How and to live in old age with very little retirement savings (pensions, relocate)
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It's so easy for people to sit back and say " see you did not save your money you made bad decisions, no one that I know blames a rich person for being rich or blames a person who suddenly found out they have cancer being careless. Or for having their house burn down in a forest fire and then finding out that someone made a mistake and underinsured it by half its value. Or Lost everything they own in Hurricane but lived in an area where they could not afford flood insurance, Or their Child was born severely disabled spoiling their chances to live a financially comfortable life. Or having a spouse who has an unusual condition that doctors do not understand but consumes thousands of dollars out their savings account.
Everyone should know by now that Capitalisim works the best for those at the top and in varying degrees as your income and available funds decrease and it is the best system invented so far but not without flaws. These flaws will become more and more apparent if you closely at it. REITS are just one of the newer schemes to build wealth. There are probably some form of REITS in my IRA right now. The shortage in available affordable housing for modest income retiring seniors has other factors involved such as local governments and local citizens not allowing affordable housing to be built, The largest generation of 30 somethings with a desire to own home driving up demand and the short supply on the market , Seniors deciding to move out of their homes and rent instead tying up the supply of available apts in desirable cities , this list goes on which drive up the costs.
So back to my original question what will the future Look Like when Millions of Seniors who can no longer work look for a place to live that they can afford with what ever the have managed to save and deceased social security benefits ?
It's so easy for people to sit back and say " see you did not save your money you made bad decisions, no one that I know blames a rich person for being rich or blames a person who suddenly found out they have cancer being careless. Or for having their house burn down in a forest fire and then finding out that someone made a mistake and underinsured it by half its value. Or Lost everything they own in Hurricane but lived in an area where they could not afford flood insurance, Or their Child was born severely disabled spoiling their chances to live a financially comfortable life. Or having a spouse who has an unusual condition that doctors do not understand but consumes thousands of dollars out their savings account.
Everyone should know by now that Capitalisim works the best for those at the top and in varying degrees as your income and available funds decrease and it is the best system invented so far but not without flaws. These flaws will become more and more apparent if you closely at it. REITS are just one of the newer schemes to build wealth. There are probably some form of REITS in my IRA right now. The shortage in available affordable housing for modest income retiring seniors has other factors involved such as local governments and local citizens not allowing affordable housing to be built, The largest generation of 30 somethings with a desire to own home driving up demand and the short supply on the market , Seniors deciding to move out of their homes and rent instead tying up the supply of available apts in desirable cities , this list goes on which drive up the costs.
So back to my original question what will the future Look Like when Millions of Seniors who can no longer work look for a place to live that they can afford with what ever the have managed to save and deceased social security benefits ?
They can live in college dorm like apartments, maybe 1 person to a room if able. I believe the government should provide a floor but it should be unattractive and something you should strive to avoid. I’ve seen Medicaid vs private nursing homes, this is how it should be. Nobody will be on the street, but nobody wants to be in the poorhouse if they have to.
Right now there are millions of people who due to circumstances beyond their control will not have a nice comfortable retirement. All the planning, no divorces, wise decisions, education and it did not make a difference.
There are 2 kinds of people in the world:
1) Those who save for the future.
2) Those who make excuses for why they couldn't save for the future.
What about the rent-control you frequently mention as a good thing? Isn't that gov't interference?
I was referring to our nyc housing projects and the shape they are in.
These are specifically low income projects run by the city ….they have something like 160,000 apartments in the housing projects …I grew up in one
They run 335 housing projects , housing over half a million people all over the city and all are deplorable today.
These are different then just being rent stabilized which have most privately owned and run and have nothing to do with one’s income or assets.
Also rent controlled apartments are very different from rent stabilized..most rent controlled apartments are now gone …only a few percent of apartments fall under that category….unless you lived in one and were eligible for succession rights you can’t get one.
People mix up rent controlled vs rent stabilized all the time but here in nyc they mean two very different kinds of systems
Last edited by mathjak107; 01-16-2022 at 04:58 AM..
2) Those who make excuses for why they couldn't save for the future.
It's a choice we all make.
Usually those who really want to succeed will find a way …the rest find an excuse .
Not being broke can be like dieting .
Very few have medical issues that keep them obese ..it is simply a question of eating less and moving more. . Few want to make the commitment and take the extra steps involved .objects at rest stay at rest so doing nothing or little is the path of least resistance…it is just human nature for many .
I begged my buddies from my housing project days to go to a vocational technical school with me back in the 1970s …
They didn’t want to bother so today they are raising their own families in these dilapidated projects blaming everyone and everything for their own misfortune and low end jobs .
They all have a bundle of excuses but it was their lack of action that left them this way.
They will likely work until they drop or if they can’t they will end up on public assistance programs
Last edited by mathjak107; 01-16-2022 at 04:52 AM..
I begged my buddies from my housing project days to go to a vocational technical school with me back in the 1970s …
And if they had? You would have had four more direct competitors for jobs.
And if the other 4000 guys implied in the bootstrap example had also gone to tech school?
Nope... you were able to do well because the competition you faced was low enough.
Low enough that the wages paid to those who could do X ... could be high enough to work out for them.
Having more people available to do X DILUTES the FMV labor rates of those doing X.
Then it chips away at whatever "benefits" might be offered in the pay package.
And if they had? You would have had four more direct competitors for jobs.
And if the other 4000 guys implied in the bootstrap example had also gone to tech school?
Nope... you were able to do well because the competition you faced was low enough.
Low enough that the wages paid to those who could do X ... could be high enough to work out for them.
Having more people available to do X DILUTES the FMV labor rates of those doing X.
Then it chips away at whatever "benefits" might be offered in the pay package.
Well that’s was my point ….many are not going to do what it takes ….doing nothing is easier
Many who went to the school went under the man power program at that time …they only went because the govt paid and they got paid while going .
They learned little and the school had an awful reputation because of it .
I finally lied about my experience to get hired . I knew my stuff and could get by saying I had 2 years experience
there are two kinds of people in this world
those with intelligence who plan and have compassion for their fellow human beings
and those who are willfully ignorant about the world around them
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