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Old 09-29-2017, 02:27 PM
 
8,185 posts, read 11,902,987 times
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People are living longer, more expensive lives, often without much of a safety net. As a result, record numbers of Americans older than 65 are working ó now nearly 1 in 5. That proportion has risen steadily over the past decade, and at a far faster rate than any other age group. Today, 9 million senior citizens work, compared with 4 million in 2000.

While some work by choice rather than need, millions of others are entering their golden years with alarmingly fragile finances. Fundamental changes in the U.S. retirement system have shifted responsibility for saving from the employer to the worker, exacerbating the nationís rich-poor divide. Two recent recessions devastated personal savings. And at a time when 10,000 baby boomers are turning 65 every day, Social Security benefits have lost about a third of their purchasing power since 2000.


https://www.washingtonpost.com/graph...=.777e661550de
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Old 09-29-2017, 03:11 PM
 
Location: Los Angeles area
14,018 posts, read 17,726,438 times
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Interesting. "People are living.....more expensive lives,......" One aspect of the general picture is that our standard of living is such that we would no longer be satisfied with what was considered "normal" life 50 or 60 years ago.


Stuff costs more because it is more complex; one example is cars. When I was a kid, our family car did not have air conditioning, or seat belts, or electric windows. Ditto about our house - no air conditioning, although we did have central heat. One full bath only, for four people.


Also, it was a bit harder, though by no means impossible, to live way beyond one's means. There may have been credit cards when I was a kid, but that was not part of my family's universe; there were no credit cards in our household.


No, I have no wish to return to those times. I have a credit card which I enjoy for its convenience. My car has air conditioning and seat belts, which I very much appreciate, and it has electric windows, which I hate with a passion. But all in all, I'll take modern life. But it is more expensive.
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Old 09-29-2017, 04:06 PM
 
Location: Prescott AZ
6,119 posts, read 9,071,114 times
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Interesting and nostalgic too. I recall when my father told my mother she could have one credit card to purchase clothes to go to her job in the loop (chicago). I don't know the year, but I wasn't old enough to know what a credit card was.

And we did not have AC in the house, a two story. We dragged the mattresses down the stairs into the living room and left the front door wide open for air on really hot nights.

We also had one teeny tiny bathroom for 3 of us. My father was always mad at me for hogging it in the morning.

Things were not that great in those years. I would not want to go back to the "olden days".
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Old 09-29-2017, 04:24 PM
 
796 posts, read 466,037 times
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And this has nothing to do with other demographic characteristics such as propensity for dual income households or the fact the SSN encourages working longer? Or that the babyboomer generation has a reputation for being a rapacious generation that spent profligately on their wants and status symbols?

Retirement security, particularly around medical costs, are an issue but anyone can pick out a few hard luck stories, cherry pick some stats and build any story they want. Making everything into an us v. them issue detracts from really fixing the problems of this country.
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Old 09-29-2017, 04:28 PM
Status: "Be yourself. What's the alternative?" (set 16 days ago)
 
8,675 posts, read 10,831,402 times
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I think it's scary that people are living longer, to me anyways. Where I work, we have had many seniors in the 94-99 range! They have money so they live much better than most--but the physical and psychological effects of living that long are difficult even in a protected environment where their needs are being met. I can't imagine living that long w/ just moderate means or w/ less than moderate means.
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Old 09-29-2017, 04:44 PM
 
6,306 posts, read 5,046,206 times
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Quote:
Originally Posted by MadManofBethesda View Post
People are living longer, more expensive lives, often without much of a safety net. As a result, record numbers of Americans older than 65 are working ó now nearly 1 in 5. That proportion has risen steadily over the past decade, and at a far faster rate than any other age group. Today, 9 million senior citizens work, compared with 4 million in 2000.

While some work by choice rather than need, millions of others are entering their golden years with alarmingly fragile finances. Fundamental changes in the U.S. retirement system have shifted responsibility for saving from the employer to the worker, exacerbating the nationís rich-poor divide. Two recent recessions devastated personal savings. And at a time when 10,000 baby boomers are turning 65 every day, Social Security benefits have lost about a third of their purchasing power since 2000.


https://www.washingtonpost.com/graph...=.777e661550de
Read that today. Glad you posted it here.
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Old 09-29-2017, 06:19 PM
 
29,766 posts, read 34,851,819 times
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Great read thanks MOB.
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Old 09-29-2017, 06:36 PM
 
2,294 posts, read 1,558,977 times
Reputation: 2737
Quote:
Originally Posted by Escort Rider View Post
Interesting. "People are living.....more expensive lives,......" One aspect of the general picture is that our standard of living is such that we would no longer be satisfied with what was considered "normal" life 50 or 60 years ago.


Stuff costs more because it is more complex; one example is cars. When I was a kid, our family car did not have air conditioning, or seat belts, or electric windows. Ditto about our house - no air conditioning, although we did have central heat. One full bath only, for four people.


Also, it was a bit harder, though by no means impossible, to live way beyond one's means. There may have been credit cards when I was a kid, but that was not part of my family's universe; there were no credit cards in our household.


No, I have no wish to return to those times. I have a credit card which I enjoy for its convenience. My car has air conditioning and seat belts, which I very much appreciate, and it has electric windows, which I hate with a passion. But all in all, I'll take modern life. But it is more expensive.
I think that today people deem as necessities which back 40 or 50 years ago were considered luxuries, etc. That's not the whole picture, but it's an observance. For example, we never ate out. Maybe a couple times a year. I grew up on a farm in South Dakota. Very basic. Not that way so much now. Instead of starting with what one can afford, today, I see starting with what "wants" and then seeing how it goes!

The above is a generalization of course.
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Old 09-29-2017, 07:58 PM
 
160 posts, read 91,515 times
Reputation: 271
".....who drove 1,400 miles to this Maine campground from his home in Indiana to take a temporary job that pays $10 an hour."


smooth move.
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Old 09-29-2017, 08:18 PM
 
1,567 posts, read 578,242 times
Reputation: 3336
Well. I wanted to read this article, but when I go to the link, the Washington Post wants to charge me $1.00 to read the article. Went to their website and got the same thing. Maybe it is because it is the end of the month and I have already read my allocated # of articles.

I cannot bring myself to pay Jeff Bezos $1.00 to read this article, so I will have to skip it. Maybe, in a few years, when I am in my Golden Girls situation, we can pool our funds and get a subscription. Or maybe I am being overly optimistic.
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