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I assume the ones with no savings are trying to keep from retiring, but that may not be so easy. Anyone here in that boat, or know people who are, how and what are they doing?
I just don't buy that its that bleak. A lot probably have pensions and social security. The boomers I see retiring seem to be just fine.
What about those Boomers with no savings and no pension who are living with an aged parent who does collect a pension but is deeply in debt. The parent dies, the pre-retiree Boomer has no home, no household goods, no savings, no pension, half of SS income, no credit history, etc.
My wife has four siblings while I have two. Of those six siblings, four are in the no savings, no pension, minimal SS, and no real property ownership category.
I don't know about the debt part, but one of a great aunt's daughters is in this situation.
Great aunt died several years ago after several years in a nursing home. Her daughter, who was in her early 60s then, was recently divorced and living in the great aunt's house. After her death, a lien was placed on the property. Best I know, the daughter is still effectively squatting in the property. She had a low paying city job and probably has little in the way of other assets.
BBC, yes we are lucky in Nevada that we can Homestead our house to protect it. Were your investments in retirement accounts?
No, they were just normal investments. No protection.
In my state there are limits to how much you can protect (exempt) in bankruptcy:
$82,775 in equity in your home
$4,425 in equity in your car;
Most clothing, furniture and household goods, including a TV and computer;
$3,330 in things you need for your job
$1,100.00 in any property or cash, IF you do NOT have an exemption for your home;
Certain benefits such as child support, Social Security, SSI, Social Security Disability, unemployment insurance benefits, veteran's benefits, public assistance, retirement funds and pensions--regardless of the amount you receive.
Considering that the average price of a home in this area is between $400K and $500K, an $82K exemption isn't much.
We probably would have retired with less than $1M in savings, a paid off house and vehicles, plus some small pensions and SSI. But we have a great deal more due to inheritance. However we haven’t touched our savings and continue to live on the funding we had in place prior to inheritance. What is different is the sense of security. That’s so nice. Thanks to parents! Hope I can do the same for my offspring.
I just don't buy that its that bleak. A lot probably have pensions and social security. The boomers I see retiring seem to be just fine.
Quote:
Originally Posted by Sand&Salt
Could be because the "not fine" are not retiring or living in some obscurity you might not be seeing.
The visible ones I see, look good too.
The retirees you see out on the golf course, at the gym, traveling, or dining out at their favorite restaurant, are indeed the ones that more than likely have resources & good health. Those who do not, are more likely to be homebound, and seldom seen in public.
Unless they had a long-term gig with an employer starting early in their career that still had a pension plan, I imagine 401Ks/IRAs are the retirement plans for the vast majority of boomers.
I'm not too worried about those who worked at least 35 years at a W2 job. They will get a SS pension enough to keep out of poverty, if not a lavish lifestyle. I'm more concerned with those who worked cash jobs for the most part. Didn't pay Social Security tax? You dont collect Social Security.
Private pensions are disappearing, and a lot of state / local government pensions are woefully underfunded. And Social Security is the biggest Ponzi scheme in history (that can be, and likely has been, it's own thread.)
And just because you don't buy that it's that bleak, doesn't meant that it really isn't that bleak.
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Originally Posted by dbsteel
I just don't buy that its that bleak. A lot probably have pensions and social security. The boomers I see retiring seem to be just fine.
With all respect, fluffy, it has been an overwhelming success -- if you understand the objectives. The objective was -- and is -- to employ tens of thousands of government employees and bureaucrats whose jobs and careers depend on the existence of the poor and the homeless. From the perspective of those government employees and bureaucrats, their efforts are highly successful because they have careers and paychecks.
Imagine for a moment what would occur if someone waved a magic wand and ended all poverty and homelessness. In short order, we would collectively say, "Great. Now we can end the War on Poverty." All those government employees fighting the war on poverty would lose their jobs.
The War on Poverty is over. Poverty won!
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