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It was a striking image. A photo of an 89-year-old man hunched over, struggling to push his cart with frozen treats. Fidencio Sanchez works long hours every day selling the treats because he couldn't afford to retire. The photo and his story went viral and thousands of people donated more than $384,000 for his retirement.
His story is a window into a dark reality: Many low-wage workers say they can't afford to retire.
With no money saved for retirement, home care worker Gwen Strowbridge, 71, of Deerfield, Florida, plans to stay on the job until she can't physically work anymore.
"I can't see it in the future. I'll stop working if my health won't allow me to keep working," said Strowbridge. Now 71, she works six days per week caring for a 100-year-old woman in Florida.
Studies have found that about one-third of low wage workers like Strawbridge say they'll never be able to afford retirement. The problem is particularly acute among minority women.
A 2016 study by The Associated Press-NORC Center for Public Affairs Research found that one-quarter of workers 50 and older say they won't retire. Among low wage workers, earning less than $50,000 a year, it was 33 percent.
No, it's not life. It's the result of decades - centuries, perhaps - of benign neglect by government.
For years I have been saying that being able to own a tiny home is, for many low earners, an unbeatable hedge against rent inflation and thus a crucial component in being able to enjoy a modest retirement lifestyle, as opposed to never being able to retire at all.
It is by design that there are few if any opportunities for bottom-wage workers to get off the rent treadmill and to start building wealth for themselves.
No, it's not life. It's the result of decades - centuries, perhaps - of benign neglect by government.
For years I have been saying that being able to own a tiny home is, for many low earners, an unbeatable hedge against rent inflation and thus a crucial component in being able to enjoy a modest retirement lifestyle, as opposed to never being able to retire at all.
It is by design that there are few if any opportunities for bottom-wage workers to get off the rent treadmill and to start building wealth for themselves.
freemkt, our politicians think the American people are piggy banks and they constantly raise taxes. Who do you think pays those taxes. It comes either directly from the people or rental real estate owners and business owners who are free tax collectors.
Politicians are on a never ending mission to get more money from the people. Back in 2012 Obama acted as if he raised taxes problems would be solved.. and here we are again Hillary demanding higher taxes.
Just because you aren't taxed directly don't think you aren't being taxed indirectly.
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.
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It was a striking image. A photo of an 89-year-old man hunched over, struggling to push his cart with frozen treats. Fidencio Sanchez works long hours every day selling the treats because he couldn't afford to retire.
I call BS. This is just another sob disinformation story. He gets free food, what more does he need?
I intend to work as long as possible, as I enjoy being productive. IMO retirement is often a terrible thing. People should stay productive.
You're not a low-income worker, and your work is qualitatively much better than is their work. You have a rewarding career, low-income workers have menial jobs. Huge difference.
I intend to work as long as possible, as I enjoy being productive. IMO retirement is often a terrible thing. People should stay productive.
Not necessarily, I retired at 55 and love EVERY minute I no longer am doing anyone's bidding but my own!
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