their parents.

    To "marxist" but most anybody can save some money for retirement. There may be a few that never can save, but that is because of bad life decisions or mental handicaps. Everybody can save, if they want to.

    To "sdstuart" if the GOP dismantles SS and Medicare and is able to return most of that money to me, I will be much better off in retirement.

    To "JSKM1232" again, where does the money come from? Are you willing to be taxed at a higher rate in exchange for less than adequate medical care?"
    -----
    If you're not paying a premium for insurance to a private company but paying into medicare your medicare contribution could quadruple and you'd still be money ahead. Medicare also can better control medical costs. The system works in every "civilized" country in the world (you know the 35 countries in the world with BETTER medical care than the USA).

  • Gildas LOGAN, UT
    Nov. 8, 2018 6:54 p.m.

    There are a lot of good points being made. Finally someone brought up the fact that 'babyboomers' can lose a lot by co-signing for children who then default at some stage.

    Spending power has been eroded over a decade or so now, by changing the calculation for colas to not include the very things all must pay for: food, gas, meds.

    How can seniors keep up with increasing property tax? Just because housing is 'worth' more doesn't mean the retired somehow have more money to pay for the higher annual property tax that follows.

    How can anyone on a fixed income pay increased monthly City taxes; how can they, or anyone, cope with changes in income tax calculation when personal exemptions are suddenly dumped if a decrease in other deductions does not make up the difference. This raise in gas taxes touted 'for the children' increases the tax burden and collects the increase from everyone.

  • SMcloud Sandy, UT
    Nov. 7, 2018 8:17 a.m.

    @wassup

    "Free healthcare" just takes a percentage of taxes. Because the country would be buying in bulk, they can negotiate lower prices and place caps on how much a drug company can jack up the costs.

    Germany spends less than we do and covers everyone. Go figure.

  • UtahnAbroad Sandy, UT
    Nov. 7, 2018 8:16 a.m.

    You know where you can't go bankrupt due to medical bills?

    Canada. Sweden. UK. Australia. Germany. Finland. Austria. I could go on and on.

    The thing they all have in common: Universal healthcare.

  • Millenial Snow Sandy, UT
    Nov. 7, 2018 8:13 a.m.

    1. No wage gains for workers since the 1970s
    2. Skyrocketing medical costs

  • Million Riverton, UT
    Nov. 7, 2018 7:04 a.m.

    Seniors, give money to your children or grandchildren. But do not co-sign for them. You are enabling them and they will a lot of the time leave you stuck with the bill. You are required to pay the bill if they stop paying. And don't blame the lending institution for holding you accountable for the money due when your child stops paying on the loan.

  • Smartestinc Mapleton, UT
    Nov. 6, 2018 5:59 p.m.

    Bankruptcy rule 1016 controls what happens when a debtor dies during the bankruptcy. It states: Death or incompetency of the debtor shall not abate a liquidation case under chapter 7 of the Code. In such event the estate shall be administered and the case concluded in the same manner, so far as possible, as though the death or incompetency had ...

  • Aggielove Caldwell, ID
    Nov. 6, 2018 5:01 p.m.

    J Smith

    I find it absolutely amazing that you would curse the Republican Party for the affordable health care act. Do you even remember the dude named Obama?

  • NoNamesAccepted St. George, UT
    Nov. 6, 2018 3:53 p.m.

    @ConservativeCommonTater: "Did you miss the part about employers not wanting older workers?"

    I reject it as false. If someone who is willing to work wants a job, there is a job. Tech firms are dropping requirements for degrees. Service industry firms are begging for honest, reliable workers.

    If one retires at 65 (or sooner) with insuffient savings and then tries to get work at 80, health may foreclose options that would have been available had he just kept working from 65 to 73 and socked away some more toward retirement.

    "Did you think that they may not have had healthcare coverage when younger and those problems went untreated"

    How much healthcare coverage does a person need to watch his diet, exercise, and keep his weight in control so as to avoid diebetes, high blood pressure, and heart disease? Our most expensive healthcare problems are lifestyle induced.

    It is populare to blame everything on the other political party. But really, personal responsibility goes a long way. Save 15% annuall for retirement. Live a healthy lifestyle. And plan to work past 53.

    A social safety net can help the rare cases of bad luck. We can't subsidize widespread bad choices.

  • holt56 Salt Lake City, UT
    Nov. 6, 2018 3:32 p.m.

    How do reverse mortgages help with these kind of problems? I know many advisors caution against them, but would that be an option to consider instead of bankruptcy?

  • NoNamesAccepted St. George, UT
    Nov. 6, 2018 3:09 p.m.

    @UtahBlueDevil: "Previously there was a contract between employees and employer that if you stuck together and helped the owner build their company, you had a deal that they would also help you out. ... As those who started working in the 70s come into retirement, things are going to get real ugly, as most will have no retirement funded medical assistance, many will retire in poverty because of medical care cost. America nearly stands alone in how it treats it seniors."

    How can medical costs be a real problem for seniors when they have Medicare? I thought Medicare/Medicaid for all was the solution to our nation's medical costs problem?

    Now, you won't get any argument from me about how Wall Street has violated trust with workers. It is why I actually favor Individually controlled retirement accounts like 401(k) and Roth IRAs. Most employers are now matching the first 4% or so contributed to a 401(k). So if the employer puts in 4%, the boss matches it and there is 8%. Save another 7% and you're at 15%. Do that for 40 years and you are all but assured a comfy income for life, leaving a nest egg to your heirs.

    But most of us won't save 15% and that is the problem.

  • NoNamesAccepted St. George, UT
    Nov. 6, 2018 3:04 p.m.

    Anyone 65 or older ought to qualify for Medicare. So how are medical costs a factor in older folks declaring bankruptcy?

    Isn't "Medicare/Medicaid for all" the mantra from the left that is supposed to solve all of our medical cost problems?

    The problem is lack of savings and then living beyond means.

    Do the math. Whatever one earns, save 15% per year for 40 years of work: 25-65. Assume a 10% rate of return (stock market provides 12% long term). Then, at 65 assume a 3% rate of return.

    Doing this, a person will save enough money that from 65 forward he can withdraw an last year's salary for 60 years. That is, until he reaches 125 years of age.

    Whatever portion of this money he saved in a Roth will come to him tax free. During this time, he will enjoy social security payments, be eligible for Medicare, and be eligible for caps on property tax not enjoyed by younger citizens.

    Many employers will match the first 4% or so contributed to a 401(k). So if an employee saves 11%, the 4% from the employer makes 15%. Most of us are loathe do that as we prefer to live beyond our means. This is a problem with personal expectations, not with medical systems.

  • $$$$$ Price, UT
    Nov. 6, 2018 2:43 p.m.

    This all started back in 1980 when Ronald Reagan our president decided that deregulation of everything and his trickle down theory economy and 401k retirement plans was the way of the future,well what we have today because of all of this is it takes both parents of families having to be employed with 3 and 4 jobs to pay for health care coverage for their families,and now there are no pensions because of the 401k plans employers have done a way with the company pension plans,the Unions have gone to the way side because we have been told by our politicians and employers that we don't need union representation or pensions,Now we are told that we should have taken better care of ourselves,we seniors have been playing catch up trying to get our finances in order by working longer because we can not afford to retire because like everyone we lost money in our great 401k plans, the baby boom retirees are the last ones to see a partial pension plan of any kind and that is not enough along with social security to pay for our medical,roof,food and clothes,that is why we see bankruptcy with the senior class, and our younger population are telling us we need retire to make room for them.

  • ConservativeCommonTater Salt Lake City, UT
    Nov. 6, 2018 2:15 p.m.

    For all of you good Republicans that think bankruptcy and poverty only happen to those that aren't as diligent as you, and they should take better care of themselves and pull themselves up by their bootstraps and take personal responsibility...wait until it happens to you. You'll be singing a different tune.

    The good news for you folks is that your party, the GOP, is planning on taking away or severely reducing your Social Security, you know, "entitlements." Add to that the GOP wants to take away your Medicare, or severely reduce coverage which means increasing your personal costs. You can always work until you're 75 as you've suggested others do...if only you can find someone that will hire you at that age. ;>))

    Knowing that you won't be getting the retirement money you've paid for and the Medicare coverage you've paid for should make you happy. You'll be saving the government money.

    You may also go bankrupt and not have enough money to live on, but if you're a Republican, that's what you're voting for. Le chaim!

  • AveragePerson WEST JORDAN, UT
    Nov. 6, 2018 1:40 p.m.

    $700 in 1970 for a semester of college equates to about $4500 in today's dollars. A $30,000 house in 1960 equals $255,000 today. When I started my first full-time job at age 20, I was making $3 an hour in 1982. That equals $7.85 today. The costs are all relative to wages in a given time period. $700 sounds like a bargain but it was difficult then to pay. My mother stayed home to raise a family, counting on a spouse to save for retirement. She ended up divorced and working for basically minimum wage when she was 56. She put money into an IRA that is quickly running out. Her SS is a paltry $600 a month and she is stuck with a house built in the 1920's that is paid off, but requiring major repairs that she cannot afford. Money is a constant worry for her. Family helps as much as we can, but it's terrible that seniors have so much stress and worry when these are supposed to be the "golden years."

  • ConservativeCommonTater Salt Lake City, UT
    Nov. 6, 2018 12:59 p.m.

    Max - Upstate, NY

    The number 65 keeps showing up and showed up in this article as well. 65 is SO outdated. That age was fine when people retired and then died two years later. Nowadays, people shouldn't even consider retiring until 72 or 75.

    Did you miss the part about employers not wanting older workers? "Older workers is now anyone over 50 years old.)

    Legal? - Saint George, UT

    "The risks associated with aging, reduced income, and increased health care costs, have been offloaded onto older individuals," Thorne and her co-authors wrote.

    "Herein lies a lot of the problem. Many, many people take no care for their physical or financial health until it's too late. Diabetes and several other (mostly) preventable diseases are at the top of the mortality charts"

    Did you think that they may not have had healthcare coverage when younger and those problems went untreated, and now you want to be one of the Republican "death squads" by denying them healthcare coverage.

    wazzup - Cottonwood Heights, UT

    "For those clamoring for 'free' healthcare.........where do we get the money. The government doesn't create wealth, they only take it."

    Trump found money to give the wealthy a tax cut.

  • sally Kearns, UT
    Nov. 6, 2018 12:52 p.m.

    If you are financially responsible with savings and investments, then have a medical emergency, you are wiped out with nothing left. If you have a good time over the years with no savings, you already have nothing left to pay, but you have enjoyed life. Most people I know prefer having a good time. As long as bankruptcy is an option, this will be the choice people make. Every seven years, we watch people we know plan their spending and assets so they can file bankruptcy. It has become a brag-a-thon to see who can acquire the most goods. Bankruptcy is often blamed on medical, yet seven years later the same people are filing again.

  • 01musicguy West Valley City, UT
    Nov. 6, 2018 12:51 p.m.

    Some factors:
    1) Housing, healthcare, college, and just about any other expense has skyrocketed high while wages haven't.
    2)In one side, yes, you have people that spend their money unwisely, you also have people not taking care of their health, eating junk food and consuming products high in sugars and what not.
    3)In the other side, you have people living a frugal life yet living paycheck to paycheck
    .
    We live at times where if you are not super careful with your money, you could end up in huge debt. A car accident for me ended up causing a snowball effect that I am still working on getting my finances back in track. Parents and schools should really teach kids about finances because living in this consumering culture it takes discipline for the weak to watch their expenses. Many want the latest phone, the newest car, and what not. It is not bad, only if you can afford it, while still setting some aside for savings. It is very important to have an emergency fund, which many don't. This leads to getting out expensive loans when emergencies arise creating a never ending circle for many. I know from experience but now I am working 3 jobs so I can get out of this mess soon.

  • UtahBlueDevil Alpine, UT
    Nov. 6, 2018 12:36 p.m.

    "I have friends and relatives that vote Democratic now because they want big government to tax those of us that have saved to pay for those that didn't"

    Are you confused that Democrats don't pay taxes? That somehow they can craft legislation that only impacts "conservatives". What a preposterous idea. Republican and Democrats both struggle to pay for medical cost in retirement. Doesn't matter how much you have saved up. A $ 100,000 hospital stay hurts both equally. Partisanship run amuck... yet again.

    zgomer - what are you referring to? Our economy in 2016 was worse than in 2008? Really. That takes some real creative reasoning to justify that. And before so called Obama was enacted medical expenses were increasing between 6 - 10 percent a year. That has dropped to the mid-four percent a year over the last 5 years.

    We all get that some want to have an enemy to hate and blame everything on. But the reality is the only real solutions will come with both parties come together and own the solution. There has been no action in over a year on this issue.... conservatives got their statement vote without changing a dang thing.

  • RedShirt USS Enterprise, UT
    Nov. 6, 2018 12:23 p.m.

    To "wgirl" I don't think you read the entire article. The biggest problem isn't the cost of medications. The biggest problem is that the kids of the Seniors are still mooching off of them. Too many of their kids have not learned to save and need help from their parents.

    To "marxist" but most anybody can save some money for retirement. There may be a few that never can save, but that is because of bad life decisions or mental handicaps. Everybody can save, if they want to.

    To "sdstuart" if the GOP dismantles SS and Medicare and is able to return most of that money to me, I will be much better off in retirement.

    To "JSKM1232" again, where does the money come from? Are you willing to be taxed at a higher rate in exchange for less than adequate medical care?

  • loweye salt lake, UT
    Nov. 6, 2018 11:27 a.m.

    Because of unforseen circumstances, I started a part time job at the age of 56. At least I got a 401k, part of my healthcare, and a small pension. I retired at 72 with nothing but Social Security, and a pension that paid for my healthcare and nothing else. I was panicking because I was making less than $1000/mon. plus savings that I didn't want to use until I really needed them. At least my house was paid for.

    But unlike the situation of many others, my children came to my aid, and now I will even have enough money to fix up some of the things my house needs. I have been very blessed with such generous children, because I would be in big trouble without their help.

  • Nathan Andelin West Jordan, UT
    Nov. 6, 2018 11:17 a.m.

    My first thought after reading this article was to make a joke about seniors soon having access to marijuana to address their medical needs, and the country going to pot. But then I realized that our propensity to go into debt as individuals and as a nation, and laws that favor creditors, is no laughing matter.

  • stevo123 Driggs, ID
    Nov. 6, 2018 11:03 a.m.

    One in three Americans have less than 5000.00 dollars saved for retirement, this is horrible statistic.

  • Hi-ItsMe Midvale, UT
    Nov. 6, 2018 10:50 a.m.

    A couple reasons the percentage is going up.

    1: There was a baby boom, and now those baby boomers are retiring. The number of births per family has decreased significantly since then. Thus there is a higher percentage of the population in the older age.

    2: People are living longer. Part of this is due to expensive medical procedures (and the expensive will erode into savings).

    3: Drug prices have been going up extremely fast. Far above inflation. Many seniors rely on these expensive medications to live or have a decent quality of life.

    4: Housing costs are soaring. Many seniors are not directly affected by this. However, some rent. Also, with kids that need to move, they may not be able to afford any house, so the parents help with a down payment or monthly payments.

    5: Unlike the kids, it is hard to increase their income. They have a fixed social security - which is sometimes increased for inflation. Many are not in physical condition to get a job. The kids can work 80 hours per week if needed.

    6: Medical insurance refuses to pay for some procedures that are required.

  • InMyOpinionAlso sandy, UT
    Nov. 6, 2018 10:51 a.m.

    From my observation as I am close to retirement, many of my friends plan on working until they die (if that is even possible). They have ignored the future. They have spent money on bigger/longer mortgages, more expensive cars, huge trips, expensive clothes, etc. in their 30s-60s with no thought of what happens in their 70s+. I have friends and relatives that vote Democratic now because they want big government to tax those of us that have saved to pay for those that didn't. We should help those that for no fault of their own (health, disabilities) that need assistance but for those that squandered their income, we shouldn't be held responsible.

  • old dad Highland, UT
    Nov. 6, 2018 10:27 a.m.

    A while ago, 60 minutes ran a story about seniors that have been caught in a little known medicare loop. The hospital billing office changes their status from "inpatient" to "under observation." Then medicare refuses to pay the bill.
    Fortunately, we saw the program and reviewed it with our surgeon prior to my back surgery at the University of Utah Medical Center. Sure enough, while still in the hospital, struggling to stand and walk, the business office came in to inform us that they were changing my status to "under observation." We had to get very nasty with them, even to the point of informing them that the second they did so was the second we checked out of the hospital.

    We're sure other seniors have been caught in this deceitful web. We will NEVER check into that hospital again!

  • JSKM1232 Sandy, UT
    Nov. 6, 2018 10:11 a.m.

    @wazzup - Cottonwood Heights, UT

    "For those clamoring for 'free' healthcare...........where do we get the money. The government doesn't create wealth, they only take it. Raise taxes? Just hand out checks funded by other people? What is your solution?"
    - - - - -
    Well how about "Medicare for all" funded by mandatory contributions from the people that are going to use it, i.e, you and me. No need for middleman insurance companies syphoning off 50% of payments, your "insurance premiums" would drop immensely.

  • byugraduate Las Vegas, NV
    Nov. 6, 2018 10:06 a.m.

    Life is expensive no matter your age.

  • BlueMoonOden Hinckley, IL
    Nov. 6, 2018 9:39 a.m.

    I am a senior (60s) and while I am good shape now, down the road things I expect will start to get serious. One problem is due to the more advanced health care people are living longer then they used to. It is a sad situation when you see elderly people working at Walmart, etc because they have to instead of enjoying their retirement. On top of that I have two adult children who are special needs and may never work so I have to take care of them. So like many seniors I always worry about the future.

  • wgirl Salt Lake City, UT
    Nov. 6, 2018 9:24 a.m.

    I'm sure there are people that could have, and should have, taken better care of themselves, but do people really believe that they have that much control over their health?

    My uncle "bought a gym pass" and exercised every day of his adult life. He still needed open heart surgery at the age of 73. My grandpa worked hard every day of his life and had a stroke at age 72. My very active and healthy aunt died of breast cancer after years of expensive treatments.

    I agree that people need to be mindful of their retirement, and save. However, housing prices are not what they were a generation ago. My parents have paid off their house - but then their house cost about $30,000. My house is older and smaller than theirs and cost $250,000.

    Education costs have skyrocketed as well. My Dad worked and finished college. I admire him for that...but he admits that full- time tuition for a semester at Weber State in the 1970's was less than 700 dollars.

    Companies used to take care of their employees. They don't anymore. They are too busy raking in all those record profits.

    They get richer...we have to get used to the idea that we will have to work until we are 75.

  • Hutterite American Fork, UT
    Nov. 6, 2018 9:17 a.m.

    Health care, and sponging adult children. It's pretty sad that's what is harming our aging population.

  • samhill Salt Lake City, UT
    Nov. 6, 2018 9:17 a.m.

    More than anything, this "news" reminds me of the fable about the ants and the grasshopper. For those younger than 50, it's a story intended to teach the wisdom of working while you can and living frugally while saving all you can, so that when you can't work you'll be able to live on what you've saved. It's one of Aesop's fables, written about 2,500 years ago. You can look it up on the Internet.

    Naturally, there are innumerable situations where, despite one's very best effort to live according to the wisdom of this tale, circumstances beyond anyone's ability to either predict and/or cope can render someone completely destitute. Many of them are summed up by the insurance biz as "Acts of God", and those don't even include what can be catastrophic personal disasters like fraud (Bernie Madoff), drunk drivers, assault, etc., etc.

    But, as calamitous as such unforeseeable events are for some, the majority of the cases of eventual destitution that I personally know of were due to long-term live-for-the-moment poor judgement and its inevitable lack of preparation. All despite advice going back at least 2,500 years.

    And, importantly, it holds for both individuals and nations.

  • JWB Kaysville, UT
    Nov. 6, 2018 9:03 a.m.

    The Great Recession happened during George W Bush. He didn’t get us out of it. Obama cared about people and the impact on a nation. Obamacare was thwarted by the Republicans that wouldn’t act but attempted a little for 8 years while in power in the Congress choking Obamacare everyday by conniving and not caring.

    Now they have a President that is ruthless to people of all shades and ethnicity from poor to rich.

    Where is our shining light?

  • shamrock Salt Lake City, UT
    Nov. 6, 2018 9:01 a.m.

    You can tell a lot about a country's values by paying attention to what they do, as opposed to what they say they care about. In our country, we obviously care a lot more about the health of big corporations than we do about the health of our most vulnerable citizens.

    When big banks and corporations run into serious problems, we spend billions to save them. Babies and old people? Not so much.

  • patriot Cedar Hills, UT
    Nov. 6, 2018 8:55 a.m.

    One big must do is to pay your home off by age 65 or 67. Another big must do is to stay healthy and strong. Buy a gym pass in your 40's and go 5 days a week. Its only $20 a month. By staying healthy you can work past your main career to age 75 or so. Also your health care costs will be less if you are healthy. Finally ...regretibly...we must demand congress find some health care solution for citizens over 65. Perhaps its just expanding what Medicare covers.

  • Max Upstate, NY
    Nov. 6, 2018 8:47 a.m.

    Maxist, for most people, it isn't the high cost of living, it is the cost of living high. Financial illiteracy is the root of the problem.

  • You can call me Ray Clearfield, UT
    Nov. 6, 2018 8:36 a.m.

    J. Smith, Obamacare already promised us that and it never happened.

  • wazzup Cottonwood Heights, UT
    Nov. 6, 2018 8:35 a.m.

    For those clamoring for 'free' healthcare...........where do we get the money. The government doesn't create wealth, they only take it. Raise taxes? Just hand out checks funded by other people? What is your solution?

  • sdstuart Maryville, TN
    Nov. 6, 2018 8:31 a.m.

    Hang on, because it’s just the start. If GOP maintains majority with no checks, they will begin to systematically dismantle Social Security and Medicaid.
    There is ZERO compassion in the presidency.
    Truth be told, it could be very likely that if it wasn’t for daddy Fred, our dear president might be one of those seniors that are forced to decide between medication and food.
    The company I work for just received the largest tax cut in history, will end this year making its largest profit in its history, yet just eliminated nearly 100 jobs, and increased Rx copays for 2019 by 50%.
    I’m feeling great about this economy!

  • kranny utah, UT
    Nov. 6, 2018 8:17 a.m.

    J. Smith, when has government fixed anything they put their grimy little hands on? Remember, Obamacare was a democratic brainchild. The only fix for most health-related issues is not insurance or medicine. It's the choices that people make everyday. Eat right and move more. You can't be ignorant of the laws of health and free of disease.

  • Legal? Saint George, UT
    Nov. 6, 2018 8:18 a.m.

    "The risks associated with aging, reduced income, and increased health care costs, have been offloaded onto older individuals," Thorne and her co-authors wrote.

    Herein lies a lot of the problem. Many, many people take no care for their physical or financial health until it's too late. Diabetes and several other (mostly) preventable diseases are at the top of the mortality charts. Lack of personal responsibility and education get into the mix as well.

    I have diabetics all over my family, some juvenile and some adult-onset. The kids didn't bring this on themselves but the adults certainly did by ignoring their health. It's heartbreaking to watch what could have been prevented.

    Too many of our friends spent, spent, spent on expensive cars and houses. My spouse and I put our noses to the grindstone during the early marriage years and began saving for retirement. We lived frugally and it's paying off now. We have never had a car payment ever, no house payment for the last 28 years, no consumer debt ever. We chose to do it, just didn't happen.

  • marxist Salt Lake City, UT
    Nov. 6, 2018 7:21 a.m.

    @Max "Too many people simply do not save enough. They do not work late enough and they do not save enough. "

    Too many people simply do not have adequate income from which to save. Capitalism is not working for most of us.

  • UtahBlueDevil Alpine, UT
    Nov. 6, 2018 7:15 a.m.

    The other side of this is if you started working at IBM in the 1960s, and did your 30 years with them, IBM helped you through your retirement - including helping with medical care. That ended. I used to work for a company that was on the list of top 10 places to work for years... a privately held company. 5 years ago they also ended their helping retired employees with their health care during retirement.

    Previously there was a contract between employees and employer that if you stuck together and helped the owner build their company, you had a deal that they would also help you out. That contract was cancelled by WallStreet. Few remain that honor those contracts. GE will be the next to cancel its "liability" to retirees via bankruptcy proceeding - to cancel that contract.

    And then companies complain that employees aren't loyal anymore and move around too much. As those who started working in the 70s come into retirement, things are going to get real ugly, as most will have no retirement funded medical assistance, many will retire in poverty because of medical care cost. America nearly stands alone in how it treats it seniors.

  • J. Smith Salt Lake City, UT
    Nov. 6, 2018 6:19 a.m.

    The Republicans claimed to have a fix for health care for 8 years that included affordable health care for those with existing conditions. To date they have proven it was all a lie. Time for them to produce their plan.......

  • Max Upstate, NY
    Nov. 6, 2018 5:14 a.m.

    The number 65 keeps showing up and showed up in this article as well. 65 is SO outdated. That age was fine when people retired and then died two years later. Nowadays, people shouldn't even consider retiring until 72 or 75. Also, far too many people that Social Security is a pension plan. It was never meant to be anything more than a small supplement. Too many people simply do not save enough. They do not work late enough and they do not save enough. Financial illiteracy is taking an enormous toll.

  • Iron Rod Salt Lake City, UT
    Nov. 6, 2018 2:49 a.m.

    What a fantastic article.

    Yes there comes a time where children or grand children need to stand on their own two feet but what do you do when one needs drug abuse therapy or educational help?

    With out pensions I feel this problem will simply grow worse with the upcoming next generation of grand parents.

  • toosmartforyou Kaysville, UT
    Nov. 6, 2018 12:03 a.m.

    Pretty sad that when one finally reaches the end of their assets and declares bankruptcy that the insurance companies use that as an excuse to jack up their premiums some more. That's like thinking if you strangle the hen somehow egg production will continue unabated.

  • Mark from Montana Davis County, UT
    Nov. 5, 2018 11:17 p.m.

    Fraying social safety net?

    Don't you believe it. Seniors have it so good and now they are simply taking advantage of the whole thing. They are mostly rich or at least well off. And if you doubt me, just ask Congress, the White House staff or most politicians. That is why the GOP, my own party, is looking to cut that cushy safety net out from under these scofflaws, and about time I say. Food or medicine? Bah, let them just work more hours as a Wal-Mart greeter. Or buck up and get a second full time job. Hey, old people don't need as much sleep, so they should be able to easily work 18 hours a day. And there is plenty of good food in the pet aisles and it tastes pretty good too, or so I am told.

    It is time to make these people actually work and earn a living. So what if they beat the Germans and the Japanese in WW2, put the Soviets into bankruptcy, raised large families while also fighting in Korea and Nam. None of that matters, so get off your backsides and get to work.

    Or, we could as a nation, show a bit of compassion and help take care of these honorable hardworking people. Nah, that would require those in charge to have a soul and heart.

  • slackoff green river, WY
    Nov. 5, 2018 11:16 p.m.

    Health care and those who spent a bulk of their retirement on children's college education then realize they spent to much

  • wgirl Salt Lake City, UT
    Nov. 5, 2018 10:56 p.m.

    Enlightening but frightening and sad article.

    It is sad to me that so many people get into financial trouble over medical bills. The author of the study suggested that we need better more affordable health care in our country. A spokesperson for insurance companies said that wasn't true claiming, "Everybody expects that they should be able to go to the most expensive hospital in the country for even fairly routine things. "

    They do? Who expects that? How many people do you know that try to figure out what hospital in the country will charge them the most, and then go there for treatment? That assertion is ridiculous.

    It is very difficult, sometimes impossible, to find out what a hospital is going to charge for a procedure ahead of time. In many cases, people are in desperate need of care and cannot choose what hospital to go to.

    We are the only major country in the world that has "Go Fund Me" accounts for sick babies and children and our elderly going bankrupt trying to pay for medicine.