Savings Down, Debt Up, Payday Loans Considered by Baby Boomers
By J.J. CameronPayday Loan Writer
Mark Jacobsohn of Relayer Benefits Group, an insurance and consulting firm, is concerned. When it comes to the nation's debt problems, he points to the 77 million baby boomers who will retire in the next 15 years. They aren't saving enough money for retirement.
While Jacobsohn isn't recommending no faxing payday loans as any solution, he mentions the fact that the nation's savings rate is about what it was during the Great Depression.
"There's a feeling that something will be there to take care of them, such as Social Security or Medicaid," says Jacobsohn. "They don't realize they'll have to spend down their savings in order to qualify."
Jacobsohn, who speaks and presents on financial planning, says there are many ways to save money, including 401Ks, certain types of life insurance and, increasingly, insurance for disability and long-term care. But more and more individuals are turning to the quick fixes of payday loans no faxing.
"People are living much longer and, thanks to medical advances, are surviving things (cancer, heart attacks, strokes), that would have been fatal 10 years ago," says Jacobsohn. "What is life-enhancing for a person, however, can be catastrophic for a retirement plan."
It's an odd problem. Living longer is a good thing. But not planning ahead and, therefore, needing to rely on cash loans? Not as good.
