Wow, talk about a tough economy. Apparently, recent surveys have shown that roughly one in ten baby boomers and middle to getting-up-there agers, are having an especially rough time, turning to borrowing via lending from friends and family, charities or other relief outlets just to pay their bills. Many are relying on parents who are older to help them pay their bills, hopefully only while this economic glut is happening, because we all know that our seniors usually don’t make nearly enough to survive on with social security being a joke and many not putting away adequately for retirement.
But, this one also goes both ways. The majority of reitirees said they’d helped their children or child out with bills, while only a smaller portion of people not in the retirement age category said they had helped their parents out with their finances and bill paying. So, you see, families are having to rely on one another to just make it by in this tough market and raising food costs and skyrocketing gas prices.
Oh, by the way, as we speak, Bush has just asked Saudi Arabia to increase it’s oil production to meet higher US demand, and been met with a resounding no, so that’s squashes that idea. I wonder if now we can start drilling here, or if it really is too big of an environmental risk to start doing so over here. And where are all these alternative fuel sourcse and vehicles? We have the hybrids now, true, but are they really an effective alternative? Anyways, I digress.
Many baby boomers, as much as one third, have also made the startling admission that they have cut back on what they are putting in their retirement accounts, or have cut that out all together so they could have more money to pay their bills. The said part about this is that they are missing out of a great tax benefit if they are cutting out an account like a 401k that is tax deferred, so this makes me really sad that this is happening to our fellow Americans, it just seems like a double shot of unfairness to be honest.
Many also reported that they have cut back on doctor’s visits and medications, because of high copays and the fact that they may not absolutely need them, makes them a non-necessity in hard economic times. About one third is also admitting that they are having a tough time making their rent or mortgage payments, and that this has contributed to their cutting back on spending, although to no avail since they are still having harder times paying their rents and mortgages.
Sorry to report all this bad news, but this is what we’re getting from the media. Hopefully they will report on the good news as readily when the market recovers – they’d better!