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I'll never retire. Why? So I can just sit and wait to die? Besides that considering the economy even with my preparations I may not be able to afford it.
Not me man. I am out of this as soon I am able. I have plenty I want to do that does not involve a TV and Lazy Boy.
1 in 3 of people on social security say that this provides 90%, or more, of their income. Personal responsibility is an issue with at least 1 of every 3 seniors. Those folks will have to work until they die because they never planned ahead.
Maybe most of these low income people never had even enough money to buy food and pay rent and never enough to save? Also IIRC welfare assistance recipients cannot have savings accounts. so they survived until they collect Social Security due to circumstance they could not avoid but not lack of planning. Arrogant people like "Odanny" obviously have never been dirt poor and too sick to work.
Maybe most of these low income people never had even enough money to buy food and pay rent and never enough to save? Also IIRC welfare assistance recipients cannot have savings accounts. so they survived until they collect Social Security due to circumstance they could not avoid but not lack of planning. Arrogant people like "Odanny" obviously have never been dirt poor and too sick to work.
I'm not trying to sound "arrogant", as I grew up poor and started saving when I turned 27. I'm 50 now and will not be relying on social security as my sole income. I've never heard someone on welfare cannot have a savings account. While some of these people were too poor to save, many others worked their whole lives and failed to do so.
Location: Live:Downtown Phoenix, AZ/Work:Greater Los Angeles, CA
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Quote:
Originally Posted by ottomobeale
Jeff Bezos. Is that you??
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Don't understand. My feeling is that your cable bill should be less than a day's pay, if it's more, then you can't afford it. Just like your rent/mortgage shouldn't be more than 6 days pay gross, maybe 8 days net pay
The real irony here is if everyone in the US lived within their income including at least a 10% savings rate and avoided all credit cards the entire façade of our "consumer economy" including the automotive and communications industries would collapse within a few months as their sales not only failed to grow but actually diminished.
While I would, so long as my retirement, SS and Health Care, did not diminish in value, would not mind living in a deflation as industries tried cutting prices to maintain sales and banks paid higher interest to maintain savings amounts.
Don't understand. My feeling is that your cable bill should be less than a day's pay, if it's more, then you can't afford it. Just like your rent/mortgage shouldn't be more than 6 days pay gross, maybe 8 days net pay
This is ridiculous economics.....it assumes one is spending 4 to 5% of their income on their cable bill. Add in a cell phone bill and some other stuff, and this could easily top 10% of income.
For basics, let's take $150 cable bill....and other extras (cell phone, etc.) to total $250.
During a normal 30 year working career - that money invested in the stock market and compounded would be over 300K. $300,000.00
Are there many people here who can afford to be 300K short when retirement rolls around?
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