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Old 11-06-2018, 09:48 AM
 
Location: Whereever we have our RV parked
8,761 posts, read 7,693,193 times
Reputation: 14963

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We've been living in an rv for two years now, and have met a wider variety of people than you would meet in your typical suburb. Ive been surprised at how many struggle financially. Some of them struggle financially, imho, because they retired early and they cant really afford the health insurance.

But thats not the only reason. Some struggle for other reasons. Some men have had substantial portions of their pensions taken because of a divorce settlement.

So I thought it would be an intersting discussion for posters to tell what they know to be other reasons why people, after working their whole adult life are still living paycheck to paycheck.

 
Old 11-06-2018, 10:00 AM
 
508 posts, read 302,965 times
Reputation: 2492
Excepting the following:

The Big Medical Event. Simply unrecoverable in this country.
Other one-off economic event at a very wrong time in life

MY personal experience with people who are old and hard-up shows that they just wanted to cruise through life having fun and simply not caring about Life's Vicissitudes. Really. I hate to sound so stern about it but that's exactly what I see. Didn't want to work hard. Didn't want to work long. Didn't want to do anything that seemed distasteful to them. And always wanted to "follow their dream" or "do what they wanted to do" no matter how much it didn't pay or wasn't steady. And always without a thought to saving money for the future.

Another really big category of old hard-up people who like to cry about money is people who had too many kids. If you can't afford them why have them? Think? What's that? Oh, you worry too much. Those people.

Anyway, those are the people I've been seeing for 40 yrs
 
Old 11-06-2018, 10:11 AM
 
Location: SW Corner of CT
1,948 posts, read 1,533,348 times
Reputation: 2438
Just flat out, out living the money, and can't keep up with the rising costs.
 
Old 11-06-2018, 10:17 AM
 
Location: East of Seattle since 1992, originally from SF Bay Area
29,750 posts, read 54,373,866 times
Reputation: 31045
There are a lot of people that didn't work at a job with pension, and never made a significant income to boost their social security. My mother in law had to make it (to age 95) on less than $800/month social security after her husband died and he he had been laid off a year before eligible for a pension. Without our help and eventually getting medicaid she would have been homeless. Medicaid paid for her assisted living but took all but $50/month of the SS check.
 
Old 11-06-2018, 10:21 AM
 
10,181 posts, read 12,231,385 times
Reputation: 14037
Its simply bad math for most folks.......overspent, under saved.

RV parks/ nomadic lifestyles will surely expose more poor people living in their car/van/RV because they have to.

The biggest time bomb coming down the line in my opinion:

People hitting retirement with debt from mortgages to student loans to credit cards. Past generations didn't have this debt and were able to retire nicely, baby boomers never got this point and indulged in great lifestyles along the way instead.
 
Old 11-06-2018, 10:51 AM
 
Location: Lakewood OH
21,699 posts, read 23,651,778 times
Reputation: 35449
Well, I've told my story before, so briefly. My union scammed it's members out of my biggest savings amount, my 401k. I was in the process of building it back up when an illness I had for many years became debilitating and I had to quit work. I was living in a very high COL city at the time that was becoming a more and more expensive a place to live. My salary never kept up with the ever increasing COL.

I was always a very frugal person. My parents taught me that, and a good saver. But although I tried to recoup what I had lost it was just never enough to replace it. Part of the reason was the out of pocket medical expenses I had to shell out the times my employer coverage didn't pay or when I was out of work between the time I quit my last job and Medicare kicked in. Other savings went to keeping up with that ever increasing COL.

Had my money not been stolen, my story would have been very different. But we can't always control what happens to us. As it turned out though, my story is now a happy one. I am in a good place. It just goes to show, that things can get better. So I guess it turned out that maybe I didn't need all that I had lost to make a good life in the first place.
 
Old 11-06-2018, 11:18 AM
 
8,181 posts, read 11,900,573 times
Reputation: 17929
Do we really need another thread castigating poor people for being poor?

Oh, they have mortgages.....oh, they just wanted to live the good life without saving, oh, they had too many children, etc., etc., etc.

Yeah, that's why there are so many poor old people! It's their own damn fault!
 
Old 11-06-2018, 11:22 AM
 
Location: Southern California
23,644 posts, read 8,219,173 times
Reputation: 15437
I have a pretty large cross section of friends and MOST are doing fine due to what they did with their lives and husbands, ex and and and...and I have a handful of friends who struggle for the same reasons circumstances.

My kinda fear is to outlive my money, so now I have cut way back on buying only what I really need for my health...I need nothing else and I've been that way most of my life anyway...pretty practical in the spending areas.

My health is #1 and spend there for supps to keep me more healthy at heading past 80 now.

Selling my car last year due to a knee issue, has made a big difference in my checking acct.
 
Old 11-06-2018, 11:48 AM
 
Location: Whereever we have our RV parked
8,761 posts, read 7,693,193 times
Reputation: 14963
I don't think it is unfair to point out that people often do make a big mess of their own lives through their own stupidity. Learning from others mistakes is a good educational tool.

Thanks for the responses so far. I too have heard all the time about people who had their finances wrecked by medical bills, but I've never known anyone like this. Im sure it does happen, but I also know that hospitals have many millions of dollars that are uncollectable every year that they just have to write off.
 
Old 11-06-2018, 11:52 AM
 
586 posts, read 292,857 times
Reputation: 877
Quote:
Originally Posted by City Guy997S View Post
Its simply bad math for most folks.......overspent, under saved.

RV parks/ nomadic lifestyles will surely expose more poor people living in their car/van/RV because they have to.

The biggest time bomb coming down the line in my opinion:

People hitting retirement with debt from mortgages to student loans to credit cards. Past generations didn't have this debt and were able to retire nicely, baby boomers never got this point and indulged in great lifestyles along the way instead.
You can never retire if you have a mortgage.
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