News, Nearing retirement - and surviving on food stamps. (social security, federal, states)

[John1960]

More than 12 million Americans are still unemployed and a lot of them depend on food stamps. But even with that assistance, CBS News correspondent Elaine Quijano tells us many are struggling to get by.

Nearing retirement - and surviving on food stamps - CBS News

[newenglandgirl]

Originally Posted by John1960

More than 12 million Americans are still unemployed and a lot of them depend on food stamps. But even with that assistance, CBS News correspondent Elaine Quijano tells us many are struggling to get by.

Nearing retirement - and surviving on food stamps - CBS News

Are you making a comment about this?

[jrkliny]

Newsflash, newsflash.... 30 something "reporter' writes a sensational article that states some individuals are having tough times. Plays on the heartstrings... With luck and more muck raking, the reporter can expect promotions...

Newsflash, newsflash, a bunch of people are sucked into sensational stories when they should be worrying about their own success.

[gomexico]

Originally Posted by John1960

More than 12 million Americans are still unemployed and a lot of them depend on food stamps. But even with that assistance, CBS News correspondent Elaine Quijano tells us many are struggling to get by.

Nearing retirement - and surviving on food stamps - CBS News

And what's the relationship between what you're posting and retirement? I'm surprised there are only 12 million people on food stamps. If the GOP has its way those on food stamps will be looking elsewhere for food, in the future.

[Be Free]

"Nearing retirement - and surviving on food stamps"

Can't figure out what that has to do with retirement, but then you throw in some Democratic rhetoric into the thread, huh, gomexico?

There's a forum right here for your political opinions:

http://www.city-data.com/forum/polit...controversies/

No one wants to hear them in this forum.

[newenglandgirl]

Originally Posted by gomexico

And what's the relationship between what you're posting and retirement?

The connection is obvious. Apparently many retirees are not as well off as they should be, which blows a lot of theories about how secure the boomers are.

[HappyTexan]

Originally Posted by newenglandgirl

The connection is obvious. Apparently many retirees are not as well off as they should be, which blows a lot of theories about how secure the boomers are.

The article didn't provide any numbers though. Where are you getting that information about many retirees not being well off ?

[SCGranny]

I think that the point is that, if you are surviving on food stamps and are close to retirement, your retirement will be far bleaker than most have anticipated. Potential retirees whose 401Ks are gone, whose retirement funds are sapped away by poor investments by their state or private employ, and who are not even able to earn anything or be employed before retirement, will be a drain on resources when they reach retirement age.

Retirees who do not own appreciating property, who do not have a liveable income upon retirement due to poor investments and a lack of employment prior to their retirement, will be much poorer after they retire. They will be more dependent on local, State, and Federal resources after retirement. Retirees who tried to buy homes either for residences or to 'flip' during the boom may suffer due to foreclosures and even become homeless. If their kids are unemployed or underemployed as well, there may be no where for any of them to go, and no fiscal resources or fallbacks other than government support and housing.

One guy I worked with was in this situation. In his late 40's, he bought into the housing bubble and 'flip it!' mentality; spent all of his money on these 'investments'. When the bottom fell out of the housing market, it took all of his retirement monies with it; he was foreclosed upon on not only the townhouse where he lived, but the 4 houses he had gotten stuck with. In his early 50's now, he HAS to work, even in bankruptcy is smothered in debt - and has nothing other than his Social Security to look forward to. The mistakes he made are doubtless duplicated by others, either through their own "get rich quick!" fallacies or their businesses' and governments' poor investments of their retirement funds in the same fallacies.

While a 20-something can work two or three jobs and recover his/her losses in such situations, because they have time to recoup their losses, those close to retirement may not be able to.

[newenglandgirl]

Originally Posted by HappyTexan

The article didn't provide any numbers though. Where are you getting that information about many retirees not being well off ?

I didn't say it's very good article, in fact it's not. Just stating what the intended connection is.

[newenglandgirl]

Originally Posted by SCGranny

One guy I worked with was in this situation. In his late 40's, he bought into the housing bubble and 'flip it!' mentality; spent all of his money on these 'investments'. When the bottom fell out of the housing market, it took all of his retirement monies with it; he was foreclosed upon on not only the townhouse where he lived, but the 4 houses he had gotten stuck with. In his early 50's now, he HAS to work, even in bankruptcy is smothered in debt - and has nothing other than his Social Security to look forward to. The mistakes he made are doubtless duplicated by others, either through their own "get rich quick!" fallacies or their businesses' and governments' poor investments of their retirement funds in the same fallacies.

I sense a sense of blame here. How is the hope of "getting rich quick" through real estate investment any different than the hope of "getting rich quick" through the stock market. If the stock market yields wealth, we say that the stockholder is one smart dude. If it tanks, we say he was an idiot and blew it. Many made a ****load on real estate buying during good times; others lost their shirt on real estate buying what they thought were good times. Investment is investment, and luck has as much to do with it as wisdom. Not to mention those whose employer-invested 401Ks tanked.