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Old 04-18-2014, 04:12 PM
 
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From what I have seen they have lived a simple life and have their small house paid off. Then they hit 62 and live off SS. Have a garden or something maybe.
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Old 04-18-2014, 04:15 PM
 
Location: Exeter, NH
5,302 posts, read 4,409,605 times
Reputation: 5709
Quote:
Originally Posted by s1alker View Post
I'm talking about someone who has made less than 20 bucks an hour their entire life for whatever reason. Places that pay that low generally do not have a 401k or pension plan. A low wage worker will have very little (if any) money to save after living expenses are paid.
Social Security was supposed to be the solution to this problem, and it would have actually worked if Washington hadn't already spent the money that was confiscated from the Baby Boom for this purpose (and another $17 trillion on top of that)...
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Old 04-18-2014, 07:02 PM
 
2,563 posts, read 2,797,180 times
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Quote:
Originally Posted by NHartphotog View Post
Social Security was supposed to be the solution to this problem, and it would have actually worked if Washington hadn't already spent the money that was confiscated from the Baby Boom for this purpose (and another $17 trillion on top of that)...
Just out of curiosity, what were they supposed to do with the money? Save it in big boxes?
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Old 04-18-2014, 08:09 PM
 
48,516 posts, read 84,032,619 times
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SS is not a retirement plan; its a supplement to a plan.. Low wage workers either stay employed or they end up on welfare type programs just like those younger who don't work. In past most retired and lived with relatives or children.mna of the rich I the world stay working at same until they die or get too ill to work.
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Old 04-18-2014, 08:35 PM
 
26,164 posts, read 28,561,667 times
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Quote:
Originally Posted by Aqua Blue View Post
We in America are sold a bunch of stuff we don't need. We are advertised to believe that we couldn't possibly be happy without it, which is a lie.
This bears repeating
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Old 04-18-2014, 08:42 PM
 
26,164 posts, read 28,561,667 times
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Quote:
Originally Posted by augiedogie View Post
OP: What color is the sky where you live? $20 an hour is not even the average wage in America. All kinds of folks with this kind of income can and do retire, and do fine. Remember that cost of living varies greatly in the USA, so someone who makes that kind of money can often live in very nice cities that have low taxes and low housing cost. Not only that but many folks have had stable marriages where both worked for many years. They paid off the house, kept their household expenses down, drove old cars, didn't spend everything they made, didn't get over their heads in debt, and now some some savings from their 401K plan and can get along OK when they retire. After all, if you have 2 people that average $20 an hour, you're looking at about 80,000 dollars a year. That's good money in middle america. In fact, the median household wage in 2007 was about $50,000 a year.
This was kind of what I was thinking if we're talking about the higher end of the so-called "low-wage" range. I don't make much more than $20 yet I sock away 13K in my retirement plan. And I live in the high cost SF Bay Area. If I made $20 an hour just in an average cost area, I'd probably be able to save the same or more than I do now, even though I'd be making be less money.
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Old 04-18-2014, 09:05 PM
 
26,164 posts, read 28,561,667 times
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Quote:
Originally Posted by PastTense01 View Post
Note there are three major costs retired people shouldn't have:
1. Cost of raising children
2. Cost of employment (business clothing to gasoline...)
3. Cost of mortgage (you should be able to pay off a 20 year mortgage in a 40 year working life--although this doesn't apply to people who keep trading up to fancier and fancier homes)

But basically I doubt if most of the posters here understand how the lower 20% of the population can possibly survive because they don't have a middle class income.
Most folks in the bottom 20% income range never owned homes in the first place.
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Old 04-18-2014, 09:24 PM
 
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Historically its the bottom 35% never own a home according to federal government. Its got into the low 70% on ownership up to 2008 and they want to correct the loans that made it happen. Geithner announced early on that administration aimed to get back to historic average.just as congress enacted consumer protection that basic eliminates many being able to make such a decision on credit use.
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Old 04-18-2014, 09:31 PM
 
37 posts, read 39,804 times
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They will live on SSI, Medicare/caid, and live in a trailer.
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Old 04-18-2014, 10:00 PM
 
483 posts, read 535,802 times
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They will work until they are incapacitated.
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