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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
I cannot think of any examples of someone getting free medical insurance...........
Medicaid! there is also ssi as well as the medicare assistance program . medicaid is free ! all it takes is a an income in the 12-15k range or so . in fact seniors who plan for having a low enough taxable income can get free medicaid regardless of assets .
live off accumulated cash ,roths and the zero capital gains brackets and you can qualify for medicaid while waiting for medicare and still draw a fairly high tax free income .
Last edited by mathjak107; 11-20-2017 at 08:54 AM..
You won't be left without a car either, but Medicaid is for those too poor to be able to pay for their medical care. These people are not living the life of either Riley or Reilly. And what, by the way, are these other things that are "like" Medicaid?
The problem is that you've traditionally had a three-legged stool of SS, pensions, and private retirement savings.
The pensions leg was mostly cut off years ago. I've worked for three F500 companies in three different sectors, a large healthcare organization, a bank, a small manufacturing company, and a tech company. I've worked in New England, the Midwest, and the South. None of these organizations offered any sort of pension for new employees. Two of the F500 had legacy pensions that some employees still had, but no one new was being enrolled into the program.
Even private retirement savings plans are being eroded. Many companies are reducing their direct hires, outsourcing work to third party agencies, and those who work for the contractors/staffing agencies often have no benefits of any kind. One of the F500s I worked for actually outsourced most of its IT to a local company that provided the labor. The contracting firm offered no benefits of any kind.
Jobs aren't secure these days. We often have to move chasing jobs. There's a stark dividing line between areas of the country that are doing well and others that are doing poorly. Around here, most houses are actually losing value relative to inflation over the past ten years. Forget home equity - you're doing well to not lose your butt! Had someone bought in Nashville ten years ago, the home equity would be into the hundreds of thousands.
these threads are amusing to me. first they always end up being a screaming match between "liberals" and "conservatives" so by page 4 there isn't much information being shared.
Next it seems everyone "knows" one of these people who are living "la vida loca" while being on public assistance, now maybe these people are real but I have a feeling that the life style has been "enhanced" for the story.
and you find these stories everywhere. I'm a big Disney fan and hang out of some of those forums, once a year we get the "this person is on welfare and food stamps and goes to Disney 4X's a year" thread.
I wish I knew these people cause like I said I volunteer with poverty once a week in Camden NJ, saturday we had our annual Thanksgiving dinner community outreach. No one we met is living any type of life I would want.
Many areas, particularly liberal coastal cities, provide enough social benefits that the poor there can live quite nicely. The middle class is largely being forced out and the major cities are becoming playgrounds for the affluent and the subsidized poor.
You won't be left without a car either, but Medicaid is for those too poor to be able to pay for their medical care. These people are not living the life of either Riley or Reilly. And what, by the way, are these other things that are "like" Medicaid?
actually medicaid is not just for the poor . many with assets are able to generate incomes from various sources that just make their taxable income appear low .
had i planned better for 62-65 when i retired i could have pulled a 100k plus income a year tax free and qualified for medicaid until i was 65 . not that i would have , but don't assume those on medicaid health insurance are poor . there is no asset limitation for medicaid health insurance.
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