Ah, the golden years! Retirement was supposed to be an indulgence for seniors, their reward after raising kids and working 9-to-5 all those years. But now experts say baby boomers can no longer afford retirement, and that seniors are working longer: the employment rate for workers over 55 is at an all-time high. Are you a senior? Why have you put off retirement? Have you taken on a job when you thought you'd be traveling the world? What costs are eating up your savings? What other options do you have for paying the bills? Share your story: 258-3552 or leave your comment below.
Richard W. Johnson, Sr Fellow and Dir of the Program on Retirement Policy, The Urban Institute
Ray Seakan, investment advisor for TD Ameritade; AARP presenter on "10 Steps to Successful Retirement"
Thanks for the updated info. I did some more research and you are right, it appears we are a non-recourse state now, but the bank can still get a deficiency judgement against you for the difference of the house after they sell it? How is that non-recourse? Marta Prime –May 17, 2012 22:13:07 PM
I beleive it was Marvin that talked about how Obama ruined the Mortgage Business. I too am a Senior in financial trouble. But I would love to see what Marvin would say about the Mortgage Business problems AFTER he watched the PBS Documentary "MONEY, POWER AND WALL STREET". I am not a fan of any one politacal person. I just hate to see any one, especially a Nevadan, so uninformed about all of our financial problems:
http://video.pbs.org/video/2226666502/beryl salter –May 17, 2012 02:12:58 AM
In certain parts of the US workforce we do look to the "elders" to pass on there knowledge to the younger workforce; for example the military, fire and police forces really rely on te older folks to pass on vast amounts of knowledge which is beneficial to te workforce that will be replacing them. If the rest of the US workforce could follow suit I feel the older generation would have a sense of importance.Cayton W. –May 16, 2012 20:33:57 PM
I heard this on the way to work, so not sure which gentleman made the comment about considering selling your house and downsizing to help with costs. Really? First, we are pretty underwater now, and we too had hoped the equity in our house was going to help us retire. I'm almost 63 now. Who's going to want my house with so many cheaper houses out there? Short sale you say? OK, we are also a recourse state and unless you get a special dispensation in the words of the agreement the bank can go after you at a later date for the difference. And don't forget about the IRS, that considers the money the bank forgave you for as "income" and taxes you heavily on it. So don't make it sound like it's a viable option for people that are already struggling and don't know which way to turn. In my case my kids are all living with me and paying rent. Everyone (husband and grown kids) but me lost their jobs in this mess, and although they are all working again now, we are making much much less. If they weren't helping I would have had to go for bankruptcy. Marta Prime –May 16, 2012 10:31:33 AM
@marta...nevada became a non-recourse state as of october 2010, of course that helps none of us long time underwater, broke baby boomer owners. And the "mortgage debt relief act" expiring this year will forgive a deficiency balance if one is financially insolvent...cleaned out spare room for adult son and wife... –May 16, 2012 17:38:06 PM