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Old 02-25-2017, 12:13 PM
 
Location: next up where ever I go
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What do you think will happen to the retired population that runs out of money before they die?
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Old 02-25-2017, 12:23 PM
 
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They will go on public assistance and WE will all pay for them.
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Old 02-25-2017, 12:30 PM
 
Location: Los Angeles area
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Quote:
Originally Posted by TMKSarah View Post
What do you think will happen to the retired population that runs out of money before they die?
This is nothing new and this is no mystery. First, very few people completely run out of money because they have their Social Security, so the issue becomes how they survive on less money than ther're used to. They do that by cutting back and by being creative.

But let me run with the premise of your original post: What will happen to the small subset of the retired population that runs out of money is that .....

1. People who have adult children willing and able to help will avail themselves of that help.
2. They will live in subsidized housing.
3. They will get food stamps.
4. They will go to food pantries for the poor and get free food.
5. They will utilize free senior rides for transportation in locations that provide them.
6. They will find other aspects of the wide variety of safety nets that are not familiar to me or that I have forgotten reading about. The ubiquity of these safety nets is truly amazing.

Sure, #1 and #5 are not available to everybody. But still, it's not like normal people have to live under bridges in our society. Those who do that are either mentally ill or are addicts of one stripe or another.

Edited to add: Just saw the post immediately above by NY Steve. That's it in a nutshell. I just used a lot more words.
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Old 02-25-2017, 12:38 PM
 
Location: Colorado Springs
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When my mother ran out of money during retirement we kids bought a small house and let her live there for free. We also supplemented her small SS check each month so she had enough to live on comfortably.

She helped us out by babysitting our kids. Families are like that. We help each other.

Charity begins at home.
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Old 02-25-2017, 12:47 PM
 
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Originally Posted by Vision67 View Post
When my mother ran out of money during retirement we kids bought a small house and let her live there for free. We also supplemented her small SS check each month so she had enough to live on comfortably.

She helped us out by babysitting our kids. Families are like that. We help each other.

Charity begins at home.
Very commendable! Really enjoy hearing about situations where others step in to help where they can instead of being critical and judgmental. Anyone can end up in dire financial straits.
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Old 02-25-2017, 01:02 PM
 
Location: next up where ever I go
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Has anyone known of someone that ran out of money?
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Old 02-25-2017, 01:11 PM
 
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folks always find a way . they may hate the lifestyle but they find a way
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Old 02-25-2017, 01:30 PM
 
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Originally Posted by NY Steve View Post
They will go on public assistance and WE will all pay for them.
Fair enough....what is the alternative? How we take care of our vulnerable citizens is a measure of a civilized country and provides social cohesion; no 1917 and 1789's here! If family networks fail or are non existent the State must step in and it does.

For me, it is implicit in the social contract of the economic curve in a democracy, that those who are able to do so take care of the inevitable lower end of the curve. I also believe in doing so without automatically denigrating the lower end of the curve while recognizing the inherent inner tension underlying transferring means from those who have to those who are without.

Comparative to its wealth and power, the US has a less tolerated and developed social network compared to the first world countries of Europe. I understand the correlation and tensions between provision,taxation, political will and moral imperatives.
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Old 02-25-2017, 01:36 PM
 
Location: Florida -
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From street ministry, I know people who are basically living on SSI, which amounts to less than $800 per month (what most of us would call "running out of money"). As people get older, there really aren't many who can survive on the streets. Some share housing, others live in subsidized housing (such as HUD, which charges 30-percent of whatever one's income is for housing). Others live in missions and group housing.

Some of the HUD folks have a meal plan for $150 per month (1-2 meals), while others qualify for food stamps. Some depend on food-banks, others get help from 'Meals on Wheels' or church organizations. Some get help from their families and others.

They depend on Medicaid for ongoing healthcare, Emergency rooms for 'emergency medical' and often go without or stretch needed prescriptions. They use "free" phone programs (government) that provide about 200 minutes per month for communications.

A great fear of many elderly people is that they will run out of money, thus many who still have some money, live as though they don't. In short, people do what they have to do ... - often because they didn't do what they needed to do while they had the opportunity (but, sometimes because things in their life unexpectedly went 'South,' due to no fault of their own.) --

The economy and job market over the past several years have simply left many without work, without a safety net ... and without interest-producing resources to prevent them from running out of money in the future. Hopefully, the economy will now start to recover and the elderly will again be able to invest in something that doesn't force them to eat their principle and run out of money - before their time to go.
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Old 02-25-2017, 03:05 PM
 
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The senior drug insurance program was started because so many seniors were going without their meds( like blood pressure meds) and ending up in the hospital, which is more costly than taking the meds.

The free or low cost door to door transportation has helped many seniors, not just the poor. If you live in an area where cabs are a rarity, it is difficult for all seniors who no longer drive, not just the poor. And regular bus transportation often requires too much walking from a bus stop.
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