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The problem occurs when we're 20 and we don't realize that we're going to be 65 someday and will need money to retire on.
I was just plain damned fortunate. Through the grace of whatever god there might be, I landed a good-paying career, with a defined-benefit pension plan, in my early 30s. And then in my 50s, I really woke up to the reality of retirement.
My oldest son was somehow wise at 18; he and his wife started saving for retirement then. By the time he learned to play the stock market in his early 30s, he had enough money to do so. At the age of 44, he's a multi-millionaire.
'Income Management' (i.e., 'budget') should be a required course, in HS, each year for four years, with an emphasis on how to live in the present, while prudently providing for retirement.
As I said before, there are very good reasons why some people need assistance in retirement, and I'd be willing to pay more taxes to ensure that they live better than they do now (not all poor people are living well while they live 'on the dole'). But I'm not willing to help support those who played away their life, just for the H of it or because they were stupid.
How would a person living at poverty level live in the present, while prudently providing for retirement?
There are many places where there are no building codes.... Spend some of that time you waste researching and improving yourself.... For once in your life!
Are you serious? You'd have to get out into Unashack territory to find a place without building codes. Good luck finding transportation or a job there.
All I need to make money is a reasonable amount of space (200 to 400 sq ft) and a sane living environment without out-of-control drunks.
Yellowsnow, I can tell you this, because I live in Henderson. My Mother moved here from Florida 18 months ago. She go into a brand new senior apartment NOT because any of the social services departments helped her (there is a big waitlist, section 8 is probably not taking any waitlist names for the next decade, either) but because I was nosy and saw the Tempo Apartment building being built (Off Boulder Hwy on Russell) and called the building company to ask what was being built. After a process that required a down payments, which I had to pay, we rented a brand new 1br/1bth sight unseen.
We applied her for SNAP, praying that would help her get over the hump of having ZERO retirement saving and only disability to live on (about $1,100/mo.) SNAP offered up a grand total of $15.00 per month. Nope, I didn't leave off any zeros or misplace a decimal point.....
In Florida, she got $200 per month. Welcome to Las Vegas.
In Oregon, $1,100 disability income qualifies you for zero SNAP.
Interesting topic. I have enough right now at 56 to think 63.5 + COBRA bridge is very doable even living pretty well. My line of thinking has been that I may accept less if thinks don't go well rather than working longer and when I do the "how low can you go" scenarios, I really have to wonder why we feel compelled to set such high targets as minimums. I understand setting hopeful ones where I go out to eat and see live entertainment fairly often, visit my kids and other family and spoil their kids, vacation some, etc. I probably will get to do those things. But if an unforeseen event wipes out a lot of my money, I will try to prioritize and maybe not do all of them. I won't work longer unless the situation is dire.
How would a person living at poverty level live in the present, while prudently providing for retirement?
If we really educate our children -- and also teach them money management -- they won't be living in poverty while prudently planning for retirement.
Been to a public HS lately? I'm amazed anyone graduates to go to college. Those that do -- a lot of colleges and universities have "remedial courses" that Freshmen have to take before they can start taking the college courses.
Talked to any college gradates lately? In their 20s-30s. They can talk to you re their major/field but they don't know much else -- and they will tell you that Nepal is in Europe.
I'm not saying that childhood and teenage-hood should be grueling. But we don't teach our children much at all. In this day and age, school should be at least 8-9 hours a day, with 10-minute breaks every hour and a one-hour on-campus lunch break, Monday thru Friday, and a half day on Saturdays. College needs to be at least 5 years, rather than 4 -- more like 6 years -- and it needs to be free. I think HS should be just 2 years and the only things the kids should be taught are reading, reading comprehension, writing, and math -- most children are quite capable of starting college at 16. Those of our children who are not college material need to be taught a trade. In college, there should be basic courses in entrepreneurship. And we don't need all the emphasis on sports!
I was fortunate. I got a great job -- entry level -- with a major company -- almost straight out of HS. That's really not possible these days. BUT -- I didn't know how to do a monthly budget and an annual budget until I was in my early 30s -- and I learned how to do them from a women's homemaking magazine. I wonder sometimes how much better off I would have been all my life and now, in retirement, if HS and college had truly prepared me for my adulthood.
that is their issue to figure out . retirement is where you reach a level where you can have your money work for you.
if they don't achieve that requirement then retirement is not an option until they can or qualify for aid.
retirement in this country is not a right it is something you are rewarded with. .
Voluntary requirement maybe, and even then only maybe, IMO. What are you suggesting the aging infirm, those not truly disabled but only barely able to work do?
It's why I put him on "ignore". He has nothing new to say, just the same old, same old.
Unfortunately, we still get to see his post when he is quoted in someone's reply. I try to avert my eyes, but...
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Anyone that tells you being poor isn't THAT bad has never been there.
Absolutely! There seem to be a lot of people on this forum who have never had it hard at all and have never actually seen poverty. They talk like living on $500 a month with subsidized rent and Medicaid is somehow living in the lap of luxury.