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Old 11-11-2011, 07:51 AM
 
Location: Near a river
16,042 posts, read 21,937,686 times
Reputation: 15773

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Quote:
Originally Posted by lenora View Post
Indeed, IMHO, no conclusions regarding poverty among the elderly can be drawn from this report. When you are not including assets in determining who is or is not considered poor, the definition of poverty becomes meaningless. (Ever hear of the frugal millionaire?)
My mother (even at 92) was in the poverty category as defined by income limits, yet she was sitting on a huge pile of low-interest-earning cash (bank CDs). Would that make her poverty-stricken or not...
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Old 11-12-2011, 06:30 AM
 
31,680 posts, read 40,970,152 times
Reputation: 14424
One of the funny things is that the report indicates that housing cost is a major source of the disparity. From reading this forum and from life experiences it seems that many of us transplanted from where the jobs were (higher cost of living/housing) to where the retirement living was more affordable. That gives us an advantage because we could use cost as figuring out where to live while younger folks might need to live where they can work in career field even if the cost of living is greater and their ability to save less.
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Old 11-12-2011, 06:35 AM
 
Location: Sierra Vista, AZ
17,531 posts, read 24,648,910 times
Reputation: 9980
I suggest that we stop worrying about he old poor vs the young poor and worry about the 30% of the economy that was stolen by the rich
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Old 11-12-2011, 07:46 AM
 
Location: Northern Wisconsin
10,379 posts, read 10,877,650 times
Reputation: 18713
This article is totally ridiculous. You have to remember that young people haven't had time to accumulate any wealth. In general, they have school debts, rent or mortgages, not much savings, they are new in their careers and haven't advanced to the higher ranks where they can make big money. Plus, they are probably more active, so they go on more trips and spend their money on fun activities.
The seniors have paid off their mortgages, saved up money, have pension plans, all from a LIFETIME OF WORK. To call this unjust is nonsense. The parents now should hand over half their assests to their children.
My guess is that this article is part of an effort to get to means testing for SS and Medicare. That is, if you have lots of money acquired and you retire, you will not get SS or Medicare till you blow through your own savings. If they do that you will find people looking for all kinds of ways to hide their assets.

The News isn't news anymore. Its propagana and manipulation by the elitists of the world.
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Old 11-12-2011, 07:51 AM
 
Location: southern california
61,289 posts, read 87,253,323 times
Reputation: 55556
its not about calendar age. its about basic fundamental behaviors that work.
some young people know them and are doing them, but most are not.
most of the old people learned them way back alota them got "emmigrant drive", stay outa debt, school all night work all day. save scrimp and buy property (and pay it off!!!).
i dont see that much in the young, but there are some great exceptions.
this much i can say, the work environment now is much harder than 40 years ago. yes, somebody took the cheese. but also i must say its not 1929 and i never heard those 1929 people whining about how unfair 1929 was to them.

Last edited by Huckleberry3911948; 11-12-2011 at 08:16 AM..
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Old 11-12-2011, 08:21 AM
 
31,680 posts, read 40,970,152 times
Reputation: 14424
Quote:
Originally Posted by Prairieparson View Post
This article is totally ridiculous. You have to remember that young people haven't had time to accumulate any wealth. In general, they have school debts, rent or mortgages, not much savings, they are new in their careers and haven't advanced to the higher ranks where they can make big money. Plus, they are probably more active, so they go on more trips and spend their money on fun activities.
The seniors have paid off their mortgages, saved up money, have pension plans, all from a LIFETIME OF WORK. To call this unjust is nonsense. The parents now should hand over half their assests to their children.
My guess is that this article is part of an effort to get to means testing for SS and Medicare. That is, if you have lots of money acquired and you retire, you will not get SS or Medicare till you blow through your own savings. If they do that you will find people looking for all kinds of ways to hide their assets.

The News isn't news anymore. Its propagana and manipulation by the elitists of the world.
Not sure the elitist are the ones wanting to redistribute their wealth!
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Old 11-12-2011, 10:38 AM
 
Location: Baltimore, MD
5,306 posts, read 5,984,594 times
Reputation: 10851
Quote:
Originally Posted by Prairieparson View Post
This article is totally ridiculous. You have to remember that young people haven't had time to accumulate any wealth. In general, they have school debts, rent or mortgages, not much savings, they are new in their careers and haven't advanced to the higher ranks where they can make big money. Plus, they are probably more active, so they go on more trips and spend their money on fun activities.
The seniors have paid off their mortgages, saved up money, have pension plans, all from a LIFETIME OF WORK. To call this unjust is nonsense. The parents now should hand over half their assets to their children.
My guess is that this article is part of an effort to get to means testing for SS and Medicare. That is, if you have lots of money acquired and you retire, you will not get SS or Medicare till you blow through your own savings. If they do that you will find people looking for all kinds of ways to hide their assets.

The News isn't news anymore. Its propaganda and manipulation by the elitists of the world.
Wow, quite a bit of hyperbole here. For example, to the best of my knowledge, no one is asking parents to hand over half of their assets to their children.

Nevertheless, there is no doubt that both parties have submitted proposals to the Super Committee that would reduce the cost of Medicare, including decreased medical provider payments and increases in premiums. Considering that most recipients only pay about 25% of Medicare B premiums and the taxpayers pick up the rest, the proposal to tighten up the means -testing is not exactly revolutionary.

In terms of Social Security, I predict few changes will occur for current retirees. I do think it is likely that the formula for cost of living will change such that the COLA will be reduced.

I do think that overall, seniors have it pretty good. Hopefully, the reports will motivate the decision makers to explore how government funds should be allocated and from whom they can pull additional revenue.
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Old 11-12-2011, 10:59 AM
 
Location: Around the UK!
155 posts, read 148,473 times
Reputation: 411
Quote:
Originally Posted by Prairieparson View Post
The News isn't news anymore. Its propagana and manipulation by the elitists of the world.
Are "elitists" some kind of conspiracy theory like "war on terrorism"?

People love, and relate to, stories not statistics. So the news media obliges and feeds their market with stories about the statistics.

The statistics become opinions ... and we all know the value of an opinion.
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Old 11-12-2011, 03:25 PM
 
Location: Near a river
16,042 posts, read 21,937,686 times
Reputation: 15773
Quote:
Originally Posted by Prairieparson View Post
This article is totally ridiculous. You have to remember that young people haven't had time to accumulate any wealth. In general, they have school debts, rent or mortgages, not much savings, they are new in their careers and haven't advanced to the higher ranks where they can make big money. Plus, they are probably more active, so they go on more trips and spend their money on fun activities.
The seniors have paid off their mortgages, saved up money, have pension plans, all from a LIFETIME OF WORK. To call this unjust is nonsense. The parents now should hand over half their assests to their children.
My guess is that this article is part of an effort to get to means testing for SS and Medicare. That is, if you have lots of money acquired and you retire, you will not get SS or Medicare till you blow through your own savings. If they do that you will find people looking for all kinds of ways to hide their assets.

The News isn't news anymore. Its propagana and manipulation by the elitists of the world.
Kids today in their thirties are generally nowhere near what our generation was/had in our thirties, and even less than what the previous generation had (secure jobs for life, pensions awaiting, owned homes). Let's just see how they fare, if they can "catch up" to the standard of the postwar American dream.
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Old 11-13-2011, 06:59 AM
 
31,680 posts, read 40,970,152 times
Reputation: 14424
Quote:
Originally Posted by newenglandgirl View Post
Kids today in their thirties are generally nowhere near what our generation was/had in our thirties, and even less than what the previous generation had (secure jobs for life, pensions awaiting, owned homes). Let's just see how they fare, if they can "catch up" to the standard of the postwar American dream.
Much of what you say is true, the reality is that like folks tend to reinforce each other. So there are those in their 30's very secure now with a circle of life that is similar and others who along with their circle are finding things challenging. Like most groups they are squaring off and future elections will be interesting.
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