1 in 3 baby boomers say student loans still get in the way of retirement

Oct 2018
1,503
1,182
WonderfulOregon
#11
If you retire ... you stop working...you stop income

If you retire and start taking you Social Security reward monthly payment...you have no income - SS is not considered income

Your Student loan can be diverted (pushed it into the future to pay, when you have an income) by using INCOME DRIVEN REPAYMENT (IDR)

Zero payment...when you retire ... I don't know about money that you could get from an IRA - but if it is not considered income...it isn't considered with a IDR.

Now your 70 ... been diverting it since you retired - and now you die....Now the Student Loan will be paid off from your assets...if you don't have any...nothing they can do


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Mar 2012
55,710
37,181
New Hampshire
#12
I remember pretty much paying for the next year's college with a summer job. Sadly those days are long gone. I think college has become a scam. It's been sold as the old way to get ahead. Not true.
I tend to agree. Of course if one wants to be certain types of professionals, college is necessary. However for many jobs its not. It also can set one back terribly if they have no particular direction. I have mentioned one of my daughters friends who went off to college because her parents told her to, and majored in rhetoric. She now has been out of school 9 years and works at Starbucks. She still has over 50K worth of debt and is now 32. Lives home with mom and dad. She is now beginning to realize had she just gone to work at Starbucks, at least she would have some money and might have more of a life. Now every time she gets a raise the student loan company ups her payments so it all goes to loans.
 
Mar 2010
20,197
12,991
Indiana
#13
My best paying customers are in the trades, electricians, pipe fitters, draftsman, computer techs, plumbers, and union members btw, etc. One of my regular customers is a young man and is learning his trade as an electrician free of charge and getting paid at the same time. It doesn't get much better than that. He has no debt and as an avid angler and hunter goes all over the country.
 
Likes: bajisima
Mar 2012
55,710
37,181
New Hampshire
#14
My best paying customers are in the trades, electricians, pipe fitters, draftsman, computer techs, plumbers etc. One of my regular customers is a young man and is learning his trade as an electrician free of charge and getting paid at the same time. It doesn't get much better than that.
Those are also jobs that cant be outsourced or automated. Wise career choice these days.
 
Likes: EnigmaO01
Mar 2010
20,197
12,991
Indiana
#15
I plan on collecting my SS at 62 (next year) * and continuing to work in my two businesses as long as I can, but probably cut back on the workload. I crunched the numbers and see no advantage to waiting past that age. Live your life now as you never know what the future holds. At my age you could suddenly find yourself with some health issue.

* That is unless the republicans in congress fuck it up.
 
Mar 2010
20,197
12,991
Indiana
#16
Those are also jobs that cant be outsourced or automated. Wise career choice these days.
My business can't either. And there are less and less of us that are good at the skill. Fish taxidermy and rearing fish for the taxidermy market. I have a 100 lakes in my county and another 100 in the adjacent county. I get customers from much farther than that.

I get more per fish than anyone else in the aquaculture field except the high end koi folks.

 
Last edited:
Sep 2012
3,828
3,735
California
#17
Are you a taxidermist? Very cool. I am a huge fly fisherman, trout mostly. Going up to Mammoth Lakes next week for our annual one fly tournament. Look up Tom Loe Sierra Drifters to see what I will be up to along with my buddies. No, we do not use Tom or guides, all of us are expert fly fisherman but Tom has great guides, wonderful fish reports and pictures to prove it.
 
Likes: EnigmaO01
Mar 2012
55,710
37,181
New Hampshire
#19
Spin? People are in massive debt and can't get out because of debt or retire and banks are charging absurd interest rates

how can you not be in a thread about people not being able to retire due to student loans and not talk about the banks?
Well most student loans arent owned by banks but private organizations that manage the federal student loan system.

Outside the government, most student loans are held by the lender or a third-party loan servicing company. Originators and third parties can each perform in-house collection services or contract that duty out to a collection agency.

Read more: Who Actually Owns Student Loan Debt? | Investopedia Who Actually Owns Student Loan Debt?
 
Likes: Akosikojak
Feb 2011
16,678
5,900
Boise, ID
#20
Spin? People are in massive debt and can't get out because of debt or retire and banks are charging absurd interest rates

how can you not be in a thread about people not being able to retire due to student loans and not talk about the banks?
You're scapegoating banks. It would make more sense to ask why the cost of higher education has risen so astronomically. Because even if the interest rates were 1% or less, the cost of higher education alone (i.e., principal) is enough to create the financial hardship.
 

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