For some low-income workers, retirement is only a dream

[BobNJ1960]

Originally Posted by freemkt

Do your friends all have porches?

Yes. It's no big deal, though.

[donsabi]

Why does anyone think it is the low income folks?

I have met many seniors who retired with more than enough in savings and investments only to have it all taken from them because of medical issues. It is nothing to rack up millions of dollars medical bills with Medicare.

i.e., a friend had prostrate cancer and opted for radiation therapy. He told me he got a bill from the Radiologist for $16,000. I said Medicare care will pay most of that. He told me that was after Medicare paid their share. He is very sickly and with all his ailments and treatments has paid more than $250k in copays, medications, and treatments not covered by Medicare.
A neighbor whose wife was dx'ed with leukemia paid out over $1 million in one year for treatment. Not long after she passed away. He lost all savings and even his house.

Unless you have millions to back you up you or a family member could be hit with a malady that may take everything you have and then some.

The bankruptcy courts are full of people who thought they had enough to retire.

[nmnita]

Originally Posted by Suburban_Guy

Yes, I understand some of these things could have been addressed a long time ago, but that's life, and perhaps feel a bit sorry for people like these.

For some low-income workers, retirement is only a dream - Sun Sentinel

THis is really nothing new, but even low income people can manage to save a few bucks a month and have a little to fall back on when they reach retirement age. Many of us, did not or do not plan well. I am in that group btw. I remember my inlaws and my husbands entire family: all working class, and they had more at retirement age than many of us. We also have to accept most companies no longer offer a retirement plan. This is why so many work into their 70s and even 80s.

[nmnita]

Originally Posted by donsabi

Why does anyone think it is the low income folks?

I have met many seniors who retired with more than enough in savings and investments only to have it all taken from them because of medical issues. It is nothing to rack up millions of dollars medical bills with Medicare.

i.e., a friend had prostrate cancer and opted for radiation therapy. He told me he got a bill from the Radiologist for $16,000. I said Medicare care will pay most of that. He told me that was after Medicare paid their share. He is very sickly and with all his ailments and treatments has paid more than $250k in copays, medications, and treatments not covered by Medicare.
A neighbor whose wife was dx'ed with leukemia paid out over $1 million in one year for treatment. Not long after she passed away. He lost all savings and even his house.

Unless you have millions to back you up you or a family member could be hit with a malady that may take everything you have and then some.

The bankruptcy courts are full of people who thought they had enough to retire.

have to somewhat disagree with you on the medical expense part: most retirees have some sort of suplimental insurance other than medicare. the only exception is families that have loved ones in nursing homes years. They can get their saving eaten up in a year. I know what I am talking about; we are not rich, do not have a huge saving and were able to handle expenses when my husband was fighting cancer. No, none of the insurance paid all the bills, but between what was paid, what we were able to pay without depleting all our savings and the plan the cancer center worked out for us, we are managing just fine. something doesn' make sense with the examples you are giving. My husband an almost unheard of, 4 months of radiology and we only owned about $6.000 after medi care and our supliment paid their share.