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Old 11-19-2017, 10:47 PM
 
Location: Sputnik Planitia
7,826 posts, read 11,741,458 times
Reputation: 9045

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Great watch!


https://www.youtube.com/watch?v=kmtjJVC_niI

Some of the facts in this video were shocking... half of Americans have less than $10,000 saved, a third have no retirement at all

I believe many people fall into the lifestyle creep issue as they earn more income, buying bigger homes, cars etc. that really cut into their savings. And they do all this on credit with the thought that they will never lose their current income or they will easily be able to get another one - and when they don't they are in a bind.
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Old 11-19-2017, 11:06 PM
 
33,016 posts, read 27,358,935 times
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Some people fall into the rent creep where rents just go up and up while their income doesn't.
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Old 11-20-2017, 03:49 AM
 
106,098 posts, read 108,073,381 times
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half of amaerica never had any savings to speak of ata ny point in their lives , yet they find a way to get through it . many do better than those with moderate savings since they may get all kinds of welfare and assistance ,even free medical insurance .

a couple may need as much as 250k saved just to spin off enough income to cover their medial insurance others get free
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Old 11-20-2017, 04:01 AM
 
13,395 posts, read 13,442,427 times
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Quote:
Originally Posted by mathjak107 View Post
half of amaerica never had any savings to speak of ata ny point in their lives , yet they find a way to get through it . many do better than those with moderate savings since they may get all kinds of welfare and assistance ,even free medical insurance .

a couple may need as much as 250k saved just to spin off enough income to cover their medial insurance others get free
People on welfare/free medical are not living better than stable, middle class Americans. They don't have retirement funds just like other people.
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Old 11-20-2017, 04:06 AM
 
106,098 posts, read 108,073,381 times
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depending what they get they may be doing better .

while not everyone gets everything ,the fact is all these perks lower incomes and savings potentially can get can really add up and surpass much higher income levels .


these equivalent numbers today are much , much higher as these are the older levels . medical insurance alone for a middle class couple can easily hit 10-20k .

we need 250k in savings alone just to spin off enough income to cover our health insurance in retirement . medicare and supplement here in ny runs close to 10k a year for a couple .

it is not really those with no savings and little income that are being pounded with expenses as much as those in the middle who have to pay their own way with no welfare or assistance .

they need far more savings just reach the level of those who qualify for more assistance .




Last edited by mathjak107; 11-20-2017 at 04:27 AM..
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Old 11-20-2017, 05:16 AM
 
Location: Philadelphia/South Jersey area
3,677 posts, read 2,546,936 times
Reputation: 12467
Quote:
Originally Posted by k374 View Post
Great watch!


https://www.youtube.com/watch?v=kmtjJVC_niI

Some of the facts in this video were shocking... half of Americans have less than $10,000 saved, a third have no retirement at all

I believe many people fall into the lifestyle creep issue as they earn more income, buying bigger homes, cars etc. that really cut into their savings. And they do all this on credit with the thought that they will never lose their current income or they will easily be able to get another one - and when they don't they are in a bind.
who's included in the "half". My son is 21, he's an American worker and yes he has less than 10K saved. Should he be panicking? No

What are they measuring as "savings"??? 401K. once again, I have relatives in their early 50's, no they do not have a bunch in their 401K what they do have is 3 NYC rental apartments giving them about 6K a month in free income.

I haven't watched the entire video, i will when I get home but let me say I often view these "doomday" scenario videos with a healthy dose of skepticism. I do like that they are getting the message out to save for retirement.

It's like that golden "million" dollar figure that use to get thrown out, years ago. OH run for the hills if you don't have a million bucks by the time you retire. you'll be eating cat food and living under a bridge.
I'm 57, I'm one of the last of my relatives still working, do they have a million bucks? no, are they eating cat food ? no.

While they are not living la vida loca, they are pretty much moving along nicely, like most folks their major concern is health care but they manage to go on a vacation and dine out a few times.
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Old 11-20-2017, 05:22 AM
 
33,016 posts, read 27,358,935 times
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Quote:
Originally Posted by mathjak107 View Post
depending what they get they may be doing better .

while not everyone gets everything ,the fact is all these perks lower incomes and savings potentially can get can really add up and surpass much higher income levels .


these equivalent numbers today are much , much higher as these are the older levels . medical insurance alone for a middle class couple can easily hit 10-20k .

we need 250k in savings alone just to spin off enough income to cover our health insurance in retirement . medicare and supplement here in ny runs close to 10k a year for a couple .

it is not really those with no savings and little income that are being pounded with expenses as much as those in the middle who have to pay their own way with no welfare or assistance .

they need far more savings just reach the level of those who qualify for more assistance .



Having kids opens the floodgates to freebies. Childless adults get just about squat.
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Old 11-20-2017, 06:11 AM
 
106,098 posts, read 108,073,381 times
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childless here still get free medicaid , they can get utility and rent assistance . seniors in stabilized housing who are lower income are free of future rent increases forever . 1/2 of all housing here in nyc is stabilized and that effects millions .

there is no question the lower incomes don't actually end up living on just those incomes here.like i said 250k of our savings is used to generate what is used to pay our healthcare . that is like someone on medicaid having 250k right off the bat
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Old 11-20-2017, 06:43 AM
 
Location: USA
6,230 posts, read 6,900,925 times
Reputation: 10778
The state basically takes care of older folk who retire broke. Heck, not just retired people either. I know some people working at Walmart and other low wage jobs that get HUD, food stamps, medicaid, etc. It's really the middle class that gets the shaft in this country.
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Old 11-20-2017, 06:59 AM
 
106,098 posts, read 108,073,381 times
Reputation: 79664
exactly .
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