Baby boomers are going bankrupt!
NEW YORK - September 8, 2010 - One of the things you find when you write about baby boomers on a regular basis is that there is very little consensus about the legacy of this generation.
The boomers spent too much money. No, actually the boomers have plenty of money saved away. The boomers are working longer because they have to make up for lost assets. No wait, they are working longer because they love working. Most are on schedule to enjoy the kind of retirement they always envisioned. Unless of course you believe that most boomers are never going to be able to retire.
One of the reasons for the disparity in assessing the boomers comes down to sheer numbers: Seventy-six million people (give or take a few million) comprise a massive sample upon which to survey. The size of the generation alone dictates that one who studies it is going to come across whatever it is he or she is seeking. The reckless spenders, the frugal savers, the wealthy, the poor… there are plenty of all of them. When it comes to opinions on the baby boomers, we are often going to have to agree to disagree.
But a study published in the September issue of the American Bankruptcy Institute’s ABI Journal makes a persuasive case about the boomers being a generation up to its ears in debt. Written by John Golmant, a statistician, and James Woods, a social science analyst, the study finds that bankruptcy filings are increasing fastest among people between the ages of 55 and 64. In fact, there was a 65% increase in filings by boomers between 2002 and 2007. Baby boomers also accounted for 42% of all filers in 2007.
