Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Please list the things you allege that Medicare does not cover which can "bankrupt" people. I am aware that Medicare does not cover long-term nursing home care, and indeed that may be what you mean. But the average "serious illness or accident" does not involve long-term nursing home care. I have read my coverage and I know what is covered - care by doctors and nurses, diagnostic tests, hospitalizations, surgeries, drugs, etc.
Dental care, hearning aids, and glasses are not covered, and while those can be expensive, they are not in the bankruptcy-causing range.
Actually, he's right. Unfortunately, when my MIL got sick, and needed to go to the hospital, it turns out that 90% of the emergency staff doctors were contractors working for the hospital, and didn't accept Medicare. The first day of her care was $37,000, and she was in the hospital for two weeks before she died. Also, the hospital made the care 'end-of-life' treatment instead of normal hospital care, so none of the charges could be reimbursed by medicare except for about $3K. If she were alive, she would be bankrupt.
Oh, ok. Well, then you're likely covered as well as you would be on Medicare, maybe better. I was just wondering since you mentioned you might have to finance the cost of some upcoming surgery.
Depends on how much of the surgery is covered by my insurance, I haven't checked the numbers yet. I had to have out of network surgery a few years ago while on vacation and had to pay quite a bit out of pocket since it was out of network.
Another factor people need to think about: I was just talking to my family doctor for my pre-surgery exam and he asked me about Medicare, and told me that when I do sign up to look into Medicare Advantage programs since that's the only form of Medicare the clinic he works for will be taking in the future and his impression was that a lot of health care organizations were going that way. I was planning on getting Advantage anyway but I hadn't thought about the acceptance issue.
I thank the stars I have good health, and a good job. Unfortunately, my wife has never been able to work, so we have always been a one-income family, and have never had much to save with. Even as an electrical engineer, I have made OK money, but nobody (until my current employer) has ever offered a 401K or other savings plan. That plus a LOT of bad luck with the technology sector shifting, had made saving impossible.
Early days of employment were rough. First job out of college, Xerox, there for three months before the switched over their computers to IBM, and nobody but IBM was to work on them. So...Xerox lays off all their computer engineering staff. Next job, two years, get stock, growing like crazy, bad management...everybody fired, company goes down in flames. Offered a job in another state, so an expensive move.
5 years later, that company bought by competitor, everybody canned, company shut down. Got sick of the crap, started my own design company, grew it 15 years, good growth year over year, finally landed a potentially large contract with two large companies. Invested heavily in my growth, diversified technology to two tech sectors, then 2007 hits, four major clients all go belly up. My company goes down in flames, with me holding 70K in partially completed, customized equipment for companies that no longer exist. Cool. Didn't see that one coming. Also didn't file bankruptcy due to stupidity and pride, so want to pay it off with a stable job.
Silly, silly, man. Here we go again. Landed a job as a designer at a growing company, 5 years later, the company fired everybody over a certain salary level, including management, sales, engineering. I was the oldest engineer, and the only one making money above the $60K line, so was fired. Got my last job 4 years ago, it has a 401K (yea!), will work until FRA, then be done with the industry. Let's add more crap to the mix. A couple of years ago, my 90 yo mother-in-law who also didn't have any money ($400mo SS), needed help, so I bought a fixer upper big enough for the three of us. Started remodeling part of the house for her, and almost finished my in-law re-design...then she suddenly got sick, had no insurance, so we started to help out financially- then she died. Lots of money spent for nothing. As of now, I have paid off my old debt, but DW and I will only have SS and maybe 90K in a 401K at retirement.
Looking forward to fishing. Hopefully they won't be belly up when we get there.
How awful for you! Ever feel like if you didn't have bad luck you wouldn't have any luck at all?
This is a good example of someone that may fall short at retirement through no fault of their own - just crummy luck.
I'll try to send some good vibes your way - I'm keeping what good luck I have to myself - sorry
Exactly. There are lots of people who never had "careers", just a series of jobs. Life was focused on getting the next rent together, paying the next car insurance bill, buying food, etc. There was no time or money to think about some distant future. I myself have been in that situation, but fortunately I DID stick with one employer, and there was a pension plan involved. I never had the bucks to save much, though. I needed my paycheck for the bulk of my working years to support myself and my daughter.
I know a woman who has been married and divorced three times. Never made great choices, never made much money. She works in an office of a small electrical contractor, and on weekends she waitresses at a diner. She is 60 now. I bet she is going to be working that diner job till her legs give out.
One of the women in my condo complex just quit her supermarket cashier job. She is 80.
There are lots of people without savings or retirement funds. For every person worried about eating Ramen because they only have 1.7 million saved, as someone said in the other thread, there are many more who plan to live on SS alone. They are also people who already know how to live without some of the stuff that wealthier people consider essentials, so they will survive.
Well said. Many people never had good enough jobs to save for retirement. There was a very different job environment even 30 years ago, much less 40 or more years ago, than there is today. Yes, I know many people who have only SS to sustain them, many of them widows.
I really haven't faced much adversity. I haven't been unemployed in almost 40 years. Some people I have worked with at previous jobs who are just as skilled and motivated as I am have had periods of unemployment and/or poor health. Very few have experienced the kind of financial success I have and one of the main reasons I have is luck; I had no way of knowing this job would last this long and that they would keep increasing rates like they have. It probably won't last all the way to retirement but I will be fine. Most who struggle are not "sponging" by choice.
Another excellent post! I get really angry at idiots who think that they're superior to others because they've got a fat investment portfolio. If you get to retirement with decent health and no humongous medical bills weighing you down or without having had any prolonged periods of unemployment or without a costly divorce that left you in debt, that means you were lucky not good. A decision made at 17 or 18 when you were a dumbass just graduated from HS could still be haunting you forty years later -- or it could have been the equivalent to winning the lottery. Even events that you had no control over continually influence your life: who your parents were and the kind of family you were raised in; whether you won or lost in the genetic lottery in terms of health, intelligence, and talent, etc.
I am awed by the good luck I've had in my life. Since my thirties, my career has been steady and well compensated. I have a decent pension plus SS in addition to retirement investments. I have had decent health and have not run up medical debt. I've avoided any real losers looking to drain my assets (or do much worse) in the name of "true love". It's infinitely better to be lucky than good.
I get really angry at idiots who think that they're superior to others because they've got a fat investment portfolio.
How about "idiots" who've made a lifetime habit of NOT spending every penny they earn?
It's interesting that you think there's no such thing as being "good" and that sheer luck governs all. It's pretty much the same rationale the entitlement babies use for heavily taxing well-off-but-not-wealthy people. "It's not my fault I have to live on government support," they snivel. "I just haven't been lucky like you!"
Well said. Many people never had good enough jobs to save for retirement. There was a very different job environment even 30 years ago, much less 40 or more years ago, than there is today. Yes, I know many people who have only SS to sustain them, many of them widows.
When you look at the median income of many cities, you have to wonder how people are going to get by in old age. Median HHI in my hometown is just about $33k. It's a cheap place to live, but $33k doesn't go far, even for a single. What are the people below that going to do? They're just screwed
I was reading a local magazine here in Indianapolis last night that stated a quarter of the city households don't even earn $29,000/year. There are grocery stores and retail places hiring all over $10-$12/hr. That's a crappy lifestyle, but would be doable for two frugal adults with no kids. I can't imagine how people that are honestly trying to work (if they are) end up that damn bad off.
After reading this thread I guess there are some real horror stories out there. Mine isn't a "horror story" but I'm not exactly set for life either. I know a couple of people retirement age who have little or nothing. My brother...the one who caused me so much trouble when Mom died...lost his job, can now collect SS and is taking advantage of the food bank every week. His gf has a good job, he owns Mom's house free and clear so I don't know why he's going to the food bank. I haven't talked to him in over a year though so who knows?
Then there's my soon to be ex SIL. He is a real piece of work. He'll soon be 62 and will start collecting SS. My daughter says it'll be about $150 mo. because the guy has NEVER had a paying job in nearly 30 years. He did have a job when they met and married. He inherited 2.5M when his father died and I was so happy for my daughter and grkids because I figured they were now set and would be just fine. He went through all that money in a few short years. My daughter has worked most of those years and is now out on her own and doing fine. Him, not so much. Unfortunately his sons have followed in his footsteps and, when the time comes, will likely be in the same position. Just sad.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Well said. Many people never had good enough jobs to save for retirement. There was a very different job environment even 30 years ago, much less 40 or more years ago, than there is today. Yes, I know many people who have only SS to sustain them, many of them widows.
