Dying In Debt

by Lois Etienne on June 1, 2011

in Finances,Legal,Senior Health and Safety

My sister recently sent me a link to an article in the USAToday paper. It stated that many retired Americans are racking up credit-card debt, be it for vacations or medical expenses, and nearly 40% aren’t worried about paying it off in their lifetime! I find this surprising because I always think of the Greatest Generation as more responsible than most. But I also know that seniors today have lost money over the past several years, their medical bills have probably gone way up and they are a generation that doesn’t like to talk about money, especially theirs!

Several years ago Home Instead Senior Care came up with a booklet and website to help boomers talk to their senior loved ones called the “40/70 Rule”. Better to have the conversations now, before a crisis or dementia sets in, so that you actually inherit Dad’s house rather than selling it to pay off his credit card debt or medical bills. I don’t know if I believe those statistics but from working in the industry, I can tell you that most folks are not prepared for the crisis, whatever it is. Start the conversation.

For more information, go to http://www.caregiverstress.com/2010/12/the-40-70-rule-2/

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