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Baby boomers facing retirement years in poverty

When you consider your retirement years, what comes to mind? Leisurely mornings dawdling over a second cup of coffee at the breakfast table, traveling with your spouse or perhaps volunteering your time at a charitable organization in Lexington?

Unfortunately, the financial insolvency of some senior citizens means there will be none of the above during their golden years. Instead, these older Americans will continue to work and struggle mightily to keep their utilities on and food in the refrigerator.

The struggle is real

Some women fall into poverty as a result of a company down-sizing or a divorce. Perhaps they planned to work for another decade to continue to build their retirement nests or perhaps they counted on receiving a larger piece of their spouse's retirement pie. When that didn't occur, they were plunged into poverty.

Many adults age 55 and older have no safety nets whatsoever. Their bottom line is if they don't work, they don't eat or have water or electricity. A health crisis could even leave them homeless. To survive, they may have amassed serious credit card debt that they are unable to pay off, further diminishing their employment options, as many employers routinely run credit checks on new hires.

When the future looks bleak

Some in this demographic group have perfected the art of being poor. They join Costco mainly to wander through the aisles nibbling on the samples in lieu of eating a meal. They watch the sale ads and shop almost exclusively at dollar stores and second-hand shops. They have given up hoping that things will ever change for the better.

Creditors continue to dun them for debts they will never be able to pay. They dodge their calls as they attempt to earn extra cash taking online surveys, driving for Uber and babysitting.

How did this happen?

In short, the world changed. While it used to be the norm to enter the workforce at a job in your 20s and continue rising throughout the company's hierarchy until your retirement at 65, that is now the exception to the rule. Few new hires now remain with their companies for decades.

The gig economy, which ostensibly offers flexibility and freedom, has no safety net in place. There are no pensions or 401Ks for freelancers and those working part-time in many industries. While they may balance on the tightrope they walk in their younger years, as they age, the perilous fall to the ground looms larger every year.

Get out from under your debt load

One way to eliminate some of the pressure older individuals face is to file for Chapter 7 bankruptcy relief. Wiping the debt slate clean can give you the financial wiggle room that you need to face an uncertain future with optimism.

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Law Office of Ginger C. Cord, PSC
155 E. Main Street
Suite 330
Lexington, KY 40507

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Phone: 859-963-2073
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