The new reality of old age in America: "I'm going to work until I die" (economic, retirement)
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For most people, due to the hockey stick shaped income disparity, it would involve living so far below your means during your working years that it would make life not worth living.
What's the point of working your butt off to make good money just to live like a poor person, only to "save money"?
Even for those far up the "handle" of the hockey stick, the requisite strategy is to live substantially below one's means. It's just that this is easier to achieve for the latter contingent. Make $200K/year? Lovely! Now live as if you only made $50K/year.
By this reasoning, high income doesn't buy high lifestyle. It just buys more wherewithal to attempt attending to one's own security. Because, you know, that cushy $200K/year job likely won't last.
As the "the point"? Well, there's the eternal question, how to balance present pleasures for future security.
Quote:
Originally Posted by AnywhereElse
I know a LOT of people that lost thousands in the stock market, I was not one of them as I prefer a "bird in the hand" rather than "2 in a bush".
There's something to that diversification-thing... losses are eventually recouped. If you disavow stocks, you’re risking long-term stagnation, instead of putting capital to work. Prudent frugality and systematic savings are only one half of the task. The other is investment. Otherwise, one becomes perpetually dependent on trading one’s labor for pay.
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"Smartened up and walked away!"
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Quote:
Originally Posted by EmilyFoxSeaton
No the problem is that I can see. You just don't like what I see. I see your a democrat so that explains a lot. I am not fortunate. I just planned.
Obviously, as if he had he would have purchased a medicare supplemental plan. I am not hearing a lot of that on this thread. All the better for the scary medical bill stories. The VNA is also an option for nursing care.
AARP offers good plans. When medicare wouldn't pay for something my mother's plan paid for it.
I remember when my mom went on Medicare she was warned by medicare that it only covers 85% of most expenses which is why she got it. She lived off her social security only so somehow she managed to afford it. She also had yearly hospitalization so... and her final one was months and I never paid a dime.
You are so off the mark with the Democrat comment - and it explains how come you are so close minded! I don't vote party line - had you read my posts - there is one Democratic politician I vote for because he is nonpartisan. I voted for Trump as I hate what my party represents today.
I was raised to work hard - was taught worth ethics and morals along with the value of a dollar - so take your uppity butt back to your townhouse as you are the kind of person that give others a bad name - you're out of touch with reality and the Common American.
Many people did save and invest but lost all or most of it in 2008 crash.
If they left it alone, they should have at least made a little back by now.
Quote:
Originally Posted by Lieneke
I think many older people are in positions that younger people can't fill because old people come with a diverse and experienced skill set that is in demand today. Young people with a fraction of the skill set become a bit uppity that someone else can do what they can do but has a different job description.
Well, yeah. DH retired 2 years ago, and his company still hasn't found a replacement for him. Hard to replace a PhD + 35 years experience with a BS/MS and 1-2 years exper. That plus our state, Colorado has the second lowest UE rate in the country, and Denver has the lowest UE rate of any big city in the US. DH goes in a few days a week.
Quote:
Originally Posted by EmilyFoxSeaton
No the problem is that I can see. You just don't like what I see. I see your a democrat so that explains a lot. I am not fortunate. I just planned.
Obviously, as if he had he would have purchased a medicare supplemental plan. I am not hearing a lot of that on this thread. All the better for the scary medical bill stories. The VNA is also an option for nursing care.
AARP offers good plans. When medicare wouldn't pay for something my mother's plan paid for it.
I remember when my mom went on Medicare she was warned by medicare that it only covers 85% of most expenses which is why she got it. She lived off her social security only so somehow she managed to afford it. She also had yearly hospitalization so... and her final one was months and I never paid a dime.
Medicare supplemental plans do not pay for nursing home care. Nursing home insurance is expensive. We looked into it and decided not to go with it. VNAs (Visiting Nurse Associations; I've worked for some) provide intermittent skilled nursing care, not 24/7 custodial care. VNA requires some payment source, usually Medicare, which has its own set of rules about who qualifies for care.
Certainly not a new topic, but the latest article on the sobering reality facing many older Americans and those about to join that demographic in the future.
Our country doesn't value old age, instead it considers them washed up and left to fend for themselves in favor of youth.
People can't retire mostly because they just will not save money.
NEWSFLASH TO YOUNG PEOPLE: IF YOU'RE NOT SAVING AND INVESTING MONEY, TREAT IT LIKE AN EMERGENCY!
Investing just $5 a day over 35 years in a straightforward fund like Vanguard Balanced Index (a classic 60% stock 40% bond allocation) at a conservative 6% rate of return assumption (the above mentioned fund has returned 6.76% annualized over the last 20 years) would get you $217,000 after 35 years and $304,600 after 40 years. That's not enough for a great retirement all by itself, but combine it with Social Security, a paid off house, and maybe a part time job and you've got a dignified retirement.
Most people blow $5 a day on stuff they don't even remember.
People can't retire mostly because they just will not save money.
NEWSFLASH TO YOUNG PEOPLE: IF YOU'RE NOT SAVING AND INVESTING MONEY, TREAT IT LIKE AN EMERGENCY!
Investing just $5 a day over 35 years in a straightforward fund like Vanguard Balanced Index (a classic 60% stock 40% bond allocation) at a conservative 6% rate of return assumption (the above mentioned fund has returned 6.76% annualized over the last 20 years) would get you $217,000 after 35 years and $304,600 after 40 years. That's not enough for a great retirement all by itself, but combine it with Social Security, a paid off house, and maybe a part time job and you've got a dignified retirement.
Most people blow $5 a day on stuff they don't even remember.
Bullsh** !! I'm 72 and could walk into any number of places and walk out with a job today. Pretty much, I've never had to look for a job, they came looking for me. If I left my current job, a couple of phone calls and I would be working somewhere else by the end of the week.
I've retired twice, once for 3 years and once for a year and a half......got bored stiff, and now work 40 per week. Four of us at my place are either in our late 60's or early 70's, and our experience and knowledge is respected by the company. Our customers seek us older guys out because we know what we are talking about and can solve their problems quickly.
This myth that old people are only good for bagging jobs at Walmart is just that, a myth. A lot of us are in positions that younger people won't or can't fill.
"our experience and knowledge is respected by the company."
Has little to do with the rent for you and everything to do with your messed up childhood and your unwillingness to heal yourself from it and do better than a minimum wage job.
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