If you are wondering how to pay off debt in retirement, you’re not alone. According to the latest statistics, people over 65 are struggling with mortgage, credit card and other debt like never before.
It’s no secret that baby boomers are one of the most powerful consumer groups in the world. As a result, marketers are constantly looking for ways to sell to us. Right about now, I can probably hear you saying, “Who cares?” As Seth Godin’s book says, “All Marketers Are Liars.” Why should we care if they know how to market to us?
I am not the only person I know in my sixties who had a bad work experience at the end of their career. One friend was in his hospital bed after cancer surgery when his boss told him he was being forced to retire. Another friend worked for years as a successful paramedic and was then given the worst shifts in attempts to squeeze him out.
Why on Earth would you want to tell advertising agencies how to talk to you? Isn’t marketing to baby boomers something that only companies who want to sell something should care about? Absolutely not!
Do you suffer from financial shame?
I ask this question because financial shame is far more common than most of us would like to admit. Everyone talks about how financially successful baby boomers are, but, this is just part of the story. Like every generation, we are struggling after the Great Recession.
Your husband may be out of the picture, but his Social Security could still be a part of your life. Whether you’re widowed or divorced, U.S. law may allow you to collect benefits based upon your former spouse’s work history.
The choices you make today will affect your Social Security payment amount later on. This is true, even if you are in your 60s and are rapidly approaching retirement age. It’s especially true for our daughters and granddaughters, who still have several years, or even decades, to go before retirement age.
Being unemployed as an older woman is a stressful, frustrating experience. It’s also a situation that few of us imagined we would be in just a few years ago.
At first reading, this post may seem less about quality aging and more about not aging at all (meaning dying), but it’s not a bummer. I promise. Since money and financial issues can cause us all so much stress, this is a stress-buster to offer some extra peace of mind.