Down Economy Denting Baby Boomer Future

Survey: Middle-Aged Americans Borrowing Money From Family, Cutting Funding To Retirement

(AP)  The economic downturn is hitting roughly one in 10 middle-aged and older Americans especially hard, compelling them to borrow money for everyday living expenses and to seek help from family, friends or charities, according to a survey released Tuesday by the AARP.

In the telephone survey of 1,002 adults 45 and older, nearly four in 10 said they had helped a child pay bills or expenses. Among retirees, one-third said they'd helped their children pay bills. Eight percent said they'd helped a parent pay bills or expenses. The survey's margin of sampling error was plus or minus 3 percentage points.

One-third of survey participants said they stopped putting money into their 401(k) or retirement account and 14 percent said they had cut back on their medications.

"We have patients coming in fewer times," said registered nurse Tucky Franz of Salisbury, Md. "They'll cut back because of the copay."

The majority of baby boomers said they were finding it more difficult to pay for essentials and utilities, and six in 10 said they had cut back on eating out and entertainment.

James Dyas, 75, of Sherman, Conn., said he and his wife go to their favorite Mexican restaurant about half as frequently as they used to. "About all the money we have goes to buying gasoline," he said.

While the survey doesn't show large numbers of people making radical changes - taking second jobs or moving to a smaller home - it did find that more than one-quarter of those surveyed are having trouble paying their mortgage or rent.

Compared with older people, a greater percentage of younger baby boomers, those 45 to 54, said they were cutting back on medications, prematurely withdrawing retirement funds and postponing paying bills.

"For the younger boomers, it's been an especially rude wake-up call," said Jim Dau, a spokesman for the AARP, a nonprofit that advocates Americans 50 and older.

Debra Koziol, a 48-year-old hospital finance worker in Rhode Island, said she's started carpooling to work with her sister a few times a week and packing lunch every day.

"The food is better," she said. "Some of this is creating better habits, not so much waste."

So then that begs the question....WHEN are we going to RISE UP and STOP what is going on? Posted by jjarden at 03:04 PM : May 13, 2008
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What a fantastic rhetorical pun! Not only do you pose the question but assert the posture necessary for the question to be asked! And top that off by unfolding the answer!! Very well executed, jjarden.

I wish the Boomers would restrain their whining long enough to get some work done. They grouse and blame everybody else for things not being as they wish them; do you really think you are as tall as you are for any reason other than you are standing on someone else''s shoulders? The older generations put you in a position to succeed where they were denied; you are the ones that screwed it up. Now fix it.

[lovegetpeace]

Hey jamesm12341,
Base on the Performance of America in these last 8 years, why do you exclude yourself from this 3rd world recognition?

[lovegetpeace]

Folks,
For those of you that blame OUR government, please continue to blame the government. I am sure you will get excellent results.

[lovegetpeace]

Folks,
There is nothing you need to do, continue to sit happy in front of this computer/laptop, watch your favorite TV programs and play with the video systems around your house all weekdays and weekends.

Remember never do what President John F. Kennedy said in his Inaugural Address:

"My fellow citizens of the world, ask not what America will do for you, but what together we can do for the freedom of man."

With so much information, scholars, Ph.Ds, Specialist and Gurus around us, we cannot possibly have caused this Empire to Fall by itself like all the previous empires.

[dredre2k]

Anyone seen mudrose? Bush''''''''s main supporter is missing. I wonder why? ~ Oscarez

Dic k Chene... um, i mean Mudrose is at his weekly PNAC meeting getting downloaded with the rest of the Bush Cabinet.

[dredre2k]

Anyone seen mudrose? Bush''''s main supporter is missing. I wonder why? ~ Oscarez

*** Chen... um, i mean Mudrose is at his weekly PNAC meeting getting downloaded with the rest of the Bush Cabinet.

[lovegetpeace]

Folks,
CONGRATULATIONS!

America is the newest member of the 3rd World Country.

Welcome and remember, United we all Win, Decided we all Lose!

[luvwknd69]

What future? You can''t make enough to live let alone save for retirement! Social Security will be gone by 2015-2020!
I believe it is time for anarchy in the USA, we the people need to revolt against this crooked government and restore democracy!
Government by the people for the people!

Come on Peeps, there is strength in numbers! Why do you think they had the Boston tea party way back in the day?

[jjarden]

We the People ALLOWED this to happen to us...Don''t Blame the Corrupt and Crooked Politicians...the only reason WHY they are Corrupt and Crooked is because we ALLOWED them to be...it''s ALL on US Folks...we Americans are getting EXACTLY what we deserve.

So then that begs the question....WHEN are we going to RISE UP and STOP what is going on?

[dredre2k]

Afterall, 50 isn''t the new 40 for a reason boomers... Thanks to bush, many of you will still be working when you should be retired! GOod thing they didn''t let him privatise social security... this economy and market crash would have wiped people out! .... probably why he pushed it so hard a few years ago!