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Old 04-15-2014, 06:09 AM
 
Location: USA
6,226 posts, read 5,360,581 times
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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.
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Old 04-15-2014, 06:14 AM
 
Location: State of Being
35,885 posts, read 67,165,475 times
Reputation: 22373
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.
Many people never truly retire. Some will work as long as they can. Some need to partner up with their kids or a friend for living expenses in retirement (if unmarried).

Statistics show that there are thousands across the country who have only SS to rely upon - often no more than $700 a month.

Folks in that situation have to be inventive about how they will survive during in their senior years. Depending on where a person lives, subsidized senior housing may help. Low cost or free food from food banks, senior centers . . . these are things a person has to seek out and rely upon to get through life when there simply is not enough money to make it on a daily basis.
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Old 04-15-2014, 06:19 AM
 
Location: South Louisiana
467 posts, read 394,899 times
Reputation: 1073
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.
I was a low wage worker for half my working years until I landed a good paying job with the experience I had. I got and kept 1 - 2 part time jobs, aside from my full time job, for most of my life. The money from those part time jobs went straight to my savings and I made do with the earnings from the full time job. It can be done, you have to want to do it.
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Old 04-15-2014, 07:14 AM
 
Location: SW MO
23,605 posts, read 31,482,868 times
Reputation: 29071
Quote:
Originally Posted by tramp View Post
I was a low wage worker for half my working years until I landed a good paying job with the experience I had. I got and kept 1 - 2 part time jobs, aside from my full time job, for most of my life. The money from those part time jobs went straight to my savings and I made do with the earnings from the full time job. It can be done, you have to want to do it.
BRAVO! You also have to possess the drive, discipline and courage to do it. Good for you.
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Old 04-15-2014, 07:41 AM
 
Location: Columbia SC
8,965 posts, read 7,741,639 times
Reputation: 12169
Quote:
Originally Posted by tramp View Post
I was a low wage worker for half my working years until I landed a good paying job with the experience I had. I got and kept 1 - 2 part time jobs, aside from my full time job, for most of my life. The money from those part time jobs went straight to my savings and I made do with the earnings from the full time job. It can be done, you have to want to do it.
Well said. You earned it.
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Old 04-15-2014, 08:37 AM
 
Location: East of Seattle since 1992, originally from SF Bay Area
29,794 posts, read 54,455,776 times
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I know some people like this now in their 80s-90s. Some managed a meager living on social security alone at under $1,000/month while living in subsidized senior housing, and eventually went into a residential care facility paid for mostly by state medicaid. Others moved in with their more successful kids.
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Old 04-15-2014, 09:32 AM
 
Location: Los Angeles area
14,018 posts, read 17,737,509 times
Reputation: 32304
Quote:
Originally Posted by anifani821 View Post
Many people never truly retire. Some will work as long as they can. Some need to partner up with their kids or a friend for living expenses in retirement (if unmarried).

Statistics show that there are thousands across the country who have only SS to rely upon - often no more than $700 a month.

Folks in that situation have to be inventive about how they will survive during in their senior years. Depending on where a person lives, subsidized senior housing may help. Low cost or free food from food banks, senior centers . . . these are things a person has to seek out and rely upon to get through life when there simply is not enough money to make it on a daily basis.
Everything you say is true. I just want to add that the average Social Security monthly retirement benefit is somewhere around $1200. And before someone says that a low wage worker will not attain that average level, let me point out that low wage earners get back a much higher percentage of their wages in benefits than high wage earners. And the average is also skewed downward by people like me who did not work very many years in jobs covered by Social Security; my monthly benefit is about $150, of which about $100 is withheld to pay the Medicare Part B premium.
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Old 04-15-2014, 09:36 AM
 
6,315 posts, read 5,055,910 times
Reputation: 12820
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.
My small south Texas town is full of these people. They seem to be doing okay. They never wanted much and appear to be happy with their lives. They had families, grandkids and spent most of their time doing family things.

They live in the same family home that has been around for decades. Low cost of living here. They get up, have their coffee, shuffle on down to the post office or bank, come home, have lunch, watch TV. Visit with the kids, grand kids. They take them out once in a while, maybe go to the beach for a day or so.

They never wanted or thought of having European vacations, RVs, shopping, etc. The kids will take care of them when they become incapacitated and their life will end and theirs will continue probably in the same way.
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Old 04-15-2014, 09:46 AM
 
77 posts, read 111,703 times
Reputation: 55
well you wont retire at all/ now if you made over $15.0 an hour all your life you should at least have money save.. but since nothing was ever saved then you will thank God that you live in USA>

USA = best country for people who don't work. hmm the USA even send billions to countries who don't even like us... weird but thats why we pay so much in taxes to help the needed.
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Old 04-15-2014, 10:08 AM
 
35,324 posts, read 25,177,423 times
Reputation: 32414
They don't. They work until they die or until they can't get a job and are often in public housing living on beans.
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