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Many will work for long as it is physically possible. Monthly income will supplemented in any way possible from collecting recyclables to dumpster diving for food and other things. Also taking advantage of any and every available discount, subsidy or whatever else is offered by federal/local governments, businesses and cultural institutions.[/quote]
I'd doubt many senior citizens would be able to bend over and collect things or jump into a dumpster with
the cruel health issues that affect mobility,flexibilty,strength,etc.
I doubt many will be able to just move to an LCOL place.....it costs money to move you know...plus the
mental stress of leaving the area you've lived all of your life,where you may even have friends and family
and social support systems.
Also,as I hear the horror stories of people outliving their savings,investments going bad,abuse by family
members,being forced into nursing homes and literally losing all of their assets before they can get mediocre
LTC.
Early death, whether natural or self-imposed is looking better every day.
I don't know where you are getting that impression, it is far from true. My DW and I are boomers (1957 & 1959) and we are both retired - between us we have significant pensions and savings. All the baby boomers I know from work before I retired the second time (I am a Retired Sub guy also) and elsewhere are well off and many are retiring early. I believe most Boomers have more than just SS to retire on.
If most boomers under 65 are already retired, then I am wrong and I do apologize.
However from my observations, it seems that most people under 65 are NOT retired.
When I retired from the US Navy, I had to attend a class on retiring, and out of 30 classmates only one person had his finances setup to allow him to retire.
Quote:
Originally Posted by nurider2002
I know several boomers with no savings, no home equity, nothing but their monthly social security check to live on. It is not all that uncommon. These tend to be folks who never earned a lot of money and are used to “ just getting by”. I also know plenty of folks in their 30s and 40s who are not saving for retirement. So, the statistics don’t surprise me at all. Plenty of folks continue to struggle day-to-day and have nothing left over to pay themselves for retirement.
In housing it's very popular now to have MIL suites for the parent to live with the kids like so many cultures do.
Those that must and have kids may have to take that route.
The MIL suite - not always used for a MIL - is popular strategy for many retirees. Rental income of a garbage or basement apartment brings in extra cash.
And sometimes grown kids live with parents, pay rent and inherit the house. I have seen that.
Neither is horrible.
When the time comes, I'd prefer to live in a low cost of living area and travel. A guest cottage would be great. My husband and I will both have small pensions besides social security.
We are not grandparents and do not expect to be, so we are really in no hurry to retire. We are under 65 and don't feel the urge to have more time on our hands.
There are people with 0 savings, or who may retire with $100k at most, plus SS.
Some will work until they can no longer work, then have to work on selling their home in the next year in order to balance their budget. Moving in with their children, most often.
Households will become 3-generation households, like in other countries who claim to be far better than the US. Not in the way that most think: not kids who can't buy their own place. I mean sick grandma and grandpa who are now living with their children while the grand kids are still in school.
------------
My mother (57) has been a waitress at a nice family-owned steakhouse for almost 30 years now (unfortunately, not our family, LOL) We have a 7-year plan to pay down her home (purchased from her father's estate - it was originally intended to be sold and proceeds divided) where she can retire by 65 and have a balanced budget on SS, or stay involved in the restaurant as long as she wants to.
We have extra space if something throws a wrench in our plans, but she values her independence highly, so we'll try to keep her in her home as long as possible. If anything jeopardizes that, she suggested the idea of renting it out for income. This should net her approximately $1000/mo + SS.
Many will work for long as it is physically possible. Monthly income will supplemented in any way possible from collecting recyclables to dumpster diving for food and other things. Also taking advantage of any and every available discount, subsidy or whatever else is offered by federal/local governments, businesses and cultural institutions.
I'd doubt many senior citizens would be able to bend over and collect things or jump into a dumpster with
the cruel health issues that affect mobility,flexibilty,strength,etc.
I doubt many will be able to just move to an LCOL place.....it costs money to move you know...plus the
mental stress of leaving the area you've lived all of your life,where you may even have friends and family
and social support systems.
Also,as I hear the horror stories of people outliving their savings,investments going bad,abuse by family
members,being forced into nursing homes and literally losing all of their assets before they can get mediocre
LTC.
Early death, whether natural or self-imposed is looking better every day.[/quote]
I am really amazed at the people who think it isn't a problem because people in their social circle don't have that problem. I have been out with Brown Bag group handing out sack lunches to the homeless; a *lot* of them are boomers. Most people I know personally are doing fine but a lot of that is because it's neighbors who can afford similar houses, people that work in similar jobs and while I do know a few in my SUP paddling group that could be doing better, they are mostly young. But as mentioned, I do have some exposure to those doing very poorly and I do believe the statistics on wealth and income. I am certainly not gong to pretend there is no problem.
After a while these same old how bad everyone supposedly is doing threads wears quite thin ...there are endless threads on it already
I could not have said this any better!
City-Data getting pretty stagnant of late.
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Well, besides that TNSLPPTS013 ...
