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How can an aged widow make it on $1,214 even if she does own her own home and doesn't have debt? And those are average benefits?
It is sad that people think Social Security is a retirement plan. Everybody should be saving for their old age and living within their means. What I find crazy is that SS pays a married couple almost double what they pay a single person, even if only one of the married worked their entire life. It doesn't cost twice the amount for two people to live together. If both worked 40-50 years that is a different story (start at age 18 and stop at age 68).
those that take little interest in their financial long term financial planning ,especially retirement rarely change regardless of the time frame.there are so many people out there that do everything well on the expense side. they know how to live below their means and do everything economically.
but then they blow it all by having little or no knowledge as to how to grow those pennies or even preserve them against inflation and taxes..
Your giving a lot of credit..........you are 100% correct about understanding and building wealth, but I feel the number of Americans who have no clue about simple savings and how to gradually introduce it into their budgeting at an early age is still staggering.
I think the emphasis on retirement in the last few years are changing these patterns, but as I have said in other posts I am in a small percentage of those in my peer group (mid fifities) that aggressively plan (building wealth) and save for retirement. Sometimes I think most people have a wait until I am closer to retirement to deal with it.
It is none of my business what people do with their finances.........but boy do I have to bite my tongue when I look at those I have worked with over the last 20 years and have seen their spending habits and now that they are getting close to retirement they are complaining that they are not prepared. The equity lines for the toys and tremendous overtime checks over the years.......but who am I to judge...at least I can retire with a clear financial goal achieved.
It is sad that people think Social Security is a retirement plan. Everybody should be saving for their old age and living within their means. What I find crazy is that SS pays a married couple almost double what they pay a single person, even if only one of the married worked their entire life. It doesn't cost twice the amount for two people to live together. If both worked 40-50 years that is a different story (start at age 18 and stop at age 68).
I think they mean that each is getting their own individual benefit and not spousal. My wife and I each will have our own benefit when I hit 70. Can you imagine if we had both waited til 70? I suspect they see SS as something akin to government support creating a floor for everyone with a much more limited ceiling. Sorta like a couple can only get one of their benefits you know the higher of the two.
They didn't interview them,that is where they were.it did not fit into the theme of the show as they were portraying plans..
They avoided anyone who didn't have a bad 401k and a poor investing plan .
There are millions of people just at vanguard and fidelity alone that have been very successful at growing their retirement money.
There are millions in other fund families as well who are retirement age and saved a whole load of dough in their plans.
At fidelity the median account for those over the age of 55 who saved from max to 1/2 max for just 10 years was 216k and that was during the lost decade.
Today it is more like 300k and i am sure many others at other fund families had similiar results
Last edited by mathjak107; 01-26-2014 at 10:45 AM..
Thank you, Nicet4. The final link near the bottom of your post far exceeds the quality and sophistication of the average news article, as it is a 30-page academic study by a Ph.D.
Indeed, the thought of a widow existing on $1,214 a month is sobering. No room for any luxuries there, not even car ownership in many cases, I would think.
I think many municipalities give them a big break on property taxes. Not to say it makes life easy, but at least takes the "dirt" out of "dirt poor".
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