Posts Tagged "GenX"

Too Much Debt Taxes Baby Boomers’ Health

work related stress

Staying healthy is becoming a preoccupation for baby boomers as each new medical problem arises and the existing ones worsen.

The stress of having too much debt isn’t helping.

The older workers and retirees who carry debt are less healthy than the people who are debt free, and higher levels of debt have worse health effects, according to Urban Institute research. The type of debt matters too. Unsecured credit cards have more of an impact than secured debt – namely a mortgage backed by property.

Debt can erode an individual’s health in various ways. The stress of carrying a lot of debt has been shown to cause hypertension, depression, and overeating. And it can be a challenge for people to take proper care of themselves if they have onerous debt payments and can’t afford to buy health insurance or, if they are insured, pay the physician and drug copayments.

This is an issue, say researchers Stipica Mudrazija and Barbara Butrica, because the share of people over age 55 with debt and the dollar amount of their debts, adjusted for inflation, have been rising for years. In this population, increasing bankruptcies – a high-stress event – have been the fallout.

In an analysis of two decades of data comparing older workers and retirees with and without debt, the researchers found that having debt is tied to the borrowers’ declining self-evaluations of their mental and physical health. Older people who are in debt are also more likely to be obese, to have at least two diagnosed health conditions, or to suffer from dementia or various ailments that limit their ability to work.

The bulk of their debt is in the form of mortgages, which increasingly have strained household budgets in recent decades as home prices have outpaced incomes. Piled on top of the larger mortgage obligations can be payments for credit card debt, medical debt, car loans, and college loans – often for the boomers’ children. …Learn More

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Happy Holidays!

Next Tuesday – New Year’s Eve – we’ll return with a list of some of our readers’ favorite blogs of 2019. Our regular featured articles will resume Thursday, Jan. 2.

Thank you for reading and posting comments on our retirement and personal finance blog. We hope you’ll continue to be involved in the new year. …
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Depression Abates When Women Hit 60

Motherhood, career anxiety, menopause – women, throughout their lives, move from one psychological stressor to the next.

Well, ladies, there’s hope: your stress should start to ease around age 60.

With the #MeToo movement against workplace abuse of young adult women dominating the headlines, there’s a quieter movement of baby boomer women exploring what it means to get old. Book publishers are flocking to writers of self-actualization books like “Women Rowing North: Navigating Life’s Currents and Flourishing as We Age” and “50 After 50: Reframing the Next Chapter of Your Life.”

Perhaps publishers sense a market for these books because women of all ages suffer depression at rates two to four times higher than men. But a study in the journal Maturitas finds that many women shed their depression as they move from their mid-40s into their 60s.

To pinpoint individuals’ psychological changes over time, this study analyzed the group of women who participated in a telephone survey from beginning to end, 1992 to 2012.

The women, who live Melbourne, Australia, were asked a battery of questions to determine whether they were depressed – questions about whether they felt optimistic or discontented, socially engaged or lonely, impatient or cheerful, clear thinking or confused.

They were also asked whether they suffered from bad moods, which can be a precursor to depression. The researchers found that the women’s moods improved significantly as they aged. …Learn More